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In light of a federal ruling on April 21, 2023, IDFPR has issued an UPDATED statement about Mifepristone in Illinois. See the statement by clicking here.

Mortgage Loan Originator Frequently Asked Questions

1. How do you obtain a MLO license?

Please go to the following link for instructions to obtain a MLO license: /Banks/RESFIN/MLO.asp

2. How long does it take to obtain a MLO license?

It takes approximately 5-8 business days to issue a MLO license with a complete application.

3. Does Illinois have a distance requirement for a work commute?

No, Illinois does not have a distance requirement but requires that a MLO is properly supervised and that the company is ultimately responsible for the MLOs activities.

4. Can a MLO still be compensated for loans originated prior to leaving a company or the MLOs license expiring?

Illinois allows a Licensee to pay a formerly-employed MLO for the work they performed on loans prior to leaving company employment. The company loan log should contain the name of both assigned MLOs for these loans.

5. Can I hold a MLO license and real estate salesperson license simultaneously?

There is no prohibition in either the Illinois Residential Mortgage License At of 1987 or the Illinois Real Estate License Act of 2000 to the practice of simultaneously holding a mortgage loan originator license and real estate salesperson license. The two professions are separate from each other and a properly licensed individual can perform services separately on any applicable Illinois conventional loan or real estate transaction. Federal statutory or regulatory limitations may exist and should be followed up with either the CFPB or HUD for FHA loans.

6. Will I receive a physical MLO license?

No, Illinois does not provide paper licenses for MLOs.

7. What will be considered when reviewing my credit history for an MLO license?

Your credit history will be reviewed in its entirety and everything will be considered. A decision will not be made solely based on your credit score.