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Mortgage Loan Originator Frequently Asked Questions
- 1. How do you obtain a MLO license?
- 2. How long does it take to obtain a MLO license?
- 3. Does Illinois have a distance requirement for a work commute?
- 4. Can a MLO still be compensated for loans originated prior to leaving a company or the MLOs license expiring?
- 5. Can I hold a MLO license and real estate salesperson license simultaneously?
- 6. Will I receive a physical MLO license?
- 7. What will be considered when reviewing my credit history for an MLO license?
Please go to the following link for instructions to obtain a MLO license: /Banks/RESFIN/MLO.asp
It takes approximately 5-8 business days to issue a MLO license with a complete application.
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.
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.
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.
No, Illinois does not provide paper licenses for MLOs.
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.
