Illinois Residential Mortgage License Bond
Illinois Mortgage License Bond - Residential Information
Residential Mortgage License Bonds are surety bonds required as part of the licensing process for Illinois mortgage professionals including servicers, brokers and agencies. The bond amount varies based on the volume of loan applications and should be confirmed with the state in order to get an accurate premium quote.
The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
What Does a Residential Mortgage License Bond Protect Against?
The bond requires that the bonded principal comply with the provisions of the Residential Mortgage License Act of 1987, and all amendments, all rules and regulations promulgated thereunder, and all other laws applicable to the conduct of the licensee and all of its mortgage loan originators, and shall pay to the Illinois Department of Financial and Professional Regulation and to any such person or persons any and all monies that may become due or owing and satisfy all loss, damage and liability suffered by or owing with the principal on account of violations by the licensee and all of its mortgage loan originators of any such laws, amendments and rules and regulations.