Illinois exempt entity processor bonds.
$300 flat.
An independent loan processing entity that is exempt from Illinois residential mortgage licensure — and processes loans solely through the sponsorship of licensed individuals — registers that exemption through NMLS with a $50,000 surety bond. Ours is $300 flat, the price you see is the checkout price. No credit check.
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How much does an Illinois exempt entity processor bond cost?
$300 at the $50,000 amount, the same for every applicant.
Three steps. One sitting.
The exempt entity processor bond is one line on your NMLS registration. Here's the entire process:
Apply online
Entity details and an effective date. That is the application. No credit check.
Pay & e-sign
This bond is checkout-priced at $300 flat, so it issues right after purchase for most applicants.
File through NMLS
Your executed bond and power of attorney arrive by email, uploaded to your NMLS record to satisfy the exempt entity processor registration IDFPR maintains. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Illinois's Residential Mortgage License Act of 1987 (205 ILCS 635) licenses mortgage bankers and brokers through the Department of Financial and Professional Regulation (IDFPR), but it also carves out exempt persons and entities — organizations that process loans without themselves holding a full license, doing so solely through the sponsorship of licensed individuals. An independent loan processing entity registers that exemption electronically through the Nationwide Multistate Licensing System (NMLS), and IDFPR's bonding rule conditions the registration on a blanket $50,000 surety bond covering the activities of the entity's sponsored loan originators.
It's a three-party arrangement: you (the principal), the surety carrier, and the State of Illinois (the obligee), with harmed consumers as the protected party if the processor's activities violate the Act. It stands behind the accuracy and compliance of the loan processing work your entity performs on borrowers' financial records and applications.
It is not insurance for you — if the surety pays a claim, you repay the surety. NMLS registrations renew annually, so we track the term and send renewal notices 60 and 30 days out to keep your $50,000 filing continuous.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $50,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File through NMLS. Your executed bond and power of attorney arrive by email, uploaded to your NMLS record to satisfy the exempt entity processor registration IDFPR maintains. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $300 at the $50,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields — entity details and an effective date. That is the entire application.
Start the application →Common questions.
Other Illinois bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Finish your NMLS registration today.
$300 flat, no credit check, bond often issued in the same sitting. Free until issued.