Illinois mortgage broker and banker license bonds.
From $150.
Also known as the Illinois mortgage broker bond.
Illinois mortgage bankers and brokers licensed under the Residential Mortgage License Act of 1987 maintain a surety bond through NMLS covering each sponsored mortgage loan originator, sized to the dollar amount of Illinois loans originated, from $25,000 to $150,000. The premium is 0.6% of the bond amount.
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How much does an Illinois mortgage broker and banker license bond cost?
0.6% of the bond amount, from $150 at the $25,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
Enter your amount, pay, and satisfy the NMLS bond requirement. Here is the whole thing:
Apply online
Business details, the bond amount your volume tier requires, an effective date, and a term. No credit check up to $150,000.
Pay & e-sign
The premium is 0.6% of the bond amount — a $25,000 floor bond prices at $150 — and the bond issues the moment you pay, executed bond and power of attorney on the spot.
File with your NMLS record
Submit the bond against your residential mortgage license record so IDFPR can verify coverage for your sponsored loan originators.
What it is and who needs it.
What the bond actually guarantees
The Residential Mortgage License Act of 1987, 205 ILCS 635, licenses the mortgage bankers and brokers originating Illinois residential loans. Section 7-12 requires that each mortgage loan originator be covered by a surety bond, with the penal sum maintained at an amount reflecting the dollar volume of loans originated, as determined by the Director — in practice the licensee files one bond through NMLS covering all its sponsored originators.
It's a three-party arrangement: you (the principal), the surety carrier, and the State (the obligee). The bond stands behind compliance with the Act — the origination, disclosure, and conduct rules protecting Illinois borrowers — and the Department's rules tier the amount from $25,000 (up to $5 million in annual Illinois volume) to $150,000 (over $100 million).
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond is filed and maintained electronically in NMLS and re-tiered as your volume changes; we issue the amount your tier requires and send renewal notices 60 and 30 days out.
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 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.
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 with your NMLS record. Submit the bond against your residential mortgage license record so IDFPR can verify coverage for your sponsored loan originators.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $150,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — business details, your bond amount, an effective date, and a term. That is the application.
Start the application →Common questions.
Illinois mortgage license bonds.
We write 3 mortgage license bonds in Illinois. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| Loan Broker Bond ($25,000) | 815 ILCS 175/15-15(b) | $25,000 | $250 |
| Residential Mortgage License Bond — Exempt Entity (NMLS) | 205 ILCS 635/7-12 | $25,000 or more | From $150 |
| Residential Mortgage License Bond (NMLS) (this page) | 205 ILCS 635/7-12 | $25,000 or more | From $150 |
Other Illinois bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Mortgage license bond, issued today.
0.6% of the bond amount, issued the moment you pay. Free until issued.