Illinois Department of Financial and Professional Regulation
NOTICE OF THE MORTGAGE LOAN ORIGINATOR LICENSE
APPLICATION WITHDRAWAL POLICY
BE NOTIFIED that effective immediately the State of Illinois Department of Financial and Professional Regulation, Division of Banking (“Department”), states that all applications filed between November 1, 2010 through June 30, 2011 will be given until August 31, 2011 to complete the mortgage loan originator application process, otherwise the application (also known as the MU4) will be withdrawn. Any Mortgage Loan Originator (MLO) applicant who is unsure what steps are remaining in the application process should check their status with the Nationwide Mortgage Licensing System (NMLS). The application process includes:
Submittal of the State Specific document (Click here for the document)
Filing of the credit report with NMLS
Submittal of the applicant’s fingerprints to NMLS
Completion of the 20 hours of NMLS approved pre-license coursework
Selection of Illinois as your jurisdiction
Completion of the NMLS Disclosure Questions
Submittal of the Sponsor Request
Registration and taking of the national and state exams*
*All of the above requirements must be met within ninety (90) days of the submittal of the MU4 to the Department. If a candidate fails one or both exams the rescheduling of the exam must occur within 15 calendar days of the failed exam. It will remain the responsibility of the candidate to inform the Department of the subsequent passage of the exam within 15 calendar days of the exam.
Failure to comply may result in the application being deemed Withdrawn.
Effective July 1, 2011 the Department will withdraw Mortgage Loan Originator License Applications deemed inactive (no action has been taken to complete the license application process including failure to reschedule exams) after ninety (90) days from filing an MU4 with Illinois jurisdiction.
If an application is withdrawn and an applicant subsequently wants to become an MLO in Illinois, that applicant will be required to resubmit an application with the NMLS, pay the initial license request fees, pass both the national and state examinations, and complete all other steps.
If you have any additional questions for the Department please email them to FPR.LoanOriginator@illinois.gov
The costs are:
The following fees shall apply to all applicants - FEES ARE NON-REFUNDABLE: |
CRIMINAL BACKGROUND CHECK (FIELD PRINT – NMLS) |
$39 |
CREDIT REPORT (obtained with NMLS) |
$15 |
APPLICATION FEE (collected by NMLS for the Il. DEPT. OF FINANCIAL ANDPROFESSIONAL REGULATION) |
$125 |
NMLS FEE |
$30 |
National and State components for licensure:
Each applicant for the registration process must pass the NMLS National and State components prior to the mortgage loan originator license being issued. Applicants are required to register for the examinations on the NMLS website. Please click here to read the requirements and register for the examinations.
The criminal background check:
Even though you submitted your fingerprints for your initial certificate of registration you must be refingerprinted. You must be fingerprinted through the NMLS vendor. Information regarding that process can be found at www.fieldprint.com.
Mail the completed State-specifc form to:
Il. Department of Financial & Professional Regulation
Division of Banking – LO Section
320 W. Washington St.
Springfield, IL 62786 |
