Illinois Department of Financial & Professional Regulation Illinois Department of Financial & Professional Regulation
 
Manuel Flores, Acting Secretary  
Pat Quinn, Governor
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Bureau of Residential Finance

Mortgage Banking Division

Loan Originator Registration Information

After an applicant has successfully registered, their name will be posted to our online “Lookup” website.

Check the Status of your Loan Originator Application.

NOTICE FOR MORTGAGE LOAN ORIGINATOR (MLO) APPLICANTS

The Department is experiencing a high volume of new MLO applications. Please allow 30 calendar days for processing from the date you have filed your MLO license request through the Nationwide Mortgage Licensing System (NMLS).  Calling for a status update on your MLO license application prior to 30 calendar days may cause a delay in the licensing process.

Instructions for Illinois Mortgage Loan Originator License

  1. Applications for mortgage loan originators must be submitted through the NMLS.
  2. Applicants will be required to have completed the required 20 hours of pre-license education prior to being issued their Illinois license.
  3. Applicants must pass both the National and State Components prior to being issued their Illinois license.
  4. Applicants must submit the required MLO New License Application Checklist found on the NMLS Click here. Please upload a detailed letter of explanation and supporting documentation (e.g. applicable orders, discharge, certified court disposition or releases) into the NMLS that pertain to the “yes” answer(s) on that document and the corresponding disclosure “yes” answer(s) in the NMLS. Currently you are unable to upload documents into the NMLS pertaining to student loans.  Please send that documentation via email to fpr.loanoriginator@illinois.gov or send us a hard copy to IDFPR, Division of Banking-LO Section, 320 West Washington, 5th Floor, Springfield, IL 62786.
  5. Applicants must have their employer complete the sponsorship request in the NMLS and have an active Illinois licensed mortgage broker as their sponsor.  Note:  If you do not have a sponsor you may still apply.  Once a license is approved, your license will be issued and placed in an “Approved-Inactive” status.  While on this status a MLO licensee cannot originate loans or conduct any licensable activity defined in the Act and Rules.  If the MLO still does not have a sponsor by next year renewal, the MLO, to keep this status, must take the required 8 hours of annual continuing education, file amendments for any changes to the application and pay the renewal fee.
  6. Applicants must complete the background requirement for fingerprinting with the NMLS approved vendor and submit through the NMLS.  After review of your criminal background check you may be required to submit a detailed letter of explanation and certified court disposition.  If it applies to a “yes” answer to a disclosure question, please upload into the NMLS.
  7. Applicants must complete the background requirement for credit history and submit through the NMLS.  After review of your credit background check you may be required to submit a detailed letter of explanation and other supporting documentation.  If it applies to a “yes” answer to a disclosure question, please upload into the NMLS.
  8. Applicants must correctly answer the disclosure questions in the NMLS.  Please upload a detailed letter of explanation and supporting documentation (e.g.  certified court disposition, applicable orders, payment plan) into the NMLS that pertain to the “yes” answer(s).

Failure to comply with all the instructions WITHIN 90 DAYS OF THE INITIAL DATE OF YOUR MU4 FILING WITH THE DEPARTMENT MAY RESULT IN YOUR APPLICATION BEING DEEMED WITHDRAWN.  If an application is withdrawn and an applicant subsequently wants to become a MLO in Illinois, the applicant will be required to resubmit an application through the NMLS and pay the initial license request fees.

To verify your license status, please check the NMLS Consumer Access Website (nmlsconsumeraccess.org).

IL MORTGAGE LOAN ORIGINATOR (MLO) LICENSE RENEWAL

MLO Continuing Education Requirements

Please refer to the NMLS Resource Center for information regarding the requirements for continuing education for your MLO license renewal.  The webpage can be accessed at the following link – click here.

Illinois MLO’s in any approved status of that year are required to complete at least 8 hours of the NMLS approved education annually beginning the year immediately following completion of PE.

Illinois MLO’s will be prevented from requesting renewal through the NMLS until their CE is satisfied.  The renewal period begins on November 1 and ends on December 31.  Failure to complete the required CE in a timely manner will result in renewal during the reinstatement period.  In addition to the renewal fee, a $75.00 late registration renewal fee will apply.  In order to get your license renewed by January 1, you must have your CE completed, your renewal requested and your renewal fee applied in our system.

SMART DEADLINE: CE course(s) reported to NMLS by December 15th.  Failure to meet this requirement by December 15th may result in a late renewal as outlined above.

MLO Renewal Guidelines and Instruction

For detailed MLO Renewal guidelines, instruction and requirements specific to Illinois, click here for the Renewal page of the NMLS Resource Center.

MLO License Renewal Frequently Asked Questions

To assist Illinois’ licensed mortgage loan originators with their renewal we have compiled some Frequently Asked Questions with their answers for your review.  The webpage can be accessed at the following link - click here.

 

Statutes Regarding the Regulation of the Loan Origination Profession

Summary of Your Rights Under the Fair Credit Reporting Act (PDF File)
 
State Law To Regulate Mortgage Lending to Take Effect on July 1, 2004 (PDF File)
 
Residential Mortgage License Act of 1987 (See Article VII. Registration of Loan Originators)
 
Loan Originator Rules
 
Please call 1-800-532-8785 or contact the department via email at FPR.LoanOriginator@illinois.gov if you have questions regarding the Mortgage Loan Originator licensing procedures.
 

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