It takes approximately 30 business days to issue a license with a complete application.
No, a physical presence is not required in Illinois but may trigger additional requirements under the Act. Per this guidance, for the initial application for an MB License the first averment should be answered “yes”
No, a branch manager who does not originate loans does not need to be licensed as a MLO.
No, a branch outside of Illinois does not need a license, only its corporate office requires a license.
Yes, a company that processes loans needs a mortgage broker license pursuant to RMLA and needs at least one licensed MLO to supervise the other processors.
If the lead generator collects and transmits a potential borrower’s contact and minimal loan information before an application is created, such as name, address, telephone number, email, minimum loan amount, estimated home value, approximate credit rating, loan type desired, property type, down payment percentage, current on mortgage, and does not request non public personal information such as date of birth or Social Security Number, then a license would not be required (please see 12 CFR 226.2(a)(3) for an illustrative definition of "application").
Yes, all new applicants must provide audited financial statements as part of requirements for licensure. For a subsidiary, alternatively see 205 ILCS 635/2-2.