It takes approximately 5-8 business days to issue a MLO license with a complete application.
No, Illinois does not have a distance requirement but requires that a MLO is properly supervised and that the company is ultimately responsible for the MLOs activities.
A contract processor/third party processor/independent processor would need to obtain two licenses. First, he/she would need to obtain a Mortgage Broker License. Second, he/she would require a MLO License which would be sponsored by the newly created Mortgage Broker.
Illinois allows a Licensee to pay a formerly-employed MLO for the work they performed on loans prior to leaving company employment. The company loan log should contain the name of both assigned MLOs for these loans.