Illinois Mortgage Broker: Pre-License
Frequently Asked Questions
Who is required to hold an Illinois Mortgage Brokers License?
Licensing is required when an entity brokers, originates, services and/or purchases loans secured by residential real estate situated in Illinois and are not exempt.Last Updated: 12/9/2012
What is the difference between a Mortgage Broker and a Loan Originator?
In Illinois, the Mortgage Broker is considered to be the owners or control person for an Illinois residential mortgage licensee. In other words, these are the people who own the company.
On the other hand, a Mortgage Loan Originator is a person sponsored by the Mortgage Broker who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain.
Most individuals who are new to the industry are first licensed as a Mortgage Loan Originator and then consider becoming a Mortgage Broker at some point later in their career.Last Updated: 12/9/2012
Who is required to complete a mortgage pre-license course?
Applicants with less than three (3) years of experience in Real Estate Finance are required to complete an approved program of education in Real Estate Finance and Fair Lending.
Our 24 credit-hour course is an approved program.Last Updated: 12/9/2012
How soon after I enroll will I receive my materials?
The study packet is shipped to you via Priority Mail, normally on the same day the enrollment is received. Most students receive their packets in 2-3 days. Next day delivery is available at an additional charge. You can also come to the school to enroll and pick up your materials.Last Updated: 12/9/2012
Will an instructor be available if I have a question?
Yes. Instructors are generally available by telephone Monday through Friday during normal business hours. We find that most student questions can be easily handled over the phone.Last Updated: 12/9/2012
What if I don't pass the final exam?
A passing score of 75% is required on the final exam. Students who do not pass the final exam may work out a plan with an instructor to improve their knowledge of the subjects and retest at a later time. Students who fail the exam a second time will have failed the course.Last Updated: 12/6/2013
Are the requirements for Mortgage Broker licensing the same in all states?
No. Each state establishes its own law and rules to regulate the licensing and activities of mortgage brokers. Our mortgage broker pre-license program is specifically designed for Illinois licensees.
We are also an NMLS-approved provider and we offer licensing and continuing education programs for mortgage loan originators in all states. Click here if you would like to learn more about mortgage loan originator licensing.Last Updated: 12/9/2012