Illinois Mortgage Bonds

Illinois Mortgage Bonds

The Department of Financial and Professional Regulation manages the residential mortgage loan industry within the State of Illinois. 

To qualify for a license or registration as a mortgage professional, a surety bond is required by the Department—either a Residential Mortgage License Bond, an Exempt Entity Residential Mortgage License Bond, or an Exempt Entity Processor Registration Bond. 

QUOTE

Jet Insurance Company provides the surety bonds listed above to act as a financial assurance to the Department that the mortgage professional will comply with state regulations. Funds from the bond may be used as a means of restitution in cases where a claimant has been financially damaged by the transgressions of a licensee. 

What Is Jet’s Lowest Price for an Illinois Mortgage Bond?

According to the Department, both the Residential Mortgage License Bond and the Exempt Entity Residential Mortgage License Bond must have limits that are equal to the total amount of residential mortgage loans conducted within the licensee’s previous year in business.

At Jet, the cost of a surety bond is a small fraction of the bond’s limit and is dependent upon a soft credit check of the applicant. For example, if you qualify for a $25,000 Residential Mortgage Bond, rates start at $94 for a one-year term or just $9 per month.

Details on how to determine your appropriate bond limit and Jet’s preferred tier rates can be found in the chart below. 

Total Loan AmountBond LimitMonthly1-Year
$0 - $5,000,000$25,000$9$94
$5,000,001 - $20,000,000$50,000$19$188
$20,000,001 - $50,000,000$75,000$28$281
$50,000,001 - $100,000,000$100,000$38$375
Over $100,000,000$150,000$56$563
IL Residential Mortgage License/Exempt Entity Bond Pricing

As for the Exempt Entity Processor Registration Bond, a standard $50,000 limit is mandated by the Department. Jet’s preferred tier rates are available at $188 for a one-year bond term or you can take advantage of our monthly plan of $19 a month. 

Bond TermCost
Monthly$19
1-Year$188
IL Exempt Entity Processor Registration Bond Pricing

Illinois Mortgage Bonds Details

The Illinois Department of Financial and Professional Regulation, Division of Banking utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of residential mortgage licenses, as well as the filing of surety bonds. So once you purchase a mortgage bond with Jet, it must then be filed with the NMLS.

No need to worry though, the Jet team can take care of this process for you! Simply grant us permission to act as your designated surety company (Jet Insurance Company NAIC #16379) and we’ll take care of the rest. Further details on this process can be found on the NMLS’s Electronic Surety Bond for Licensees webpage. 

For further details regarding the mortgage industry, licensure in multiple states, and applicable surety bond requirements, take a look at Jet’s Mortgage License Bonds Guide.

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

Illinois Mortgage Bonds contain 30-day cancellation clauses. View the details on how to cancel your bond.

Bond Claim Process

Mortgage professionals need to be aware of what causes a claim and what happens after a claim is made.

Illinois Residential Mortgage License Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: