Current Company Licensees/Registrants:
Companies holding a Residential Mortgage License in Illinois had until March 31, 2010 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.
Additionally, for each branch holding an Additional Full Service Office License, a company should have completed and submitted through NMLS a Form MU3 by March 31, 2010.
It is important that current licensees have all of their Illinois license numbers available when completing and submitting their Form MU1 and Form MU3(s).
If you did not transition your license/registration prior to the deadline, please contact the Illinois Department of Financial and Professional Regulation at 866-266-4120.
Mortgage Loan Originators:
Instructions for Initial Application (MU4) Submittal
Please refer to Illinois’ website regarding requirements for individuals wishing to submit an initial application to become a Mortgage Loan Originator. For specific instructions go to: http://www.obre.state.il.us/NMLS/default.htm
Information regarding the filing of the MU4 for Illinois
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Mortgage Loan Originators for Illinois have until August 31, 2010 to complete and submit a Form MU4 through the NMLS. Companies employing mortgage loan originators are required to sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the mortgage loan originator works from a branch) and the mortgage loan originator MU4 must all be submitted prior to the company sponsoring the mortgage loan originator's license.
It is important that current loan originators have their Illinois registration number available when completing and submitting their Form MU4.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Illinois and complete a few state specific fields.
Mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage loan originator log in to the NMLS and electronically attest to its accuracy.
Loan originators registered on or after July 31, 2009 must meet the additional requirements listed below by June 30, 2010. However, all loan originators in this category are strongly encouraged to take the National and State components of the SAFE Mortgage Test no later than April 30, 2010. Loan Originators registered prior to July 31, 2009 are encouraged to meet the additional requirements listed below by October 31, 2010.
Loan Originators registered prior to July 31, 2009 must meet the additional requirements listed below by December 31, 2010.
Additional requirements will include:
- Pre-licensure certification
- A Passing Score on the National and State component of the SAFE Mortgage Test
- Satisfactory criminal background check including finger prints
- Illinois satisfactory review of a credit report
- License Sponsorship in NMLS by your company