Illinois Mortgage Education
EasyRealEstateSchool.com offers these Illinois mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
This License is required for an individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers or negotiates terms of an Illinois residential mortgage loan. Note: individuals must be employed by an Illinois residential mortgage licensee, may be employed by no more than one Illinois residential mortgage licensee at a time, and all individuals meeting the definition must be licensed, including owners of entities with Illinois residential mortgage licenses.
Who does not need this license?
Administrators, account executives, loan processors and underwriters (as exempt per SAFE), are not required to be licensed for activities in the State of Illinois.
What are the pre-requisites for license applications?
- Criminal background check
- Credit check
- Testing
- Education
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Illinois State Requirments
SAFE ACT Requirements
- SAFE MLO Test – Existing licensees on or after 7/31/2009 must pass the National and State Component of the SAFE MLO Test by 4/30/2010.All applicants licensed before 7/31/2009 must pass the National and State Components of the SAFE MLO Test by 12/31/2010.
- Criminal Background Check – All applicants license on or before 7/31/2009 must submit fingerprints through NMLS for a criminal background check by 4/30/2010.All applicants license before 7/31/2010 must submit fingerprints through NMLS for a criminal background check by 12/31/2010.
- Credit Report – All applicants licensed on or before 7/31/2009 must authorize a credit report through NMLS by 4/30/2010.All applicants licensed before 7/31/2009 must authorize a credit report through NMLS by 12/31/2010.
Illinois Mortgage Education Requirements
- SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2009 must have completed 20 hours of NMLS approved pre-licensure education by 6/30/2010. Existing licensees as of 7/30/2009 must have completed 20 hours of state approved pre-licensure education by 12/31/2009. Existing licensees as of 7/30/2009 who did not complete and certify 20 hours of state approved pre-licensure education by 12/31/2009 must have completed 20 hours of NMLS approved pre-licensure education by 12/31/2010. State approved courses will no longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
For more information about the actual course please visit Mortgage Education Course FAQ’s.