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What is an Illinois Residential Mortgage License Bond?
The Residential Mortgage License Act of 1987 requires that all licensed mortgage loan originators within the state post a surety bond. The Division of Banking enforces this requirement, and any damages or losses incurred due to noncompliance will be grounds for making a claim against the bond.
Do you need a bond to start your business?
Swiftbonds is the premier provider of Illinois Residential Mortgage License Bond. We offer competitive pricing and fast service, so you can get back to work as soon as possible.
We’ll help you save time and money by providing a cost-effective solution for all your bonding needs. You won’t have to worry about getting bonded again anytime soon because we provide long-term coverage at an affordable price. So what are you waiting for? Get started today!
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Why is the Illinois Residential Mortgage License Bond required?
Businesses must purchase a bond to activate their license or permit. This guarantees that if the business fails to comply with licensing and permit laws, they will be compensated by the surety company for any damages incurred due this negligence. Here's a Aurora, IL-Excavation Permit Bond ($20,000).
How does an Illinois Residential Mortgage License Bond work?
Getting an Illinois Residential Mortgage License Bond means you agree with the entity requiring it, called the obligee. Your surety company agrees to cover for you in case your clients or public make claims against their contract and need payment from your bond. If there’s ever any problems on either side of this agreement, only then will we get involved so that both parties can be satisfied. Get a Chicago, IL-Drainlayer Bond ($50,000).
How much does an Illinois Residential Mortgage License Bond cost?
Illinois Residential Mortgage License Bond is a type of surety bond that varies in cost and depends on the credit score of the applicant. Sometimes, personal or business financials may be required depending on what surety amount is needed for bonding purposes.
Can I get an Illinois Residential Mortgage License Bond with bad credit?
Swiftbonds offers a wide-range of approvals, regardless of credit history or bad credit. One key factor in our success is that we are able to work with 99% of applicants who have been turned down elsewhere due to their poor financial standing. Our knowledgeable underwriting staff will make sure you get the lowest possible price for your bond no matter what personal circumstances may be preventing you from getting approved for other companies' bonds. Have a Illinois Residential Mortgage License – EE (Exempt Entity) Bond.
How to get your Illinois Residential Mortgage License Bond?
Would you like to know the first step in getting your Illinois Residential Mortgage License Bond? It's super easy! Fill out our quick online application and get a no obligation quote today. Our Underwriters will contact you within an hour of submission, or come chat with them on the phone for help applying. See a New Lenox, IL-Contractor License Bond.