Hi, Broker1 !
In Illinois there is apparently no special educational requirement at
this time for someone to start working in the industry as a loan
officer. A licence to become a mortgage broker or "Residential
Mortgage Licensee" is only issued to a company, and there are on-going
educational requirements from there. Any person with more than a ten
per cent holding in such a company must have three years experience as
a loan officer.
The Illinois licence requirements and qualifications are monitored by
the Illinois Office of Banks and Real Estate
http://www.obre.state.il.us
The Illinois Association of Mortgage Brokers (IAMB) is at West 22nd
Street – Suite 104 Lombard, IL 60148 Phone: 630-916-7720 Fax:
630-563-1784
E-Mail: iamboffice@iamb.org at:
http://www.iamb.org/
They say:
"PROCEDURES FOR BECOMING LICENSED IN THE STATE OF ILLINOIS.
General Information
You cannot originate a loan in the state of Illinois without being
licensed.
Licensing is for companies only.
Loan officers do not have to be registered or licensed at this time.
Office of Banks and Real Estate (OBRE) is the regulatory agency that
licenses all mortgage companies.
Their phone number is 312-793-1409.
Licensing package can be obtained by going to the IAMB web site at
www. iamb.org and then clicking on the OBRE web site at the bottom of
the first page."
They also tell us that a Mortgage Broker must have:
"$35,000 minimum net worth of which $7,000 in liquid assets must be
retained at all times.
$20,000 Surety Bond
Audited financials
Completed application package.
OBRE will determine if the owners of the company will have to attend
the three day Mortgage 101 or the three day RML School."
IAMB itself also offers Mortgage 101 and RML School mentioned above as
well as courses that satisfy the continuing education requirements.
Click on their Education Calendar link to find it.
Mortgage 101 is a very basic course for those with less than six
months in the industry, and RML School is for those with more than six
months experience. Both courses are run monthly.
Other places which offer approved continuing education courses are The
National Institute of Mortgage Broking at:
http://www.namb.org
and The Capstone Institute of Mortgage Finance at:
http://www.capinst.com/main.html
- which is " presently approved to offer continuing education to
mortgage brokers and loan officers in the following states: Florida,
Georgia, Maryland, Texas, South Carolina, Illinois, and Indiana. "
Some good FAQs on Illinois rules are available from Option One, who
are planning to offer courses in the near future:
http://www.obre.state.il.us/RESFIN/FAQ-MB.htm
These FAQs include:
"Q: How do I obtain an application for license and/or information
about licensing as a mortgage broker/banker (Residential Mortgage
License)?
A: A licensing kit is available in two ways. You may send a $10 money
order or certified check, made payable to the Office of Banks and Real
Estate, to 500 East Monroe Street, Suite 800, Springfield, IL 62701 OR
you may download this information from this webpage.
Q: What is the difference between brokering and originating?
A: Brokers find the lenders for their clients to get mortgages from
while originators are the lenders.
Q: Is there a test necessary to become a Residential Mortgage
Licensee?
A: No.
Q: What experience is necessary to become a Residential Mortgage
Licensee?
A: Any person holding 10% or more interest in the company is required
to have three (3) years experience as a loan officer."
It also has up to date FAQS on other regulations.
So a good route to go might be to enrol in Mortgage 101 with IAMB,
then look for work as a loans officer with an existing company, while
you cover RML School and other associated courses and save up
sufficient equity to apply for your own licence after the three year
qualifying period.
I hope this is useful.
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