What are the continuing education and testing requirements?
Illinois law requires a registered residential mortgage loan originator (LO) to complete annually six hours of continuing education in residential mortgage finance and related topics. The residential mortgage licensee that employs an LO must assure that the LO meets the CE requirement.

How long does the renewal application process take?
The renewal process takes approximately 4-6 weeks, once the agency receives a complete package. A complete package consists of a completed, signed application with a current sponsor and fee payment. If a deficiency is noted the loan originator must submit all the requested documentation.

If I submit my renewal on or after June 30, 2006, can I still originate loans while waiting for my certificate to be sent to me?
If your renewal package was postmarked by June 30, 2006, you are current and active. If you submit your renewal after June 30, 2006 and was postmarked after that date, you are not active and may not conduct Illinois residential mortgage activities.

Am I a "loan originator" or a "solicitor"?
The easiest way to make the distinction about your status is if the first three numbers of your registration are "031" you are a loan originator. If the first three numbers of your registration are "032" you are a solicitor.

What are the current procedures to monitor compliance?
Renewal of a certificate of registration requires the Loan Originator verify that they have completed the CE requirement. Completion of the CE requirement is subject to audit by the Division. Loan Originators are required to retain documentation of CE completion and provide copies to the employing licensee. Employing licensees must retain the documentation and make it available during Division compliance examinations.

What happens if I don’t complete my continuing education requirement?
You are asked to answer truthfully on the loan originator renewal application. The continuing education requirement is a calendar year requirement. Once the year has expired you can not fulfill the requirement.

How do I find out if my certificate is "Active"?
To determine your certification status go online to www.obre.state.il.us/resfin/loanoriginators.htm. Click "online Lookup website". Click on "Loan Originators" and type in your last name.

Visit our catalog for a list of our online continuing education courses.