How can I learn more about what a career in mortgage lending really offers?
Visit the career information section of our Web site for a helpful overview of the exciting world of mortgage lending. Talking to successful professionals is another great way to learn more about being a mortgage broker on a daily basis. Check out our free articles to help you decide if a career in mortgage lending is right for you!

How long does it take to get certified as a mortgage lender?
You can become an Illinois Permanent Loan Originator in less than 30 days. After you pass the Illinois Loan Originator examination, you have 30 days to complete the registration process.

What happens if I don't complete the registration process within 30 days of passing the Illinois Loan Originator Examination?
After 30 business days, candidates who have not completed the requirements to become a registered Illinois Loan Originator must repeat the entire process. For information on how to become an Illinois Loan Originator, click here.

What are the components to the Loan Originator application process and can I complete them in any order?
There are four components to the LO application process. You must complete the steps in order as follows:

• STEP 1: Schedule, take and pass the Loan Originator Examination
• STEP 2: Complete the Civil Background checks
• STEP 3: Complete the Criminal Background checks
• STEP 4: Complete and submit the Form LO (application) with any applicable fee(s).

What are the testing requirements?
To be a loan originator in Illinois, you must pass the loan originator examination or claim exempt. The exam consists of 100 questions and is scored in a Pass or Fail format. You will have two hours to complete the exam and the cost is $74.

What is the Illinois Division of Banking?
The Division of Banking oversees the regulation and licensure of State chartered banks, trust companies, ATMs not owned by financial institutions, check printers, pawnbrokers, savings banks and savings and loan associations, mortgage bankers and mortgage brokers.

How much does it cost to apply for a loan originator permanent certificate of registration?
The following is the current fee schedule:

• Loan Originator Examination- $74 per sitting
• Civil Background Check- $115
• Criminal Background Check- varies by vendor
• Application Form LO- $125 initial registration fee

What is a civil background check?
The civil background check allows the IDFPR to review your credit history, employment history, and your license history in order to determine your eligibility to be issued a loan originator permanent certificate of registration.

What is a criminal background check?
The criminal background check is the submission to fingerprinting. The background check allows the Department to review your criminal history in order to determine your eligibility to be licensed a loan originator permanent certificate of registration.

How do I complete my criminal background checks if I am an out of state applicant or if I cannot travel to an Illinois State Police certified vendor?
Out-of-state applicants who are unable to schedule an appointment at a live scan facility are required to submit a completed fingerprint card. The fingerprint card will suffice for both the Illinois State Police and FBI fingerprint submission requirement. The fingerprint card may be taken to a local police authority in any state to obtain classifiable prints. The completed card and processing fee must then be submitted to:

• Illinois State Police
  Bureau of Identification-Fiscal Unit
  260 North Chicago Street
  Joliet, Illinois 60432

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $450, you can be trained, tested, certified, and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage loan originator is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the continuing education and testing requirements?
Illinois mortgage lending professionals are required to complete annually six hours of continuing education in residential mortgage finance and related topics.

Can I carry over continuing education hours from one 12-month cycle
to the next?
No.

For more details on becoming a registered mortgage lender, click here.