Yes: in Illinois, mortgage loan officers need a state license issued by the Illinois Department of Financial and Professional Regulation (IDFPR), Division of Banking. You can check a name yourself on NMLS Consumer Access.
Mortgage loan officers in Illinois: what buyers ask
What first-time buyer programs does Illinois offer?
In Illinois, the Illinois Housing Development Authority (IHDA) offers four down payment assistance programs: Access Home (6% of the price, up to $15,000), Access Deferred (5%, up to $7,500), Access Repayable (10%, up to $10,000) and Access Forgivable (4%, up to $6,000).
What does an FHA loan require?
FHA loans need 3.5% down with a 580 credit score. Upfront mortgage insurance is 1.75% and the annual premium is 0.55% at 96.5% LTV.
Check a mortgage loan officer yourself
- License required · Illinois Department of Financial and Professional Regulation (IDFPR), Division of Banking
- Titles you will see: Mortgage loan originator
- Check a name yourself: NMLS Consumer Access (we could not open this search page ourselves)
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