Illinois Residential Mortgage License

Upload current, audited financial statements prepared by a licensed, Certified Public Accountant, in accordance with Generally Accepted Accounting Principles and signed by an executive officer. Include the Certified Public Accountant’s name, license number, address and phone number. Financial statements should include a Balance Sheet,
Income Statement and Statement of Cash Flows, all relevant notes thereto, and must show evidence of minimum net worth of $50,000 for mortgage brokers with Illinois offices and $150,000 for mortgage bankers and mortgage brokers without Illinois offices. Audited Financial statements for newly created companies must be current and include at minimum, a signed cover letter, balance sheet, and notes. Applicants who are subsidiaries may submit audited consolidated financial statements of their parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements which include the applicant’s financial statement. If the consolidating statements are unaudited, the applicant’s chief financial officer shall attest to the applicant’s financial statements disclosed in the consolidating statements. Once an applicant is licensed, they must submit timely annual financial statements within 90 days of their stated fiscal year end. NOTE: Financial statements are uploaded separately under Financial Statement Section of the Filing tab. See the Financial Statement Quick Guide for instructions