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#2213993 - 05/20/19 02:32 PM Loan Production Office
WABComply Offline
100 Club
Joined: Jul 2017
Posts: 218
Does the below pertain to LPOs? Surety bond requirements-

Amended IL-BLAR 38 §1050.490(b) provides, in part, that Registered exempt companies
or entities
must file and maintain electronic surety bonds in the same manner as IL-BLAR
38 §1050.490(a) for the purpose of covering their "mortgage loan originator employees or
sponsored individuals" (previously, "mortgage loan originator employees"). (New
requirement) Exempt independent loan processing entity registrants must file and
maintain an electronic surety bond in the same manner as IL-BLAR 38 §1050.490(a) that
provides coverage for each sponsored mortgage loan originator in the amount of $50,000.
The surety bond amount will be set for each licensed mortgage broker and mortgage
banker and registered exempt company or entity in accordance with the following scale,
or, for exempt independent loan processing entity registrants, the $50,000, based upon
Illinois residential mortgage loans brokered, processed, underwritten, funded,
originated, serviced or purchased, as the case may be, during the preceding year. Prior
to revision, IL-BLAR 38 §1050.490(b) did not provide bonding requirements for exempt
independent loan processing entity registrants. [i][/i][u][/u]

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#2214634 - 05/30/19 07:12 PM Re: Loan Production Office WABComply
WABComply Offline
100 Club
Joined: Jul 2017
Posts: 218
Bump

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