Annual Report of Mortgage Activity - Illinois

Annual Report of Mortgage Activity is a legal document that was released by the Illinois Department of Financial and Professional Regulation - a government authority operating within Illinois.

FAQ

Q: What is the Annual Report of Mortgage Activity?A: The Annual Report of Mortgage Activity is a report required from mortgage licensees in Illinois.

Q: Who needs to file the Annual Report of Mortgage Activity?A: All mortgage licensees in Illinois are required to file the Annual Report of Mortgage Activity.

Q: What information is included in the Annual Report of Mortgage Activity?A: The report includes details about the licensee's mortgage loan activity, such as the number of loans originated, the loan types, and the loan volume.

Q: When is the Annual Report of Mortgage Activity due?A: The report is due on or before March 31st of each year.

Q: How can the Annual Report of Mortgage Activity be filed?A: The report can be filed electronically through the Nationwide Multistate Licensing System (NMLS).

Q: Are there any fees associated with filing the Annual Report of Mortgage Activity?A: Yes, there is a filing fee that must be paid when submitting the report. The amount varies depending on the licensee's loan volume.

Q: What happens if the Annual Report of Mortgage Activity is not filed?A: Failure to file the report can result in penalties and fines, and may also impact the licensee's ability to maintain their mortgage license.

Q: Are there any exemptions from filing the Annual Report of Mortgage Activity?A: Yes, certain licensees, such as those who only engage in loan servicing or those who have been inactive during the reporting period, may be exempt from filing the report.