IL HB2814

Amends the Residential Mortgage License Act of 1987 to establish exempt company registration for federally chartered savings banks registered with the Nationwide Mortgage Licensing System that sponsor mortgage loan originators.

Requires mortgage loan originators sponsored by exempt entities to hold a current, valid insurance producer license under the Illinois Insurance Code and work under exclusive written contracts.

Mandates exempt persons provide blanket surety bonds, reasonably supervise sponsored loan originators, fulfill reporting requirements, and pay annual registration fees to the Secretary.

Authorizes the Secretary to deny, suspend, or revoke exempt company registration based on grounds including dishonesty, fraud, misrepresentation, violation of laws, or failure to furnish required information.

Clarifies that mortgages brokered, funded, originated, serviced, or purchased by unlicensed parties are not invalid solely due to licensing violations, and violations carry fines up to $25,000.