Do you need a license to start a mortgage lead company in Illinois?
1 attorney answer
There are many considerations to think about when starting a business. I recommend you sit down with a commercial/business law attorney to make sure you are crossing every T and dotting every I before you start doing business. Now, specifically when it comes to the Illinois Department of Financial & Professional Regulations and any required licensing for mortgage lead generators, "if the lead generator collects and transmits a potential borrower’s contact and minimal loan information before an application is created, such as name, address, telephone number, email, minimum loan amount, estimated home value, approximate credit rating, loan type desired, property type, down payment percentage, current on mortgage, and does not request non public personal information such as date of birth or Social Security Number, then a license would not be required." I recommend you contact a business law attorney, explain your business plan in more detail, and see what kind of advice they can offer. Good luck.