TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.2115 EXAMINATION
Section 1050.2115 Examination
a) Each applicant for an initial Loan Originator Certificate of Registration shall pass a written examination approved by the Director to determine the applicant's competency to be a Loan Originator. The Director may prepare, charge a nonrefundable fee for, and conduct examinations. The Director may also designate an independent testing service to perform these activities on behalf of the Director. In addition, any person who desires to take the written examination shall apply in writing on forms approved by the Director. The examination shall be comprehensive and shall evaluate the applicant's knowledge of residential mortgage financing, including but not limited to:
1) Residential mortgage financing fundamentals, including, but not limited to, industry overview, mortgage products and life cycle, and qualification calculations and principles; and
2) Legal, regulatory, and ethical requirements including Federal, State, and local requirements and ethical responsibility.
b) Notwithstanding anything to the contrary required by subsection (a), each applicant who is able to verify possession of a professional certification approved by the Director that requires at least 18 hours of continuing education every three years shall be exempt from the residential mortgage financing fundamentals portion of the examination and shall be required to take only the legal, regulatory, and ethical requirements portion of the examination.
c) Exception for Solicitors
1) Notwithstanding anything to the contrary required by subsection (a) of this Section and subject to the Director's approval, an applicant for a Loan Originator Certificate of Registration shall not be required to pass an examination if the applicant avers, and does in fact, limit his or her activity as a Loan Originator, pursuant to Section 1-4(hh) of the Act, to soliciting residential mortgage loan applications, which includes collecting from prospective borrowers personal or financial information for the sole purpose of conveying this information to a licensee and its registered Loan Originator or an exempt entity and its employee performing exempt loan originator services.
2) The Director may approve the registration of a Loan Originator applicant to solicit residential mortgage loans as provided in this Part under a classification of "no examination required", provided that:
A) the employing licensee or licensee pursuant to Section 1-4(d)(6) of the Act expressly, in writing on a form approved by the Director, assumes full and direct legal responsibility for the solicitation activity performed on behalf of or in the name of the licensee or that benefits or is intended to benefit the licensee;
B) the Loan Originator will perform no activities for which an examination under this Part is required, subject to discipline by the Director of the Loan Originator and his or her employing licensee or licensee pursuant to Section 1-4(d)(6) of the Act; and
C) otherwise meets the requirements of this Part and the Act and does not undermine the purposes of this Part and the Act.
(Source: Amended at 29 Ill. Reg. 19187, effective November 10, 2005)