Finance
The Illinois Residential Mortgage License Act of 1987 regulates:
AReal estate brokers who arrange mortgages for their clients
BMortgage brokers, mortgage bankers, and other mortgage originators doing business in Illinois✓ Correct
COnly federally chartered banks making Illinois mortgages
DOnly reverse mortgage lenders in Illinois
Explanation
The Illinois Residential Mortgage License Act of 1987 requires mortgage brokers, bankers, and other mortgage originators doing business in Illinois to be licensed by IDFPR. This ensures that mortgage professionals meet minimum standards for competence, financial responsibility, and ethical conduct.
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