Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees. In addition, the statute is amended to create an annual registration process for such independent loan processing entities. The new provisions further clarify that a loan processor, who performs clerical or support duties at the direction of and subject to the supervision and instruction of a licensed mortgage loan originator sponsored by the independent loan processing entity, is not required to obtain his or her own mortgage loan originator license. In addition, the statute provides that an independent loan processing entity is not subject to examination by the Illinois regulator. HB4404 can be found here.