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Mortgage Loan Originator Section

The implementation of the Mortgage Loan Originator Licensing provision under the Idaho Residential Mortgage Practices Act (IRMPA) became effective on January 1, 2006. The Act charges the Department of Finance with the responsibility for licensing and regulating the mortgage activities of mortgage loan originators in addition to mortgage lenders and mortgage brokers.

The following provides basic licensing information as detailed in the IRMPA:

  • Loan Originator licensees are not required to maintain a physical location in Idaho.
  • There is no "one time" loan exemption for individuals regularly engaged in mortgage brokering/lending activities or when any form of compensation is received.
  • Loan originator employees and agents of federal or state chartered depository institutions, or their wholly-owned subsidiaries, are exempt from loan originator licensing.
  • Loan originator employees and sales agents of bank-affiliated Idaho-licensed mortgage broker/lender licensees are exempt as long as the employing bank-affiliate licensee is wholly owned by the holding company system that owns the bank.
  • There are no pre-license tests or education requirements
  • Licensees must complete sixteen (16) credit hours of continuing education in each reporting period. Initial reporting period begins November 1st immediately succeeding initial licensure.

A brief summary of licensee qualifications include:

  1. Completed application;
  2. $200 application fee; and a
  3. $10,000 surety bond, in which the name of the principal insured matches exactly to the name of applicant in section 1 of the application; or a
  4. $10,000 Certificate of Deposit. (Refer to CD in lieu of Bond instructions).

Mortgage Loan Originator Section Online Resources:

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