Mortgage Section

The Idaho Residential Mortgage Practices Act (IRMPA) became effective on July 1, 1996. The Act charges the Department of Finance with the responsibility for licensing and regulating the mortgage activities of mortgage lenders and mortgage brokers, and includes loan originators, and continuing education requirements, as of January 1, 2006.

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

• Licensees are not required to maintain a physical location in Idaho.
• There is no "one time" exemption for individuals regularly engaged in mortgage brokering/lending activities.
• Exempt entities include, but may not be limited to, certain financial institutions, governmental agencies, wholesale lenders, and attorneys and accountants licensed under either chapter 2 or chapter 20, Title 54, Idaho Code.

A brief summary of licensee qualifications include:

1. $350 application fee,
2. Completed application,
3. $25,000 surety bond to be increased by additional sums of $10,000 for each branch office,
4. The individual in charge of each office must have a minimum of three years experience in residential mortgage lending,
5. Registration with the Idaho Secretary of State's Office, and

To obtain licensing information for Mortgage Brokers/Lenders, please call 208-332-8002.

Mortgage Section Online Resources:

• Click here for Laws/Statutes
• Mortgage Licensee Lists
• Applications and Forms
• The Idaho Compliance Connection NewsLetters
• Continuing Education Provider List
• Training Presentations
• Loan Originator FAQ's