Mortgage Loan Originator Section
The Idaho Residential Mortgage Practices Act (IRMPA) charges the Idaho Department
of Finance with the responsibility of licensing and regulating the mortgage related
activities of mortgage loan originators, mortgage brokers and lenders, as well as
mortgage loan processors and mortgage underwriters who operate as independent contractors.
The following provides basic licensing information as detailed in the IRMPA:
- Loan originator licensees are not required to maintain a physical location in Idaho,
but must be associated with an Idaho-licensed physical location.
- Loan originator employees and agents of federal or state chartered depository institutions, or their wholly-owned subsidiaries, are exempt from state loan originator licensing.
- Loan processors and mortgage loan underwriters who operate as independent contractors must be licensed as mortgage loan originators.
- Each mortgage loan modification company engaging in residential mortgage loan modification activities in Idaho must be licensed under the IRMPA as a mortgage broker, and employees and agents of such companies who engage in loan origination activities in Idaho – negotiating the terms of a residential mortgage loan – must be licensed as mortgage loan originators.
- Pre-license testing for mortgage loan originators begins in Idaho on July 30, 2009. Registration for the national component test and the Idaho state component test is conducted through the Nationwide Mortgage Licensing System and Registry (NMLSR).
- Twenty (20) hours of pre-license education is required of any applicant that was not in an “approved-” license status as of June 30, 2009. Approved providers of pre-license education and their courses will be posted on the NMLSR website beginning in early August 2009.
- Fingerprinting/background checks will be required when the NMLSR can accommodate the authorization process.
- Credit reports, to accompany mortgage loan originator license applications in Idaho, will be required beginning approximately April 2010.
- Mortgage loan originator licensees must complete eight (8) credit hours of continuing education annually beginning in 2010. Approved continuing education providers and their courses will be posted on the NMLSR website in early 2010.
A brief summary of licensee qualifications include:
- Completed application;
- $200 application fee;
- $100 recovery fund payment;
- Pre-license education-20 hours;
- Pre-license national component test;
- Pre-license Idaho component test.
All mortgage licensing and testing is handled through the Nationwide Mortgage Licensing System and Registry (NMLSR). Information pertaining to testing, education and background checks may be found on the NMLSR website at http://www.stateregulatoryregistry.org/NMLS in the Professional Requirements section.
To get started, please go to the NMLSR website for complete information and filing requirements.
Questions pertaining to Idaho licensing requirements may be directed to 208-332-8002. Questions pertaining to the use and navigation of the NMLSR may be directed to the NMLSR Call Center at (240) 386-4444.
Mortgage Loan Originator Section Online Resources: