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.
- Individuals seeking an Idaho Mortgage Loan Originator License must receive passing results on the National Test Component with Uniform State Consent. Instructions on how to enroll and schedule the required test can be found through the Nationwide Multistate Licensing System (NMLS) Resource Center under Professional Standards -> Testing.
- Twenty (20) hours of pre-license education (PE) is required of any applicant to be eligible for a state Mortgage Loan Originator License. Additionally, 2 hours of Idaho content must be completed. The 2 hours of Idaho content can be included in, or in addition to, the 20 hours of required PE courses. Approved providers of pre-licensure education and their courses are posted on the NMLS Resource Center under Professional Standards -> Education.
- Criminal Background Checks and Credit Report authorizations are required to be completed in NMLS at the time of application submission. Refer to the Idaho Mortgage Loan Originator License New Application Checklist posted to the NMLS Resource Center for additional information on these processes.
- Mortgage loan originator licensees must complete eight (8) credit hours of continuing education (CE) annually as a requirement for license renewal. Approved continuing providers and their courses are posted on the NMLS Resource Center under Professional Standards -> Education.
A brief summary of licensee qualifications include:
- Completed application;
- $200 application fee;
- $100 recovery fund payment;
- $30 NMLS processing fee;
- $15 credit report fee;
- $36.25 Criminal Background check fee;
- Pre-license education-20 hours;
- Passing Results on the National Test Component with Uniform State Consent;
All mortgage licensing and testing is handled through NMLS. Information pertaining to testing, education and background checks may be found on the NMLS website in the Professional Standards section.
To get started, please go to the NMLS 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 NMLS may be directed to the NMLS Call Center at (855)-665-7123.