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Bond: $10,000, NO PHYSICAL OFFICE REQUIRED, NO EXAM, NO AUDITED FINANCIALS, NO FINGER PRINT CARDS, NO LOAN OFFICER LICENSES.

The Idaho Residential Mortgage Practices Act 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.

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

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

To obtain a mortgage application package, please call 208-332-8002.

TITLE 26 BANKS AND BANKING CHAPTER 31       

RESIDENTIAL MORTGAGE PRACTICES     26-3116. INITIAL LICENSING AND COMPLIANCE. A person who conducts any of the activities set forth in subsections (18) and (19) of section 26-3102, Idaho Code, on the effective date of this act shall, within sixty (60) days following the effective date of this act, apply to the department for a license.

INITIAL LOAN ORIGINATOR LICENSING. A person who conducts any of the activities set forth in section 26-3102(20), Idaho Code, shall have sixty (60) Days to apply to the department for a loan originator license following the effective date of the loan originator licensing provisions of this chapter and, notwithstanding the provisions of section 26-3108A, Idaho Code, shall pay an initial one (1) time loan origination license application fee of two hundred dollars ($200).

On or before October 31 of each year, every loan originator licensee under this chapter shall pay an annual license renewal fee of one hundred dollars ($100), and file with the director a renewal form containing such information as the director may require.

LICENSE TO DO BUSINESS AS A MORTGAGE BROKER OR MORTGAGE LENDER. (1) The director shall receive and act on all applications for licenses to do business as a mortgage broker or mortgage lender. Applications shall be filed in the manner prescribed by the director, shall contain such information as the director may reasonably require, shall be updated as necessary to keep the information current, and shall be accompanied by an application fee of three hundred fifty dollars ($350). When an application for licensure is denied or withdrawn, the director shall retain all fees paid by the applicant.

Every licensee under this section shall maintain a home office licensed under this chapter as the licensee's principal location for the transaction of mortgage business. The director may, on application, issue additional branch licenses to the same licensee upon compliance with all the provisions of this chapter governing the issuance of a single license. A separate license shall be required for each place of business from which mortgage brokering activities or mortgage lending activities are directly or indirectly conducted. The individual in charge of each place of business must satisfy the requirements of subsections (2)(b), (c) and (d) of this section. Each license under this section shall remain in full force and effect unless the licensee does not satisfy the renewal requirements of section 26-3111(3), Idaho Code or the license is relinquished, suspended, or revoked; provided however, branch licenses shall be terminated upon the relinquishment or revocation of a home office license.

On or before August 31 of each year, every mortgage broker and mortgage lender licensee under this chapter shall pay an annual license renewal fee of one hundred fifty dollars ($150), and file with the director a renewal form containing such information as the director may require and a composite annual report for the residential mortgage loans made or brokered by him.