Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
Yes.

What are lenders, brokers and loan officers called?
Idaho defines mortgage lenders, mortgage brokers and mortgage loan originators in the licensing act.

What is the cost of a license? Surety bond? Are there net worth requirements?
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. A license application should include a $350 application fee, a completed application form and a $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.

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. A license application should include a completed application form; a $200 application fee and a $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 $10,000 certificate of deposit.

The Idaho Credit Code requires lenders to obtain a license from the Director of the Department of Finance before engaging in secondary-lien residential mortgage loan transactions or any other regulated loan transactions.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
Yes, originator licensees must complete sixteen (16) credit hours of continuing education in each reporting period. Initial reporting period begins November 1st immediately succeeding initial licensure.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
The Idaho Residential Mortgage Practices Act license covers both lending and brokering activity.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Idaho is considered a good funds state with regard to loan closings.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The Idaho Credit Code requires lenders to obtain a license from the Director of the Department of Finance before engaging in secondary-lien residential mortgage loan transactions or any other regulated loan transactions.

Who is the regulator and what is their contact information?
Department of Finance
P.O. Box 83720
Boise, ID 83720-0031
Phone: (208) 332-8000
Fax: (208) 332-8097
http://finance.idaho.gov

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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