2 Hour ID SAFE: Idaho Mortgage Lending Laws

​​​​​​​This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Idaho under the Idaho Department of Finance (the Department). This 2-hour course covers Idaho specific rules and regulations as mandated by the Department, and is required as part of the 20 hours of prelicensure education needed to become an Idaho-licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of four modules and a final exam:

1. The Idaho Department of Finance

2. Licensing and Examinations
3. Records, Procedures, and Advertising
4. Prohibitions, Investigations, and Enforcement
5. Final Exam

Total study time: 2 credit hours

Module 1: The Idaho Department of Finance

The Idaho Department of Finance (the "Department") was created by the Idaho State Legislature in 1905 with the purpose of regulating the Idaho financial services industry. The Department was initially responsible for administering the Idaho Bank Act, which solely governed banks. This module reviews the Departments and its bureaus.

Module 2: Licensing and Examinations

Understanding compliant Idaho mortgage loan origination practices and procedures requires an exploration of the Idaho Residential Mortgage Practices Act (IRMPA), codified in Idaho Code (IC) Title 26, Chapter 31. Through this legislative agenda, we will review required practices, compliance, considerations, and prohibitions of mortgage professionals operating throughout Idaho.

Module 3: Records, Procedures, and Advertising

The Idaho Residential Mortgage Practices Act outlines the responsibilities of mortgage brokers and lenders when it comes to recordkeeping, disclosures, and reporting. This module will cover a licensee's duty with regards to their files, their advertisements, and their NMLS ID. We'll also discuss the Idaho mortgage recovery fund, a reserve set aside for paying consumers who were wronged by the acts of unethical mortgage licensees. Money paid into the fund comes from fees collected at initial licensing and at license renewal, with mortgage branch and home licensees paying more into the mortgage recovery fund then mortgage loan originator licensees.

Module 4: Prohibitions, Investigations, and Enforcement

The Idaho Residential Mortgage Practices Act (IRMPA) establishes actions, behaviors, and practices which Idaho-licensed mortgage lenders and brokers are prohibited from committing. Idaho-licensed mortgage loan originators are equally prohibited from violating the IRMPA through the commission of prohibited conduct. In this module, we'll cover actions that can jeopardize a licensee's good standing with the Department.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS

• Click on the Composite View tab.

• Click View Individual on the sub-header row.

• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center.