1 Hour ID SAFE: Idaho Mortgage Continuing Education

​​​​​​​The Director of the Idaho Department of Finance (DOF) requires mortgage licensees in this state to take a one-hour course on Idaho mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers Idaho mortgage topics for licensee continuing education.

The first module of this course describes the organization of the Department of Finance and reviews several mortgage definitions outlined by the Idaho Residential Mortgage Practices Act (IRMPA).

The second module explains the acts and practices that are prohibited for mortgage loan originators to participate in. We'll discuss the maximum points and fees that can be charged to a borrower, review mandatory disclosures, and review advertising practices.

The third module is a summary of consumer protection regulations. We’ll take a look at prohibited acts and practices as outlined by the Idaho Financial Fraud Protection Act (IFFPA). We’ll also explore the mortgage recovery fund, which is set aside in cases when a licensee participates in activities that harms Idaho borrowers and the licensee is unable to pay restitution.

Topics and Learning Objectives

This course consists of three modules and a final exam:

1. Definition Review and the Idaho Department of Finance

2. Origination Activities

3. The IFFPA and Mortgage Recovery Fund
4. Final exam

Total study time: 1 credit hour (50 minutes)

This course will prepare Idaho-licensed MLOs to:

• Review important definitions, including those specific to the State of Idaho.

• Describe the basic structure of the Idaho Department of Finance (DOF) and the responsibilities of the Director.

• Recognize the actions the Director may take for violations of the Idaho Residential Mortgage Practices Act (IRMPA).

• Describe licensee prohibited conduct and practices.

• Identify points, fees, and charges that are permissible under Idaho and federal regulations pertaining to Qualified Mortgages (QMs).

• Classify disclosures that are required under the Idaho Residential Mortgage Practices Act.

• Identify common deceptive advertising and appraiser independence violations.

• Define financial fraud through a review of the Idaho Financial Fraud Prevention Act.

• Discuss how consumers financially impacted by a licensee's fraudulent actions can make a claim against the state's Mortgage Recovery Fund.

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.