Idaho Mortgage Education
EasyRealEstateSchool.com offers these Idaho mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
- Any person, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, either directly or indirectly, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.
- A loan processor or underwriter who is an independent contractor
Who does not need this license?
- Registered W2 compensated loan originators when acting on behalf of a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency or an institution regulated by the farm credit administration. This does NOT include employees of Credit Union Service Organizations (CUSO).
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator.
What are the pre-requisites for license applications?
- Recovery Fund Payment – $100.00.
- Sponsorship – Mortgage Loan Originators may not be sponsored by, or perform mortgage origination activities for more than one Idaho Mortgage Broker/Lender licensee simultaneously. Independent contractor mortgage loan processors and mortgage loan processors NOT engaged in loan origination activities may be sponsored by one or more Education Exempt Entity Registrants.
- Education – Twenty (20) hours of pre-license course instruction that has been approved by the NMLSR. Minimum course instruction SHALL INCLUDE:
(a) Three (3) hours of federal law and regulations;
(b) Three (3) hours on ethics, to include fraud, consumer protection and fair lending;
(c) Two (2) hours on lending standards for the nontraditional mortgage marketplace;
(d) Two (2) hours directly related to the Idaho Residential Mortgage Practices Act and promulgated rules
(e) Ten (10) hours of additional NMLS approved courses - Testing – National Component Test with a minimum passing score of 75%
Idaho State Component Test with a minimum passing score of 75% - Criminal - History Applicant may not have been convicted of, been found guilty of, pled guilty or nolo contendere to any felony involving fraud, dishonesty, breach of trust or money laundering at any time.
Applicant may not have been convicted of, been found guilty of, plead guilty or nolo contendere to any felony within seven (7) years preceding the date of application. - Regulatory History – Applicant may not have had a mortgage loan originator license, or other mortgage related license, revoked in any governmental jurisdiction.
- Credit Report – Provided through the NMLS and successfully demonstrates financial responsibility.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Idaho State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All new applicants approved on or after 7/1/2009 must pass the National and State Component of the SAFE MLO Test by 7/31/2010. Existing licensees approved before 7/1/2009 must pass the National and State Component of the SAFE MLO Test by 12/31/2010.
- Criminal Background Check – All new applicants approved on or after 7/1/2009 must submit fingerprints through NMLS for a criminal background check by 7/31/2010. Existing licensees approved before 7/1/2009 must submit fingerprints through NMLS for a criminal background check by 12/31/2010.
- Credit Report – All new applicants approved on or after 7/1/2009 must authorize pulling of a credit report by 7/31/2010. Existing licensees approved before 7/1/2009 must authorize a credit report through NMLS by 12/31/2010.
Idaho Mortgage Education Requirements
- SAFE Act Pre-License (required courses – State Law 2hours,SAFE CORE 8 hours) – All new applicants approved on or after 7/1/2009 must have completed 20 hours of NMLS approved pre-licensure education, including 2 hours of ID specific by 7/31/2010. Existing licensees approved before 7/1/2009 must complete 20 hours of NMLS approved pre-licensure education by 12/31/2010 unless the licensee has completed 20 hours of state approved education by 12/31/2009. State approved courses will no longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (required courses – State Law 1 hour ,SAFE CORE 7 Hours) – All licensees must take 8 hours of NMLS approved continuing education, including 1 hour of ID specific, in 2010 in order to renew for 2011, unless PE was completed in 2010.
- Certification (Education) – Existing licensed MLOs who have completed at least 20 hours of ID State approved education on or before 12/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.