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Idaho Mortgage License

Idaho mortgage license is essential for both the home loan lenders and brokers of the state to run their lending business. It is against the law of the state to conduct mortgage business without the license issued by the state government. According to the Idaho Residential Mortgage Practices Act, the Department of Finance is responsible for all the licensing and regulating process of mortgage brokers and bankers of the state.

Certain requirements and prerequisites are being included in this Act pertaining to the broker license in Idaho. Brokers and bankers looking for state license are required to have a clear understanding of these preconditions to maximize their opportunities of getting the license.

Idaho Mortgage Broker License: Requirements

The following are the Idaho Mortgage broker licensing requirements as per the Residential Mortgage Practices Act.
  • Applicants are required to submit a complete application including stipulated application fees and other essential documents.
  • Brokers are not required to maintain any physical office in any part of Idaho.
  • No 'one time' exemption for those individuals who are already engaged in home loan brokering and banking activities.
  • Applicants are required to submit a number of documents like the certificate of resolution form, authority sheet, residential address for last ten years, certificate of good standing issued by a state authority and articles of incorporation.
  • The applicants are also required to include a subsequent request for renewal along with the financial statement of the recent fiscal year end prepared in compliance with Generally Accepted Accounting Principals (GAAP). On the other hand, the financial statement may be in form of CPA statement or any other format approved by the Director of the Department.
  • Applicants are also required to maintain a surety bond of $25,000 and an additional amount of $10,000 for every branch office.
  • It is essential for for the applicants to have a minimum experience of three years in residential mortgage lending business.
  • A minimum net worth of $10,000 is required to be maintained by the applicants.
  • Applicants shoul pay $350 as state initial fee and $150 as state renewal fee.

Idaho Mortgage Lender License

There is no separate mortgage lender license in the state of Idaho. Those individuals who have the broker license could work as mortgage lenders in the state. Information on Idaho mortgage licensing requirements are offered by a number of mortgage companies that are available on the Internet. The Idaho Department of Finance also offer online presence and they provide all the necessary details on their licensing process and requirements.
American Mortgage Licensing
American Mortgage Licensing is one of the leading mortgage licensing agencies that offer the best of services to the license seekers in the state of Hawaii. The company also provide comprehensive details on the mortgage broker license requirements in the state.
Integrity Mortgage Licensing
Integrity Mortgage Licensing can surely help you if you are thinking to become a licensed mortgage broker in Idaho. It is a reliable mortgage licensing company specialized in offering mortgage licensing services to the brokers of the state.
Idaho Department of Finance
Visit the website of Idaho Department of Finance if you are looking for some information on the mortgage broker licensing requirements in the state of Idaho. The Department provide extensive details including the application process for the Idaho Mortgage broker license.

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