2 Hour ID SAFE: Idaho Mortgage Lending Laws
Mandatory Idaho state-specific component for DOF mortgage licensee applicants
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This course presents Idaho law and rule requirements relating to originating mortgage loans securing residential real property located throughout the State of Idaho. The purpose of this training is to prepare Idaho Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities.
+ $3.00 NMLS Credit Banking Fee
|Category:||Mortgage > License Training > Idaho > PE Elective|
|Purpose:||Mandatory Idaho state-specific component for DOF mortgage licensee applicants|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 13006
NMLS Sponsor ID: 1400327
Credit Hours Provided: 2
Category: PE Elective
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.
This course consists of four modules and a final exam:
The Idaho Department of Finance
Total study time: 2 credit hours
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.
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.
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.
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.
You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.
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This course will remain available to students for 365 days after enrollment.
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.