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). We'll also summarize the Idaho regulations relating to exemptions to licensing and how to maintain an active license.

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, describe the disciplinary actions that can be taken against licensees, including fines, and finally we'll summarize the Idaho Financial Fraud Protection Act (IFFPA) and its interpretation of financial fraud.

Topics and Learning Objectives

This course consists of two modules and a final exam:

• Module 1: Idaho Department of Finance, Regulation Definitions, and State License Law (15 minutes)
• Module 2: Compliance, Disciplinary Action, and the Idaho Financial Fraud Prevention Act (25 minutes)
• Final exam (10 minutes)

Total study time: 1 credit hour (50 minutes)

This course will prepare Idaho-licensed MLOs to:

• Describe the basic structure of the Idaho Department of Finance (DOF) and the responsibilities of the Director
• Review important definitions, including those specific to the State of Idaho
• Recognize exemptions from licensing and registration regulations
• Outline the standards and process necessary to maintain a license
• 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
• Review disciplinary actions ordered by the Director
• Define financial fraud through a review of the Idaho Financial Fraud Prevention Act

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.