Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Idaho or anyone looking to become a mortgage broker in Idaho.
The
Idaho Department of Finance regulates and supervises the Idaho Residential Mortgage Practices Act, which became effective in August, 1996. Those holding an
Idaho Mortgage Brokers license are not required to maintain a physical location in Idaho. However, individuals are required to have a Mortgage Brokers license in Idaho even if they are only negotiating one transaction.
Applicants who desire to
become a Mortgage Broker in Idaho pay a $350 applicant fee, and provide a continuous
Surety Bond in the amount of $25,000. Applicants need to provide their residence information for the prior 10 years, and also employment history for the prior 10 years. To qualify for a Mortgage Brokers license a person must have a minimum of three years experience specifically in residential mortgage brokering or mortgage lending.
The
Idaho Association of Mortgage Brokers (IAMB), is an affiliate of the
National Association of Mortgage Brokers (NAMB). The IAMB aims at providing professional training and education for all members and those who desire to become a Mortgage Broker in Idaho.
We also offer information and resources for Idaho Commercial Mortgage