Regulatory Alerts2016-07-25
Policy Statement Regarding Rule 50 of Idaho’s Rules Pursuant to the Idaho Residential Mortgage Practices Act
The Idaho Department of Finance issued Policy Statement 2016-01 to guide mortgage licensees on complying with amended Rule 50 of the Idaho Residential Mortgage Practices Act. The policy clarifies that licensees may provide required service information to borrowers in any manner acceptable to the Director, such as via website or other reasonable mediums, without requiring an opt-in or service commitment. This flexibility replaces the previous mandate to use a specific disclosure form, provided the chosen method is reasonably calculated to make the information available to borrowers.
Share