Regulatory Alerts2020-06-25
Activities that Constitute Mortgage Lending Under the Idaho Residential Mortgage Practices Act
The Idaho Department of Finance issued Guidance Statement 2020-05-CFB to clarify licensing requirements under the Idaho Residential Mortgage Practices Act for lenders making loans secured by dwellings. The guidance establishes that lenders must be licensed when originating residential mortgage loans secured by one to four family units, regardless of whether the loan is considered commercial in nature. Conversely, lenders are exempt from licensing if the loan is secured by more than one dwelling or if they utilize a licensed mortgage broker to originate the loan.
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