Regulatory Alerts2020-07-01
Idaho Department of Finance Guidance Statement 2020-01-CFB: Financial Responsibility and Fitness of Mortgage Loan Originators and Control Persons
The Idaho Department of Finance issued Guidance Statement 2020-01-CFB to clarify the financial responsibility and fitness standards required for mortgage loan originators and control persons under the Idaho Residential Mortgage Practices Act. The document details specific adverse credit factors, such as outstanding judgments, liens, and delinquencies, that may result in license denial or revocation, while explicitly excluding medical expenses from negative consideration. It further mandates that applicants provide truthful disclosures and supporting documentation to demonstrate their character and general fitness, noting that bankruptcy alone does not disqualify an individual.
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