Regulatory Alerts2018-06-28
Idaho Financial Responsibility FAQs 2018-01
The Idaho Department of Finance issued Policy Statement 2018-01 to establish the evaluation process for determining if mortgage loan originators and control persons meet financial responsibility and fitness requirements. The policy mandates that applicants and licensees provide comprehensive documentation and written explanations for negative credit items, such as delinquencies, foreclosures, or bankruptcies, to demonstrate responsible financial management. Decisions are based on an individual's overall credit history with emphasis on the most recent three years, and failure to provide required information can result in administrative denial, revocation, or non-renewal of licenses.
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