Regulatory Alerts2009-07-21
Idaho Residential Mortgage Practices Act Department Interpretation No. 2009-16-01
The Idaho Department of Finance issued this interpretation to clarify licensing and registration requirements for mortgage loan originators under the new Idaho Residential Mortgage Practices Act effective July 1, 2009. The document defines mortgage loan originators based on activities such as taking applications or negotiating loan terms, while detailing specific exemptions for clerical tasks and independent contractors. It establishes distinct compliance deadlines for various licensee categories, requiring most new or formerly exempt originators to obtain conditional licenses immediately and satisfy all Idaho S.A.F.E. Act requirements by July 31, 2010, or January 1, 2011.
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