Regulatory Alerts2017-09-11
Guidance Regarding What Constitutes Mortgage Lending Activities Under the Idaho Residential Mortgage Practices Act
The Idaho Department of Finance issued this guidance to clarify licensing requirements for lenders making loans secured by residential real estate under the Idaho Residential Mortgage Practices Act. The Department determines licensure based on whether the loan is secured by a single dwelling intended for residential use, regardless of whether the loan is commercial in nature. Lenders must be licensed if the security consists of one dwelling, but are exempt if the loan is secured by multiple dwellings or if they utilize a licensed mortgage broker to originate the loan.
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