The following information is detailed in the Act pertaining to mortgage broker licensing:

• Completed application along with the stipulated application fee and other important documents should be submitted by the applicant.
• It is not required by the law that licensees should maintain a physical location in Idaho.
• There is no "one time" exemption for individuals who are regularly engaged in mortgage brokering/banking activities.
• Exempt entities include, but may not be limited to, certain financial institutions, governmental agencies, wholesale lenders, and real estate agents/ brokers, attorneys and accountants licensed under either chapter 2 or chapter 20, Title 54, Idaho Code.
• The following forms must be completed and submitted along with the application:
  
   
  • Certificate of Resolution form
  • Biographical / Authority Sheet
  • A current 10-year employment/experience form for all principal officers and title held directors, partners, and members including sole proprietors.
  • Residence addresses for the last 10 years of all mentioned above.
  • Copies of Certificate of Good Standing from a state authority, Articles of Incorporation, Articles of Organizations and Operating Agreement or Partnership Agreement whichever is relevant to the nature of the applicant’s business.
     
• It is required that each licensee shall submit with the license application, and subsequent requests for renewals, a complete financial statement as of the most recent fiscal year end or fiscal quarter, that is prepared in accordance with Generally Accepted Accounting Principals (GAAP). The financial statement can be in the form of a CPA Statement, IRS Schedule L or any other form approved by the Department Director. Earlier, it was required that the financial statements reflect a net worth of at least $10,000. However, during its 2004 session the Idaho Legislature adopted substantial revisions to the Idaho Residential Mortgage Practices Act, most of which go into effect on July 1, 2004. According to these changes, Net worth requirement are deleted for obtaining the license.
• A $10,000 surety bond to be increased by additional sums of $10,000 for each branch office is required to be submitted by the applicant.
• Applicants for mortgage broker license must have three years experience in residential mortgage lending if they are in charge of the place of business.

For more information, Acts and Forms, visit the Mortgage Section of the Idaho Department of Finance.