What is an Idaho Mortgage Broker Bond?
Idaho Mortgage Broker Bonds are required by Idaho's Department of Finance to obtain your Mortgage Broker license. The Idaho Mortgage Broker Bond amount is varies from $10,000 to $500,000. A $5,000 increase is added to the bond for every individual business location.
This license is required of any company or sole proprietors, regardless of location, conducting direct or indirect mortgage origination activity on residential property located in Idaho. The Idaho Department of Finance regulates and supervises the Idaho Residential Mortgage Practices Act on July 1, 2009 the new Idaho Residential Mortgage Practices Act (IRMPA). The IRMPA incorporates new licensing requirements mandated by the federal SAFE Act and also includes new requirements for mortgage loan modification companies. Particular attention should be made to the restriction on fee collection and related timing. All Idaho mortgage licenses are handled through the National Mortgage Licensing System.
Pre-license education requirements consist of: three hours instruction on ethics; three hours instruction on federal law and regulations; two hours instruction on lending standards for non-traditional mortgage products; two hours of Idaho law directly related to the IRMPA and Rules; and ten hours instruction on elective topics. All instruction must be approved by the NMLS. A minimum of eight hours per year of continuing education is required per year, per the SAFE act.
Different parts of a bond:
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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