Idaho Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Idaho are regulated by the Idaho Department of Finance. They regulate Mortgage Brokers according to the Idaho Residential Mortgage Practices Act which went into effect in August of 1996. The biggest legislation change was that a Licensed Mortgage Broker in the state does not have to maintain a physical location within Idaho. This opened the market for a large influx of brokers operating within the state.

As of July 1st, 2008 Idaho repealed their requirements of a Surety Bond for all Loan Originators. Prior to that time they were required to have a $10,000 Surety Bond.

Mortgage Brokers are required to hold a $25,000 Mortgage Broker Bond for the main office and a $10,000 Mortgage Broker Bond for each branch location. Mortgage Brokers must have a valid license even if they are negotiating one loan on a yearly basis. They are also required to show 10 years of verifiable residence history along with at least 3 years experience within the mortgage brokering or lending industries.

Bad Credit Idaho Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Idaho License Requirements

Age: 18

State Residency: Not Required.

Experience: 3 years within the industry.

Education: Not Required.

Continuing Education: Not Required.

Net Worth: Not Required.

Surety Bond: $25,000 main office, $10,000 each branch office.

Free Surety Bond Quote

Background Check: Criminal and credit.

Managing Principle: Each location must maintain Licensed Broker

Idaho State Licensing Fees

Initial Application: Each location must maintain Licensed Broker

Branch Location: $350

Renewal Application: $350

Branch Offices:

In State Requirements: No

Licensure Requirements: Each office location must have a license.

Exemptions:

Entities: None

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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