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Obtaining a mortgage license and becoming a Idaho loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.
How to Get an NMLS Mortgage License in Idaho
1. Apply for your NMLS Account and ID Number
The first step to obtaining your Idaho mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website.
2. Complete your NMLS Pre-License Education
Once you've created your NMLS account, it's time to complete your pre-license education. Idaho requires 20 hours (18 hours & 2 hours elective) SAFE pre-licensure educations.
3. Need to Pass the NMLS Mortgage Licensing Exam
With your education complete, you need to schedule an appointment for the National Test Component exam and take the NMLS test. Find out more on how to take your NMLS test here.
4. Complete Background Checks and Pay All Fees
To finalize your application and receive your license, you’ll need to pay several non-refundable fees and complete a background check. Find out more about how to complete your background check and fingerprints here.
5. Apply for your Idaho Mortgage License
After receiving a passing score on your NMLS mortgage exam, you need to apply for your Idaho NMLS license. You can find more information on this step here.
6. Associate your NMLS Account with your Employer
Your license will still be pending in Idaho until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here.
Idaho Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 10 Hours |
| Idaho State Electives | 2 Hours |
| Total 20 Hours | |
Although it hasn't been enacted, be on the look out for the PE expiration policy coming soon. It states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Idaho should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Idaho:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Registration Fee | $100 |
| Idaho Application Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $381.25 |
On an annual basis, Idaho MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Idaho Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Idaho is December 1st. MLO's in Idaho are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Idaho mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
