The Idaho House Business Committee on Wednesday recommended extending temporary rules that dictate how Idaho mortgage lenders apply to be licensed nationally. Last year the Legislature voted to participate in a newly created national mortgage licensing system in order to more effectively regulate the mortgage industry and protect consumers, Department of Finance Consumer Finance Bureau Chief Michael Larsen told the committee. But the Department of Finance had to adopt temporary rules regarding how lenders apply for licenses, he said. He asked for the Legislature to extend the temporary rules so the department could come back to the Legislature with more permanent rules next year.
Idaho was one of the first seven states to sign up for the nationwide licensing system. To date, 40 states have joined it, Larsen said.
There has been no opposition to the rules in the Idaho mortgage industry, he said.
The rules require loan originators to go through a minimum of two credit hours of ethics instruction and outline setup fees.
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