How long does it take to get licensed as a mortgage lender?
The approval process allows the license to be issued within 60 days of application.

What are the education and testing requirements?
Currently Idaho law does not require education or testing prior to working as a loan originator.

What is Department of Finance?
The Department of Finance mission is to aggressively promote access to vigorous, healthy and comprehensive financial services for Idaho citizens. This is accomplished through prudent and efficient oversight of financial institutions, investment opportunities, and credit transactions. Through administration of laws enacted by the Idaho Legislature, legitimate financial transactions are encouraged, while fraud, unsafe practices, and unlawful conduct are detected and appropriate enforcement action is taken.

Do I have to live in, or have a physical office in Idaho to get a loan originator license?
No, Idaho is not a brick and mortar state. However, you must have a license for the physical location that you conduct loan origination activities from.

Can I originate loans while my application is pending?
No. Origination activity may not be conducted until a license is approved.

Can I apply for a license before I have a job?
Yes, you may apply prior to association with a licensed mortgage company, however, a license will not be issued until employment is verified. Pre-employment submission of the application package allows you time to shop bond rates and clear deficiencies, if there is additional information needed. Your license would then be maintained in an "unassigned" category until employment is verified. No origination activity may be conducted while a license is in an unassigned category.

How long can a license stay in an "unassigned" category?
A license may remain in an "unassigned" category indefinitely at this time. However, once a license is issued, if it returns to an unassigned status due to an employment change, a license may remain in an unassigned category indefinitely only as long as renewals and continuing education requirements are maintained and current.

Do I need a college degree to become a mortgage broker?
No. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

What kind of financial investment does it take to start a career in mortgage lending?
Next to nothing. For under $200, you can be licensed and ready to cash in on this lucrative career.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the continuing education and testing requirements?
Idaho mortgage lending professionals are required to complete 16 hours of continuing education within each reporting period. The initial reporting period for licensed loan originators begins on November 1st immediately succeeding initial licensure. Two (2) credit hours specifically related to the Idaho Residential Mortgage Practices Act and fourteen (14) credit hours related to approved topics are required. ProSchools does not currently offer the Idaho Mortgage Lending courses. For information on approved providers, visit the Idaho Department of Finance.

Can I carry over continuing education hours from one renewal period
to the next?
No. Credit hours accrued in excess of the required 16 hours in any reporting period will not carry over or be credited in any subsequent reporting period.

For more details on becoming a licensed mortgage lender, click here.