Idaho amends requirements for mortgage lenders

State Issues State Legislation Mortgages Licensing

On March 11, the Idaho governor signed HB 401, which, among other things, amends the definition of “mortgage lending activities” to include residential mortgage servicing and grants temporary authority to unlicensed individuals to originate loans if they are employed by a licensed broker or lender and meet additional criteria. HB 401 also eliminates certain prohibited practices. The amendments take effect July 1.