ID Mortgage Loan Originator License New Application ...mortgage.nationwidelicensingsystem.org/slr/.../ID-Mortgage-Loan... · ID Mortgage Loan Originator License New Application Checklist

Updated: 4/19/2018 Page 1 of 7

ID Mortgage Loan Originator License New Application Checklist (Individual)

CHECKLIST SECTIONS General Information Prerequisites License Fees Requirements Completed in NMLS Requirements/Documents Uploaded In NMLS Requirements Submitted Outside of NMLS

GENERAL INFORMATION

Who Is Required To Have This License?Any person, other than an exempt person, who for compensation or gain, or the expectation of compensation or gain, either directly or indirectly, takes a residential mortgage loan or modification application, or offers or negotiates terms of a residential mortgage loan or mortgage loan modification.

A loan processor or underwriter who is an independent contractor.

Reference to Title 26 Chapter 31 Idaho Residential Mortgage Practices Act.

Idaho Department of Finance does not issue paper licenses for this license type.

Helpful Resources Individual Form (MU4) Filing Quick Guide License Status Definitions Quick Guide Disclosure Explanations - Document Upload Quick Guide State-Specific Education Chart Individual Test Enrollment Quick Guide Course Enrollment Quick Guide

Agency Contact InformationContact Consumer Finance licensing staff by phone at (208) 332-8002 or send your questions via email to [email protected] for additional assistance.

http://links.nationwidelicensingsystem.org/608

http://links.nationwidelicensingsystem.org/16-MU1








mailto:[email protected]


For U.S. Postal Service: For Overnight Delivery:

Idaho Department of FinanceConsumer Finance Bureau

PO Box 83720Boise, ID 83720-0031

Idaho Department of FinanceConsumer Finance Bureau

800 Park Blvd., Ste 200Boise, ID 83712

THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR WHICH THEY ARE APPLYING. THE AGENCY SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH NMLS.

SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL.

Applications not completed within 60 days of initial deficiency notification will be deemed withdrawn/abandoned by applicant. No extensions will be granted.

YOU ARE NOT AUTHORIZED TO ENGAGE IN MORTGAGE BROKERING, MORTGAGE LENDING, MORTGAGE LOAN MODIFICATION, MORTGAGE ORIGINATION OR CONTRACT MORTGAGE PROCESSING OR UNDERWRITING ACTIVITIES IN

THE STATE OF IDAHO UNTIL YOU HAVE RECEIVED A LICENSE APPROVAL THROUGH THE NMLS.


PREREQUISITES - These items must be completed prior to the submission of your Individual Form (MU4).

Complete ID Mortgage Loan Originator License Submitted via…

Pre-licensure Education: Prior to submission of the application, complete at least 20 hours of NMLS-approved pre-licensure education (PE) courses which must include 2 hours of Idaho content. The 2 ID content hours can be included in, or in addition to, the 20 hour PE courses.

Follow the instructions in the Course Completion Records Quick Guide to confirm that PE has been posted to your record and the PE Total indicates “Compliant.”

NMLS

Testing: Must satisfy one of the following three conditions:

1. Passing results on both the National and Idaho State components of the SAFE Test, or

2. Passing results on both the National and Stand-alone UST components of the SAFE Test, or

3. Passing results on the National Test Component with Uniform State Content

Follow the instructions in the View Testing Information Quick Guide to confirm test results have been posted to your record and indicate “Pass.”

NMLS

LICENSE FEES - Fees collected through NMLS are NOT REFUNDABLE OR TRANSFERABLE.


NMLS Initial Processing Fee: $30

ID License/Registration Fee: $100

Recovery Fund Fee (this is in lieu of a surety bond)

ID Application Fee: $200

Credit Report: $15

FBI Criminal Background Check: $36.25

NMLS (Filing submission)





REQUIREMENTS COMPLETED IN NMLS- These items must be completed during or after the submission of your Individual Form (MU4).


Submission of Individual Form (MU4): Complete and submit the Individual Form (MU4) in NMLS. This form serves as the application for the license through NMLS.

Note: Each Mortgage Loan Originator must be separately licensed in Idaho and requires the submission of an Individual Application request. If an applicant is not a US citizen, then the full Identifying Information section of the application form must be completed and documentation of proof of ability to work in the U.S. is required.

NMLS

Criminal Background Check: Authorization for an FBI criminal history background check to be completed in NMLS.

After you authorize the FBI criminal history background check through the Individual Form (MU4), you must schedule an appointment to be fingerprinted.

See the Completing the Criminal Background Check Process Quick Guide for information.

Note: If you are able to ‘Use Existing Prints’ to process the FBI criminal history background check, you DO NOT have to schedule an appointment. NMLS will submit the fingerprints already on file and the background check will begin to process automatically.

Note: If you have any felony convictions, or any misdemeanor convictions involving any aspect of financial services OR any other misdemeanor listed in the disclosure section of the MU4, you are required to submit this information outside NMLS.

NMLS

Credit Report: Authorization for a credit report must be completed. Upon initial authorization, you are required to complete an Identity Verification Process (IDV) within the Individual Form (MU4). See the Individual (MU4) Credit Report Quick Guide for instructions on completing the IDV.

Note: The same credit report can be used for any existing or additional licenses for up to 30 days.

NMLS

Disclosure Questions: Provide an explanation and, if applicable, a supporting document for each “Yes” response. See the Individual Disclosure Explanations Quick Guide and the Disclosure Explanations - Document Upload Quick Guide for instructions.

Upload in NMLS in the Disclosure Explanations section of the Individual Form (MU4).











Company Sponsorship: A sponsorship request must be submitted by your employer. ID will review and accept or reject the sponsorship request.

ID offers an “Approved-Inactive” license status. If you are not currently employed by a mortgage company (or your employer has not yet requested sponsorship on your behalf) and you have completed all requirements for this license, the license may be issued as “Approved-Inactive” until sponsorship by a mortgage company is acquired. While in an “Approved-Inactive” status, you are NOT authorized to conduct business under the authority of the ID Mortgage Loan Originator License.

A Mortgage Loan Originator cannot be sponsored by, or provide mortgage loan origination or loan modification services for more than one Idaho Mortgage Broker/Lender licensed under the Idaho Residential Mortgage Practices Act simultaneously.

A Mortgage Loan Originator employed by or under contract with an Idaho Regulated Lender licensed under the Idaho Credit Code shall be sponsored by the employing Regulated Lender.

An Independent Contractor Mortgage Loan Processor or Mortgage Loan Underwriter not engaged in mortgage loan origination or mortgage loan modification (origination) activities shall be sponsored by an Exempt Entity Registrant.

Any Independent Contractor Mortgage Loan Processor or Underwriter sponsored by an Exempt Entity Registrant, that becomes employed by or under contract to a licensed Idaho Mortgage Broker/Lender to provide mortgage loan origination services must first be sponsored by that Mortgage Broker/Lender licensee.

During any period that an “Approved” Mortgage Loan Originator license becomes unsponsored; the license will be maintained in an “Approved-Inactive” status until a new valid sponsorship is filed and approved. Licenses in an “Approved-Inactive” status are not eligible to conduct mortgage loan origination, mortgage loan modification, contract processing or contract underwriting activities.

NMLS

Employment History: The business address listed in the Employment History section of the Individual Form (MU4) must match the address of the registered location in the Company Relationship.

The current physical work location listed in the employment history section must be within a reasonable commuting distance from the applicant’s residence address. If not, click here for further instructions.

NMLS


REQUIREMENTS/DOCUMENTS UPLOADED IN NMLS


Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs (including items reflecting a zero balance but indicate transferred to another lender), accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc.

Note: All applicants must be in compliance with Idaho Financial Responsibility Policy Statement 2017-01.

Note: Debt settlement plans, in which a creditor is not receiving regular payments, are not acceptable.

Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU4).

This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU4).

Legal Name/Status Documentation: Upload legal documentation of legal name or legal status. This may be certified copies of birth certificate, divorce decree, marriage certificate, proof of ability to work in the U.S., court approved legal name change order, etc.

This document should be named [Document Name] (Ex., Birth Certificate, Marriage Certificate, etc.).

Note: In most cases, a Driver’s License or Social Security Card will not be acceptable.

Upload in NMLS: under the Document Type Legal Name/Status Documentation in the Document Uploads section of the Individual Form (MU4).


NMLS ID Number

Applicant Legal Name

REQUIREMENTS SUBMITTED OUTSIDE OF NMLS- These items must be completed outside of NMLS and submitted directly to the regulator.


Criminal Background Check: If you have any felony convictions, or any misdemeanor convictions involving any aspect of financial services OR any other misdemeanor listed in the disclosure section of the MU4, including pending actions, the following will be required outside NMLS (These do not need to be certified copies from the court):

1. Copies of all court judgments entered against you;

2. Copies of all court orders or records (e.g. charges, conviction, sentencing, etc.);

3. Proof that all court costs, supervision fees, fines, penalties, and restitution ordered by the court have been paid or otherwise satisfied; and

4. A written explanation of the circumstances of the criminal action that led to the conviction.

Email to Idaho Department of Finance

[email protected]

OR

Mail to Idaho Department of Finance

Employment: The current physical work location listed in the employment history section must be within a reasonable commuting distance from the applicant’s residence address. If not, and the Idaho licensed or registered employer chooses not to license the loan originator’s residence address as an Idaho licensed branch, then both the sponsoring employing company and the loan originator MUST acknowledge their compliance with Idaho Policy Statement 2008-2 for telecommuting by their signatures on a copy of the policy, submitted to the department, which addresses “telecommuting” limitations and restrictions and may be accessed at http://www.finance.idaho.gov in the “Policies” section.

Note: Telecommuting is NOT allowed from a commercial location. All commercial locations are required to obtain a branch license prior to conducting licensable activities in Idaho.

Email to Idaho Department of Finance: [email protected]

OR

Mail to Idaho Department of Finance

mailto:[email protected]

http://www.finance.idaho.gov/