Idaho Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Residential Mortgage Practices Act / Idaho Code §26-31-317(19) | Acceptance of Undisclosed Fees | A mortgage lender, broker, or loan originator may not accept any fees at closing which were not previously disclosed fully to the borrower. |
| Residential Mortgage Practices Act / Idaho Code §26-31-211(4) | Blank Spaces | A mortgage lender, broker, or person required to be licensed under the IRMPA may not obtain any agreement or instrument in which blanks are left to be filled in after signing by a borrower. |
| Residential Mortgage Practices Act / Idaho Code §26-31-317(4) | Collection of Fee or Commission | It is a violation for a person or individual subject to the loan originator provisions of the IRMPA to Solicit or enter into a contract with a borrower that provides that the person or individual subject to this part may earn a fee or commission through “best efforts” to obtain a loan, even though no loan is actually obtained for the borrower. |
| Residential Mortgage Practices Act / Idaho Admin. Code §12. 01.10.060(02) | Disbursement of Funds | Lenders must disburse funds in a timely manner, in accordance with any commitment or agreement with the borrower, either directly or through a broker: (1) within 72 hours of the closing of the loan in the case of a purchase/sale transaction; or (2) immediately (meaning no greater than 72 hours) upon expiration of the 3-day rescission period in the case of a refinancing, or taking of a junior mortgage on the existing residence of the borrower. |
| Residential Mortgage Practices Act / Idaho Admin. Code §12. 01.10.060(02) | Disbursement of Funds | Lenders must disburse funds in a timely manner, in accordance with any commitment or agreement with the borrower, either directly or through a broker: (1) within 72 hours of the closing of the loan in the case of a purchase/sale transaction; or (2) immediately (meaning no greater than 72 hours) upon expiration of the 3-day rescission period in the case of a refinancing, or taking of a junior mortgage on the existing residence of the borrower. |
| Residential Mortgage Practices Act / Idaho Admin. Code §12. 01.10.060(03) | Failure to Provide Documents for Review prior to Closing | A mortgage lender, broker, or person required to be licensed under the IRMPA, in connection with offering or providing services authorized under the IRMPA, must provide the borrower, upon the borrower's verbal or written request, a reasonable opportunity of at least 24 hours prior to closing to review every document to be signed by the borrower for the purpose of obtaining a residential mortgage loan, and every document which is required pursuant to the rules under the IRMPA, and other applicable laws, rules or regulations. |
| Residential Mortgage Practices Act / Idaho Admin. Code §12.01.10.050(01) | Licensee Information Disclosure | This disclosure must be provided at application and prior to receipt of any moneys from a borrower. |
| Residential Mortgage Practices Act / Idaho Code §26-31-320 | NMLS Unique Identifier | The unique identifier of any person engaged in the origination of a residential mortgage loan must be clearly displayed on all residential mortgage loan application forms, solicitations or advertisements, including business cards, websites, and other forms of media, and any other document required by rule or order issued by the Department. |
| Escrow Act / Idaho Code §30-915 | Notice of Conflict of Interest | An escrow agency may not close a transaction where it has, directly or indirectly, a monetary interest in the subject property either as buyer or seller. If an escrow agency has a business interest in the escrow transaction other than as the escrow agency licensee, the relationship or interest must be disclosed in the written escrow instructions. After noting the interest, an additional statement must appear as follows: “We call this interest to your attention for disclosure purposes. This interest will not, in our opinion, prevent us from being a fair and impartial escrow agency in this transaction, but you are, nevertheless, free to request the transaction be handled by some other escrow agency. ” |
| Credit Life and Credit Disability Insurance / Idaho Code §41-2308 | Notice of Proposed Insurance | Subordinate lien - If a lender agrees with a borrower to provide insurance: (1) the insurance must be evidenced by an individual policy, certificate of insurance, application or notice of proposed insurance and must be disclosed to borrower pursuant to the provisions of Idaho Code §41-2308; or (2) the lender must promptly notify the borrower of any failure or delay in providing the insurance. |
| Residential Mortgage Practices Act / Idaho Code §26-31-211(9) | Rate Lock Agreement | A mortgage lender, broker, or person required to be licensed under the IRMPA may not enter into any agreement, with or without the payment of a fee, to fix in advance a particular interest rate or other term in a residential mortgage loan unless written confirmation of the agreement is delivered to the borrower as required by the IRMPA. |
| Homesteads / Idaho Code §55-1007 | Required Signature of Spouse | The homestead of a married person cannot be conveyed or encumbered unless the instrument by which it is conveyed or encumbered is executed and acknowledged by both husband and wife, except that a husband or a wife or both jointly may make and execute powers of attorney for the conveyance or encumbrance of the homestead. |