A bill designed to enable Idaho to readily convert to the national automated licensing system has made its way through the house recently. The state law, which will amend the Idaho Residential Mortgage Practices Act, will authorize the Director of the Idaho Department of Finance to participate in the implementation of a multi-state automated licensing system for mortgage brokers, lenders, and loan originators. Not all states currently require licensing, but many industry regulators are pushing hard for laws in all 50 states. The multi-state program is being coordinated by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.
Wednesday, January 3, 2007
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