How to Become a Loan Officer in Idaho

Now that you’re seriously considering the profession of a Mortgage Loan Officer (MLO) in Idaho, know that you’re about to embark on a very rewarding journey.

Soon you’ll have the expertise to assist borrowers in making wise financial decisions, and help them get approved for loans that could change their future.

We’re here to set you up for success.

The first step; figuring out how to become a loan officer in Idaho.

Below, we go over the educational and sponsorship requirements that will enable you to operate as an MLO in the state of Idaho.

Create an NMLS Account to Get Your Unique ID

Idaho loan officer licenses, just as with any other state, are granted by the Nationwide Multi-State Licensing System and Registry (NMLS).

Set up your NMLS account. Following this, you will be assigned a unique NMLS ID.

This ID will later be connected to your license as a way to monitor any activities conducted therefrom.

Loan Officer Education Criteria in Idaho

Pre-Licensing Education (PE)

Aspiring Idaho-licensed MLOs must complete 20 hours of PE education as approved by NMLS. This generally covers:

Federal law and regulation (3 hours)
Ethics on fraud, client protection and fair lending practices (3 hours)
Non-traditional mortgage lending (3 hours)
Electives (10 hours)
Idaho state content (2 hours)

Continuing Education (CE)

In order to retain your MLO status, you will be required to complete 8 hours worth of Continuing Education and training as approved by the NMLS. This has to be done on an annual basis.

CE covers the following:

Federal law and regulation (3 hours)
Ethics, customer protection, fair lending practices (2 hours)
Non-traditional mortgage lending (2 hours)
Idaho state content (1 hour)

NMLS-Approved Schools in Idaho

Now that you have the education criteria on how to become a loan officer in Idaho, it’s time to look at schools.

It’s super important to complete your pre-licensing training from an NMLS-recognized school in Idaho.

This can either be done in an in-class or online setting under the guidance of an instructor.

Looking for approved courses near you? It’s worth checking these out.

1. Idaho Association of Mortgage Professionals (IAMP)

The Idaho Association of Mortgage Professionals offers a great program for starter MLOs. They usually offer live training classes as well as online webinars.

The main advantage: Once you obtain a qualifying score on the exam, IAMP adds you to their online registry, making it easier for employers to find you.

2. Praedo Institute

Praedo is an NMLS-approved school that offers pre-licensing training through online courses. Here, you will also be able to complete your CE to retain your MLO license. This school is worth looking into.

3. Loan Officer School

Loan Officer School is one of the top picks for most states. They walk you through a comprehensive set of tools to pass the exam.

Before reaching a decision, check out what other students have to say about them: TrustLink Reviews and BBB Complaints.

For the most part, the feedback is overwhelmingly positive.

Credit Report and Criminal Background Check

Once you’ve completed your pre-licensing education, you will have to acquire passing scores on the National Test. This test must be taken through your NMLS online account.

Don’t be nervous about the exam. With the right prep, you should easily be able to ace it.

To obtain your license, you will also need to pass a Criminal Background Check (CBC) as well as submit a credit report on NMLS.

After you get sponsored by an NMLS-recognized employer, you will officially be able to practice as a loan officer in the state of Idaho.

Remember, you cannot simultaneously be sponsored by more than one mortgage broker or lender licensee.

If you’ve had your MLO license withdrawn in any other jurisdiction, you won’t be eligible to receive an MLO license in Idaho.

Final Thoughts

Now that you know how to become a loan officer in Idaho, you’re one step closer to achieving your dream.

With a little hard work and a passion for mortgage loan origination, you’ve already won half the battle.

Keep at it. You’ll soon see the fruits of your labor.

Do you want to learn more about becoming a loan officer?

Check out our comprehensive guide on How to Become a Loan Officer in 7 simple steps.

We also strongly recommend Idaho’s official MLO website for more insights:

https://www.finance.idaho.gov/who-we-regulate/mortgage-loan-originator/