Idaho simplifying approval process for mortgage lenders

zkyle@idahostatesman.comApril 23, 2013 

Life just got easier for new mortgage loan originators trying to set up shop in Idaho and beyond.

Starting in April, lenders will have to pass only a universal test to attain a license from the Idaho Department of Finance.

Idaho became the 25th state to adopt the universal test.

Previously, loan operators had to pass a different test for Idaho than other states in addition to a federal test.

That became cumbersome when mortgage loan operators applied for licenses across several states.

The universal test also consolidates the state and federal tests into a single test.

The tests are designed to ensure industry standards and competency, said Michael Larsen, department consumer finance bureau chief.

"When measuring competency on uniform law like this, it just makes sense to do this," Larsen said.

Today, 1,687 operators are licensed in Idaho, according to the department.

The universal test also consolidates the state and federal test into a single test.

Zach Kyle: 377-6464

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