Mortgage rules recommended by house committee
The business committe of the house of representatives for Idaho recently recommended extending temporary rules that dictates how mortgage lenders apply to be licensed nationally.
In 2007 the Idaho Legislature voted to participate in a newly created national mortgage licensing system in an attempt to regulated the mortgage industry and protect the consumer. The department of finance had to adopt temporary rules regarding how mortgage lenders apply for licenses. The temporary rules will hopefully lead to permanent rules to likely be adopted in 2008.
Idaho was one of the first states to adopt rules for mortgage lenders. To date, 40 states have adopted rules for mortgage lenders.
With the onslaught of sub-prime mortgage defaults it is very likely more and more states will adopt mortgage lender rules in an attempt to offer consumer protection.