"Mortgage Recovery Fund Application" - Idaho

Mortgage Recovery Fund Application is a legal document that was released by the Idaho Department of Finance - a government authority operating within Idaho.

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  • Released on May 1, 2018;
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PROTECTING THE INTEGRITY OF IDAHO FINANCIAL MARKETS SINCE 1905
Idaho Department of Finance
Guidance Statement
2020-03-CFB
MORTGAGE RECOVERY FUND - MORTGAGE EDUCATION
TRAINING FOR LICENSEES AND LICENSE APPLICANTS
Issue Date: July 1, 2020 (Replaces Policy Statement 2015-01)
I. Background
When appropriated by the Idaho Legislature, the Idaho Department of Finance may annually apply up to
$50,000 of monies accumulated in the Mortgage Recovery Fund for the statutory purposes described in
Idaho Code § 26-31-110(4). These enumerated purposes include Department expenses in administering
the fund, funding for consumer education, research projects, training expenses of staff, and funding for
some educational materials for licensees and applicants for licensure. Specifically, Idaho Code§ 26-31-
110(4) provides:
(4) On an annual basis, the department may apply up to fifty thousand dollars ($50,000) of moneys
accumulated in the mortgage recovery fund in excess of one million five hundred thousand dollars
($1,500,000) to:
(a) Fund the department’s expenses in administering the mortgage recovery fund;
(b) Develop and implement consumer education concerning the residential mortgage industry;
(c) Contract for research projects for the state concerning the residential mortgage industry;
(d) Fund the training expenses of department staff members and its attorneys concerning the
residential mortgage industry; and
(e) Publish and distribute educational materials to licensees and applicants for licensure under this
chapter.
II. Authorized Uses of the Mortgage Recovery Fund
The purpose of this Guidance Statement is to provide information to licensees about subpart (4)(e) of the
above-referenced statute. It is anticipated that licensees and organizations may look to the Mortgage
Idaho Department of Finance Guidance Statement 2020-03-CFB
THE GUIDANCE IS AN AGENCY INTERPRETATION OF EXISTING LAW AND DOES NOT REPRESENT
AN NEW LAW OR LEGAL REQUIREMENT
P A G E
| 1
PROTECTING THE INTEGRITY OF IDAHO FINANCIAL MARKETS SINCE 1905
Idaho Department of Finance
Guidance Statement
2020-03-CFB
MORTGAGE RECOVERY FUND - MORTGAGE EDUCATION
TRAINING FOR LICENSEES AND LICENSE APPLICANTS
Issue Date: July 1, 2020 (Replaces Policy Statement 2015-01)
I. Background
When appropriated by the Idaho Legislature, the Idaho Department of Finance may annually apply up to
$50,000 of monies accumulated in the Mortgage Recovery Fund for the statutory purposes described in
Idaho Code § 26-31-110(4). These enumerated purposes include Department expenses in administering
the fund, funding for consumer education, research projects, training expenses of staff, and funding for
some educational materials for licensees and applicants for licensure. Specifically, Idaho Code§ 26-31-
110(4) provides:
(4) On an annual basis, the department may apply up to fifty thousand dollars ($50,000) of moneys
accumulated in the mortgage recovery fund in excess of one million five hundred thousand dollars
($1,500,000) to:
(a) Fund the department’s expenses in administering the mortgage recovery fund;
(b) Develop and implement consumer education concerning the residential mortgage industry;
(c) Contract for research projects for the state concerning the residential mortgage industry;
(d) Fund the training expenses of department staff members and its attorneys concerning the
residential mortgage industry; and
(e) Publish and distribute educational materials to licensees and applicants for licensure under this
chapter.
II. Authorized Uses of the Mortgage Recovery Fund
The purpose of this Guidance Statement is to provide information to licensees about subpart (4)(e) of the
above-referenced statute. It is anticipated that licensees and organizations may look to the Mortgage
Idaho Department of Finance Guidance Statement 2020-03-CFB
THE GUIDANCE IS AN AGENCY INTERPRETATION OF EXISTING LAW AND DOES NOT REPRESENT
AN NEW LAW OR LEGAL REQUIREMENT
P A G E
| 1
PROTECTING THE INTEGRITY OF IDAHO FINANCIAL MARKETS SINCE 1905
Recovery Fund to help with funding for mortgage education training programs. The Department must
“publish and distribute” the educational materials to licensees and applicants for licensure. This provision
means that the Department may furnish an educational speaker at events attended by licensees. Under
the above provision (4)(e), the Department may sponsor mortgage education training events and arrange
for a speaker or speakers for the mortgage educational program.
In addition, licensees, mortgage trade associations, or other organizations that sponsor mortgage
education training programs may request that the Department become a co-sponsor of the program. If
the Department agrees to be a co-sponsor, the speaker or speakers may be identified by the offering
organization or by the Department. As a co-sponsor of a mortgage education training program, the
Department may apply monies from the Mortgage Recovery Fund according to the provisions of the above
statute. If an offering organization requests that the Department co-sponsor a mortgage education
training program and the offering organization proposes a specific program speaker or speakers, the
Department must first receive a copy of each proposed speaker’s résumé and course outline. Additionally,
the Department must be advised of the speaker’s fee, proposed mortgage education topic, and estimated
amount of time the speaker will have to cover the topic. If a speaker is providing handout materials, a
copy of those materials should be included. The speaker’s topic must contribute to a licensee’s
knowledge, skill, or competence in complying with relevant laws, rules, or regulations applicable to
operating as a mortgage broker/lender/loan originator in Idaho, including the Idaho Residential Mortgage
Practices Act (Act) and Rules Pursuant to the Act. Monies from the Mortgage Recovery Fund cannot be
utilized for trainings or events focused on marketing, motivational, general business tactics, or other
topics not designed to educate a licensee on areas regulated by the Department.
III. Summary
Any group or individual interested in providing a mortgage education training program to licensees, or
applicants for licensure, under the Idaho Residential Mortgage Practices Act, may submit a written request
for the Department to become a co-sponsor of the program for which monies from the Mortgage
Recovery Fund may be applied, as determined by the Department.
Idaho Department of Finance Guidance Statement 2020-03-CFB
THE GUIDANCE IS AN AGENCY INTERPRETATION OF EXISTING LAW AND DOES NOT REPRESENT
AN NEW LAW OR LEGAL REQUIREMENT
P A G E
| 2
PROTECTING THE INTEGRITY OF IDAHO FINANCIAL MARKETS SINCE 1905
Requests for the Department to co-sponsor a mortgage education training program must be submitted
on the attached “Mortgage Recovery Fund Application” form. When considering co-sponsorship requests,
the Department may give priority to requests involving mortgage education training programs for which
continuing education credits under the Act may be earned by attendees. In the event that the Department
approves a request to co-sponsor a mortgage education training program, the Department must be
identified as a co-sponsor of the program on announcements, flyers, and other informational materials
advertising the program, in a form and manner as approved by the Department.
Contact - You may direct comments or requests for additional information regarding this Guidance
Statement to:
Bureau Chief, Consumer Finance Bureau
Idaho Department of Finance
Telephone: 1-(208)-332-8000
P.O. Box 83720
Facsimile: 1-(208)-332-8099
Boise, Idaho 83720-0031
Email: finance@finance.idaho.gov
Idaho Department of Finance Guidance Statement 2020-03-CFB
THE GUIDANCE IS AN AGENCY INTERPRETATION OF EXISTING LAW AND DOES NOT REPRESENT
AN NEW LAW OR LEGAL REQUIREMENT
P A G E
| 3
MORTGAGE RECOVERY FUND APPLICATION
Application for Co-Sponsorship of Mortgage Training for
Mortgage Licensees and/or Mortgage License Applicants
Submit one application for each event request. If the Department of Finance approves this Application, it
will participate as, and must be identified as, a co-sponsor of the mortgage education training event.
Name
and
Applicant
Address
NMLS #
Contact Name
as applicable
( )
Phone
Email
Name of Event
Event
Information
Topic of Event
Date(s) of
Address(es) of Event(s)
Event(s)
If this same event is being presented in more than one location, on more than one date, or both, under this single
co-sponsorship request, please include information here (attach additional page if necessary):
__________________________________________________________________________________________
__________________________________________________________________________________________
Proposed Speaker(s) Information
** Attach a résumé and a course outline for each speaker and course. **
(If more speaker information needs to be provided, attach the information on a separate page)
Name of
Address and
Brief Description of Speaker’s Topic
Speaker(s)
Telephone No.
Mortgage Recovery Fund - Application for Training for Licensees and License Applicants - Page 1
Number of Total Anticipated Attendees
Program’s Primary Target Group
(Mortgage brokers/loan originators, consumers,
realtors, etc.)
Estimated Course Duration
Course
Information
$_______________ per person/group*
Course Registration Fee
*
if fees vary by early/late registration or
other reasons, please explain in comments.
 Yes  No
Has the course been approved by NMLS for
continuing education credit(s)?
Total Anticipated
Speaker Fees
$____________
Costs for Event(s) **
Education Materials
$____________
**attach proposed or
estimated costs and any
documentation such as
Travel
$____________
contracts for each item with
initial submission**
Prior to full disbursement of
Lodging
$____________
approved co-sponsorship
funds, all final costs must be
documented and submitted
Venue
$____________
to the Department
Funds will be disbursed by
the Department after
receipt, review and
approval of all final
Total Requested Amount
$____________
receipts, billings, costs, or
other documentation
verifying actual approvable
expenditures for the
event(s).
Comments/Additional Information: __________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
By submitting this request for co-sponsorship, the applicant understands that if the request is approved the Department
must be identified as a co-sponsor of the program on all announcements, flyers, and other informational materials
advertising the program, in a form and manner approved by the Department. Questions and requests for additional
information may be directed to the Department of Finance at: mortgage@finance.idaho.gov.
Applicant Signature__________________________________
Date_____________________
Please submit this completed application, including all attachments, via (i) fax ((208) 332-8096), (ii) attached to an email in
PDF format (mortgage@finance.idaho.gov), (iii) U.S. Mail at: Idaho Department of Finance, PO Box 83720, Boise, ID 83720-
0031, or (iv) hand delivery at: Idaho Department of Finance, 800 Park Blvd., Suite 200, Boise, ID 83712.
Mortgage Recovery Fund - Application for Training for Licensees and License Applicants -- Page 2
Revised 5/2018
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