As of today, about half of the mortgage brokers in Colorado are no longer allowed to sell loans. We were told over a year ago that we needed to take classes and pass a test, but only half of us did it.
And we wonder why there are so many foreclosures!
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****NEWS ALERT****
The Colorado General Assembly passed House Bill 1085 in 2009. This bill became effective August 5th, 2009. House Bill 1085 defines circumstances in which the Director may inactivate a mortgage loan originator license if they have failed to comply with the education and testing requirements.
· As a result, the Director inactivated 4,560 licenses on August 31, 2009.
· Individuals whose licenses are inactive are prohibited from practicing as a mortgage loan originator or in any other capacity which requires a license.
· Individuals who continue to practice with an inactive license are subject to all forms of discipline prescribed in the Mortgage Loan Originator Licensing Act, including permanent revocation and fines.
· Direct managers of individuals with inactive licenses are also subject to disciplinary action if they allow such individuals to continue to practice.
Thank you,
The Colorado Division of Real Estate
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That is good news! Arizona just passed licensing laws and most of us can't wait for them to go into effect. We expect to see about the same results as you have in Colorado. Bye Bye bad actors.