Only one more week before the licensing requirements change for all mortgage brokers in Colorado.  Every mortgage broker needs to be licensed now, but the education and testing requirement doesn't go into effect until January 1, 2009.  For any loans that are originated after January 1, the broker must have taken a 40-hour class and passed a test.  If they have not passed the test, then their current license will no longer be valid, and that puts any deals you have going with that mortgage broker in jeopardy.   

Of the 9,402 active mortgage brokers in Colorado, only 2,111 have passed the test as of December 18.  That's only 22.5%, or about 1 out of every 4 brokers.  Don't ruin your reputation by referring an unlicensed mortgage broker.