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Denver RE Trends: Colorado Mortgage Brokers

By
Real Estate Agent with Your Castle Real Estate

Colorado Mortgage Broker Licensing

In response to the troubled national real estate market and Colorado’s high volume of home foreclosures, efforts have increased to make higher caliber professionals involved in real estate. Licensing, rules and regulations have become more stringent for agents, appraisers, title companies and mortgage brokers. In regards to mortgage brokers, the below items are mandatory. No longer can someone open up the Yellow Pages, claim to be a mortgage broker and then be compensated for placing a loan --- what a novel concept. Before committing to a mortgage broker, please make sure that they are licensed in Colorado by searching for them on the following link: http://eservices.psiexams.com/crec/search.jsp Licensing All mortgage brokers conducting business in CO must be licensed with the Division of Real Estate and pass the criminal background check. Only those mortgage brokers who are licensed or exempt from licensure by law may broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker. Licensing Sloans Laketration and renewal is $200 every three years. Surety Bond Prior to licensing, an applicant for license shall post with the Director of the Division of Real Estate a surety bond of $25,000. Yearly premium approximately $190.00. Errors & Omissions Coverage All CO mortgage brokers must carry Errors & Omissions coverage. For mortgage brokers with less than five years of experience, the annual premium is $600. With five years or greater lending experience, the premium is $500 per year. New Pre-Licensing Education & Continuing Education 1. Complete 40 hours of licensing education and pass the two-part licensing exam (Mortgage Lending Basics & State and Federal Law) by January 1, 2009. Approximate cost for course is $250 and $74 for the exam. 2. Complete a minimum of nine hours of continuing education every three years.

Anonymous
Corey Frisbee

I'll pass this along to my brother, a Denver area resident.  Thanks!

coreyfrisbee@frisbeepainting.com

http://frisbeepainting.com

Feb 12, 2009 03:37 AM
#1
Anonymous
Paul Barrow

Hi Charles -  Saw you on the national interview, nice work!  I found this article on mortgage brokers while researching a blog post that I am just posting today.  Our finance guy Brian has been a rock star lately getting loans approved and closed really fast and more good agents should know about him.  You can read how we are getting properties under contract by offering shorter escrows here:  http://theprivatemarket.com/how-to-get-fast-mortgage-approval-and-best-rate/.  We're also starting a fund to try to do some lending to help with the shortfall of hard money right now (only for experienced fix and flippers).  Hope all is well with you, hi to Lon also.  Best, -Paul  

Sep 06, 2009 06:57 AM
#2