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For assistance with mortgage licensing, contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Colorado Mortgage Licensing
Mortgage Banker or Broker
Mortgage Company Registration
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $ None
Surety Bond: $25,000 per LO (see options below)
State Initial License Fee: $700
Loan Originator Licensing: Yes
Branch Licensing: No
Comments: You should use the individual option if you will only have a couple CO LOs. If you plan on licensing more than 3 to 4 LOs, then it would start to make sense to get the company bond and E&O.
For the Surety Bond there are 3 options.
$25k – Individuals each hold this.
$100k – Company holds this if company has less than 20 CO LOs
$200k – Company holds this if company has 20 or more CO LOs
http://www.sos.state.co.us/CCR/Rule.do?deptID=18&deptName=700%20Department%20of%20Regulatory%20Agencies&agencyID=98&agencyName=725%20Division%20of%20Real%20Estate&ccrDocID=2915&ccrDocName=4%20CCR%20725-3%20RULES%20REGARDING%20MORTGAGE%20BROKERS&subDocID=46261&subDocName=1-2-2%20SURETY%20BOND%20REQUIREMENTS%20FOR%20MORTGAGE%20LOAN%20ORIGINATORS&version=40
For E&O there are also 3 options
Each LO hold this - Coverage is for not less than $100,000.00 for each licensed individual per covered claim, with an annual aggregate limit of not less than $300,000.00 per licensed individual; and Coverage contains a deductible no greater than $1,000.00 or a deductible no greater than $20,000.00 for policies insuring primarily reverse mortgage transactions.
Less than 20 Employees - Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $2,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $50,000.00.
20 or more Employees - Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $4,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $100,000.00.
http://www.sos.state.co.us/CCR/Rule.do?deptID=18&deptName=700%20Department%20of%20Regulatory%20Agencies&agencyID=98&agencyName=725%20Division%20of%20Real%20Estate&ccrDocID=2915&ccrDocName=4%20CCR%20725-3%20RULES%20REGARDING%20MORTGAGE%20BROKERS&subDocID=46262&subDocName=1-3-1%20%20ERRORS%20AND%20OMISSIONS%20INSURANCE%20FOR%20MORTGAGE%20LOAN%20ORIGINATORS&version=40
Mortgage Banker over 12% APR
Supervised Lender License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $15,000 to $25,000
Surety Bond: $25,000
State Initial License Fee: $400
Loan Officer Licensing: No
Branch Licensing: Yes
Regulated by:
Division of Real Estate
1560 Broadway, Suite 925
Denver, CO 80202
Telephone: (303) 894-2166 or (303) 894-2185
Fax: (303) 894-2683
http://www.dora.state.co.us/Real-Estate/
and
Department of Law
Uniform Consumer Credit Code
Unit 1525
Sherman St. 5th Floor
Denver, CO 80203
Telephone: (303) 866-4527
Fax: (303) 866-5691
http://www.ago.state.co.us/UCCC/UCCCmain.cfm