Colorado, with its majestic mountains, canyons and grand flowing rivers, provides endless beauty and stunning views for all to see. The state boasts of cities such as Denver, Colorado Springs, Boulder, Aspen, Steamboat Springs and other friendly places throughout the state that provide jobs and living opportunities for its residents. Houses vary in cost, and people in the market to purchase a home will find an array of housing in all price ranges. With purchasing a house, home buyers often go through a mortgage loan process, which includes the use of mortgage loan originators.
Mortgage loan originators provide services such as offers to originate mortgage loans and originating mortgage loans. Mortgage loan originator activities can include first and second mortgage brokering, home equity or lines of credit lending, mortgage loan modifications, reverse mortgages, foreclosure consulting and other origination services.
Mortgage loan originators in Colorado are required to be licensed, have Errors and Omissions Insurance, and need to obtain a surety bond based on the number of loan originators, or if the originator works as a sole proprietor. Individual or sole proprietor licensed mortgage originators must obtain a minimum $25,000 surety bond. Companies that employ or utilize exclusive agents and that have less than 20 licensed mortgage originators must have a minimum $100,000 surety bond. Companies that employ or utilize direct agents that have more than 20 mortgage loan originators are required to have a minimum $200,000 surety bond.
The surety bond is a guarantee of faithful performance of mortgage loan originator activities, which include providing services in an honest manner and follow the state and federal laws. Fraud, forgery and criminal impersonation is prohibited while conducting mortgage loan originator duties and can result in a claim against the bond.
Colorado mortgage loan originators can apply for a surety bond with SuretyGroup.com. We offer low rates, fast service and best of all we can get you the bond you need to meet the compliance requirements for licensure. Email firstname.lastname@example.org, apply online or call our Surety Bond Specialists today at 1‑844‑432‑6637!
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