The State of Colorado Department of Regulatory Agencies, Division of Real Estate, Board of Mortgage Loan Originators, administers through the National Mortgage Licensing System (NMLS), the licensing of mortgage loan originators and registration of mortgage companies.
The Colorado Code of Regulations Title 4 Chapter 725 Section 3 defines the requirements for the mortgage loan originator license and mortgage companies registration regulations.
The requirements for mortgage company registration include:
1. Completion of the required application (MU1) through the National Mortgage Licensing System (NMLS) and pay the applicable processing fee and the Colorado License fee.
2. Provide copies of articles of incorporation, corporate charters, partnership agreements, or articles of organization and operating agreement if applicable.
3. Provide a Certificate of Authority or a Certificate of Good Standing obtained from the Colorado Secretary of State that is less than 60 days old.
4. If the applicant business was formed out of state, obtain a certified proof of authorization obtained from the Colorado Secretary of State .
5. If applicant answers "Yes" to any of the Disclosure Questions, provide complete details and any applicable documents .
6. Provide a Certificate of Assumed Business Name obtained from the Colorado Secretary of State if using a DBA or Trade Name.
7. Obtain a Surety Bond that must be renewed annually:
a. Obtain a $200,000 surety bond for mortgage companies that have more than 20 licensed employees.
b. Obtain a $100,000 surety bond for mortgage companies that have less than 20 licensed employees.
Premium for a Colorado Mortgage Company Registration Bond is based on credit and personal/business financial statements.
In Colorado, all persons who originate, offer to originate, act as a mortgage loan originator or offer to act as a loan originator are required to be licensed.
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