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Does a Colorado Mortgage Loan Originator Need a Bond for Licensure?

A

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.

The Colorado Code of Regulations Title 4 Chapter 725 Section 3 defines the requirements for the mortgage loan originator licensing and mortgage companies regulations.

The requirements for licensing include:

1. Complete all pre-licensing education and take the written examinations.
2. Completion of the required licensing (MU4) through the National Mortgage Licensing System (NMLS)
and pay the applicable processing fee, credit report fee, FBI Criminal Background Check Fee, State Criminal Background Check Fee, and the Colorado License fee.
3. Obtain Errors and Omissions Insurance.
4. Complete the Employment History and ensure that the address of the registered location matches the Company Relationship.
5. A minimum $25,000 surety bond is required. A bond is not required if the company that employs the mortgage loan originator has less than 20 licensed persons and holds a $100,000 surety bond. A bond is not required for mortgage loan originator that is a w-2 employee or exclusive agent for a company with more than 20 employees and holds a $200,000 surety bond. Bonds must be renewed annually.
6. Complete the state license application through the CO-DORA online website after submitting the NMLS application.
7. If applicant answers "Yes" to any of the Disclosure Questions, provide complete details and any applicable documents.
8. A sponsorship request must be submitted by your employer.

How Much Does This Bond Cost?

The premium that you pay for a Colorado Mortgage Loan Originator Bond is dependent on credit.

Did You Know?

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.

Related Links:

NMLS - Co Mortgage Loan Originator License - New Application Checklist
NMLS Registration Portal
Colorado Mortgage Loan Originator Licensing
NMLS - Co Mortgage Loan Originator License - New Application Checklist
Mortgage Loan Originator Temporary License Information
Read our blog, "Colorado Mortgage Loan Originator Surety Bond Requirement"

Have Questions?

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