Broker Registration and Information
On and after January 1, 2008, all mortgage brokers conducting business in this state must be licensed with the Division of Real Estate pursuant to Senate Bill 07-203. Only those mortgage brokers who are licensed or exempt from license by law may broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker.
How to become a mortgage broker in the State of Colorado:
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Prior to submitting an application, a set of fingerprints for a criminal history record check must be submitted to the Colorado Bureau of Investigation (CBI). The required background checks take approximately 3 months to process. Please start this process as soon as possible.
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Obtain your individual $25,000.00 surety bond. Please note that you need to have your surety bond in order to complete the online application.
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Obtain your individual Errors & Omissions coverage 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.
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Complete the required pre-licensing education and the required written examination required by the Director
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Complete the online application and pay the required $200.00 application fee.
General Information:
Definition of a mortgage broker: mortgage broker means an individual who negotiates, originates, or offers or attempts to negotiate or originate for a borrower, and for a commission or other thing of value, a loan to be consummated and funded by a mortgage lender.
Broker a mortgage: broker a mortgage means to directly or indirectly act as a mortgage broker.
Residential Mortgage Loan: means a loan that is primarily for personal, family, or household use and that is secured by a mortgage or deed of trust on residential real estate upon which is constructed or intended to be constructed a single-family dwelling or multiple-family dwelling of four or fewer units.