Mortgage Broker Information

Who must register as a mortgage broker?

The new law applies to individual loan originators who broker mortgage loans. The new law regulates people, not companies. Each person (not company) who brokers mortgage loans must register and obtain a $25,000 personal surety bond. Any loan originator who is paid by 1099 must register as a mortgage broker (see “Important Update” above). The State of Colorado cannot and will not issue exemption letters to individuals or companies.

It is the responsibility of each person to determine whether they must register. CMLA encourages all loan originators, managers, and company owners to review the definition of “mortgage broker” as provided in House Bill 06-1161 and to determine whom, if anyone, within your operation must register as a “mortgage broker.”

Who administers the mortgage broker registration process?

The Colorado Division of Real Estate is home to the Mortgage Broker Registration Program. The office can be reached by email at mb@dora.state.co.us or by telephone at
(303) 894-5953. The Mortgage Broker Registration Program web address is: http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm

How do I get registered?

Mortgage brokers should obtain fingerprints and order a CBI criminal background check as soon as possible. If instructions are followed property, then CBI will deliver the results of your background check to the Colorado Division of Real Estate (“DRE”). Mortgage brokers should also contact one or more private bonding companies to apply for a $25,000 surety bond. Next, go to http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm and complete the online application for mortgage broker registration.

Where can I get the application to register as a mortgage broker?

The application for mortgage broker registration is available online: http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm

What is required to get registered?

Each person who brokers mortgage loans must apply for registration, submit fingerprints, undergo a CBI criminal background check, obtain a $25,000 surety bond, and receive approval of their registration package.