CO Department of Regulatory Agencies, Division of Real Estate:
CO Mortgage Loan Originator Checklist for New Applicants On or After January 1, 2010
In July of 2008, Congress passed the Housing and Economic Recovery Act of 2008. Title V of this Act is the S.A.F.E. Mortgage Licensing Act. The S.A.F.E. Act establishes minimum licensing standards for mortgage loan originators and requires states to adopt such provisions. As a result, the Colorado General Assembly passed House Bill 09-1085. Accordingly, all mortgage loan originators under the supervision of the Director of the Division of Real Estate are required to be licensed as state-licensed loan originators. Effectively, loan originators are required to be licensed by the Director of the Division of Real Estate and registered through the Nationwide Mortgage Licensing System and Registry. The Director of the Division of Real Estate has created the following checklist to assist applicants on or after January 1, 2010.
__________ Submit a set of fingerprints for a criminal history record check to the Colorado Bureau of Investigations. Detailed instructions on this process may be found at http://www.dora.state.co.us/real-estate/applications/mortgagebroker/CBINotice.pdf.
__________ Obtain a compliant surety bond. Surety bond requirements are defined in section 12-61-907, C.R.S. and by Director rule found at http://www.dora.state.co.us/real-estate/rulemaking/index.htm#MB.
__________ Obtain compliant errors and omissions insurance. Errors and omission insurance requirements are defined in section 12-61-903.5, C.R.S. and by Director rule found at http://www.dora.state.co.us/real-estate/rulemaking/index.htm#MB.
__________ Complete the Colorado Division of Real Estate specific license application found at https://eservices.psiexams.com/index_login.jsp and pay the application fee prescribed by the Director.
__________ Submit fingerprints to the Nationwide Mortgage Licensing System and Registry in accordance with policies and procedures established by the Nationwide Mortgage Licensing System and Registry.
__________ Create an account with the NMLS&R in accordance with policies and procedures established by the NMLS&R.
__________ Complete the 20 hours of pre-licensing education reviewed and approved by the Nationwide Mortgage Licensing System and Registry or by a company contracted by the Nationwide Mortgage Licensing System and Registry for the review and approval of pre-licensing courses.
__________ Pass the two part S.A.F.E. Mortgage Loan Originator exam in accordance with policies and procedures established by the Nationwide Mortgage Licensing System and Registry.
__________ Register with the Nationwide Mortgage Licensing System and Registry in accordance with policies and procedures established by the Nationwide Mortgage Licensing System and Registry. This includes, but is not limited to completion of the correct registration application, authorization for the registry to pull a credit report and payment of any fees associated with registration.
Important Information:
****The Director of the Division of Real Estate has 60 days to review all license or registration applications. Accordingly, the Director recommends completing the registration process as soon as is possible. ****
**** Please note that criminal background checks from the Colorado Bureau of Investigations may take 1-2 months. ****
****All mortgage loan originators under the jurisdiction of the Director of the Colorado Division of Real Estate must be licensed as state-licensed loan originators by July 31, 2010. ****
For information concerning policies and procedures established by the Nationwide Mortgage Licensing System and Registry, please visit their website at http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Home3.
