Colorado Mortgage Training

Colorado

Course Offerings

Effective 06/11/2008

Colorado

Department of Regulatory Agencies
1525 Sherman ST.
5th Floor
Denver, CO 80203
Ph: (303) 866-4494
Fax: (303) 866-5691
E-Mail: uccc@state.co.us

Loan Officers must be licensed, effective 1/1/08.

No courses available yet



State Mortgage Lending Law Blog
Effective 1/1/08 Mortgage Loan officer License Required. Supervised Lenders and table-funding brokers must be licensed. Fees increased by $50 for lenders and $150 for branches effective 12/22/07. 12/17/2007 - An unlicensed individual may receive a temporary mortgage broker license under the Mortgage Broker Licensing Act upon proper submission of an application for a broker license. Temporary licenses will remain in effect for up to 120 days after completion of the mortgage broker license application. Only licensed mortgage brokers may hire mortgage brokers who hold temporary licenses.

12/21/2007 Colorado Prohibits Mortgage Brokers from Recommending ARM Loans that Contain Extended Prepayment Penalties

Colorado adopted an emergency rule prohibiting mortgage brokers from recommending or inducing borrowers to enter into ARM loans containing prepayment penalties that extend past the initial adjustment date.

10/26/2007 - Colorado Adopts Emergency Rule Requiring Mortgage Broker Disclosures

The Colorado Department of Regulatory Agencies, Division of Real Estate adopted an emergency rule which requires mortgage brokers to provide borrowers with disclosures within 3 business days of receipt of a loan application or receipt of any monies. The disclosures must provide
Annual percentage rate
Finance charge
Amount Financed
Total amount of all payments
Third party costs
Term of a lock-in agreement
Transfer of documents
Monies held by the borrower that are held in a trust account
This rule goes into effect immediately.