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Why is a Colorado Mortgage Loan Originator Bond Required?
The bond protects individuals damaged by acts fraud, forgery, criminal impersonation, or fraudulent impersonation committed by the bonded principal while acting in the capacity of a licensed mortgage loan originator in the state.
Specific acts that may lead to damages and mortgage surety bond claims include; charging prohibited fees, misrepresentation, intentionally misleading borrowers, false advertisement, or failure to appropriately disclose pertinent data such as interest rates or other loan terms.
The bond is continuous in nature unless canceled by the surety company through 30 days written notice to the obligee.
Mortgage Loan Originator Bonds And Getting Your Colorado Business License/Registration
- Complete the Background Check Requirement
- NMLS Registration and National Background Check
- Fingerprinting with the Colorado Bureau of Investigations
- Complete Qualifying Education
- Take the SAFE MLO Exam
- Furnish Surety Bond
- Provide evidence of E&O Insurance
- Complete the Division of Real Estate Initial License Application
- Once your MLO license has been approved, call the Division of Real Estate to update your NMLS online record with your new Colorado issued license number.
Additional Colorado Mortgage Loan Originator Bond Resources & Links
NMLS Resource Center, State Licensing Requirements for Colorado
Colorado Division of Real Estate
Colorado Department of Regulatory Agencies
Division of Real Estate
1560 Broadway, Suite 925
Denver, CO 80202
Phone: 303-894-2166 | Fax: 303-894-2683
Code of Colorado Regulations Pertaining to Mortgage Surety Bonds
Surety Bonds Direct provides a money back guarantee to ensure our Mortgage Loan Originator Surety Bonds meet all surety bond requirements set forth by the Code of Colorado regulations including, but not limited to the following:
- The surety bond is in conformance with all relevant Colorado statutory requirements;
- The surety bond is exclusive to covering acts contemplated under current Colorado mortgage loan originator licensing laws;
- The surety bond is not applicable to any conduct or transactions outside the jurisdiction of the Board; and
- The surety bond is identical to the individual surety bond form developed and approved by the Board
Mortgage loan originators are deemed compliant with the surety bond requirement if their surety bond meets the requirements defined in one of the following options:
- Mortgage loan originators, at a minimum, may acquire and maintain an individual surety bond in the amount of $25,000.00.
- Mortgage loan originators who are W-2 employees or exclusive agents for companies with less than 20 individuals who are required to be licensed pursuant to current Colorado mortgage loan originator licensing laws and who do not work for more than one company, may, at a minimum, operate under their company's surety bond if the surety bond in the amount of $100,000.
- Mortgage loan originators who are W-2 employees or exclusive agents for companies with 20 or more individuals who are required to be licensed pursuant to current Colorado mortgage loan originator licensing laws and who do not work for more than one company, may, at a minimum, operate under a company's surety bond if the surety bond in the amount of $200,000.00.