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Colorado Mortgage Broker, Loan Originator or Company Bond

Colorado Mortgage Broker, Loan Originator or Company Bond

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Who Requires the Mortgage Broker, Loan Originator or Company Bond and Why Is It Needed?

The Colorado Mortgage Loan Originator Licensing act requires that mortgage professionals operating in the state obtain a surety bond. The amount of the bond starts at $25,000 for individual brokers and loan originators, $100,000 for groups less than 20 licensees, and $200,000 for groups with 20 or more licensees. The surety bond is made to the benefit of the Colorado Division of Real Estate.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Colorado Mortgage Broker, Loan Originator or Company Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

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.

What is Needed to Obtain My License or Registration?

  1. Complete the Background Check Requirement
  2. NMLS Registration and National Background Check
  3. Fingerprinting with the Colorado Bureau of Investigations
  4. Complete Qualifying Education
  5. Take the SAFE MLO Exam
  6. Furnish Surety Bond
  7. Provide evidence of E&O Insurance
  8. Complete the Division of Real Estate Initial License Application
  9. 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.

List of Colorado surety bonds.

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