Colorado Mortgage Loan Originator License

Colorado Mortgage Education

EasyRealEstateSchool.com offers these Colorado mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

Colorado Mortgage Loan Originator License

Who is required to have this license?

All persons who originate a mortgage, offer to originate a mortgage, act as a mortgage loan originator, or offer to act as a mortgage loan originator.

Who does not need this license?

All individuals who meet requirements prescribed in section 12-61-904, Colorado Revised Statutes

Pre-requisites for license applications:

  • Prior to submitting an application, a set of fingerprints for a criminal history record check must be submitted to the Colorado Bureau of Investigation (CBI) and the Nationwide Mortgage Licensing System;
  • Acquisition of a surety bond as required by § 12-61-907, C.R.S. and in accordance with any rule of the Director that directly or indirectly addresses surety bond requirements;
  • Acquisition of the errors and omissions insurance required by § 12-61-903.5, C.R.S. and in accordance with any rule of the Director that directly or indirectly addresses errors and omissions insurance requirements;
  • Complete the required pre-licensing education and the required written examination required by the Director
  • Completion of the mortgage loan originator application; and
  • Payment of the application fee established by the Director to the Division of Real Estate.
  • Submission of fingerprints to the Nationwide Mortgage Licensing System and Registry according to policies and procedures defined by the Nationwide Mortgage Licensing System and Registry.
  • Authorization for a Credit check
  • Complete the Online filing with the Nationwide Mortgage Licensing System

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Colorado Mortgage Loan Originator License

 


Colorado State Requirments

SAFE ACT Requirements

  • SAFE MLO Test -
    • National Component – All new applicants approved on or after 1/1/2010 must pass the National Component of the SAFE MLO test prior to their application being approved. Existing licensees as of 1/1/2010 must pass the National Component of the SAFE MLO Test by 7/31/2010.
    • State Component – All new applicants approved on or after 1/1/2010 must pass the State Component of the SAFE MLO test prior to their application being approved.
  • Criminal Background Check – Existing licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.All new applicants as of 01/01/2010 must submit fingerprints through NMLS and the state of Colorado for a criminal background checks upon application.
  • Credit Report – Existing licensees must authorize a credit report through NMLS by 07/31/2010. All new applicants as of 01/01/2010 must authorize a credit report through NMLS upon application. All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.

Colorado Mortgage Education Requirements

  • SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All new applicants on or after 12/31/2009 must complete 20 hours of NMLS approved pre-licensure education.
  • SAFE Act Continuing Education (required courses – SAFE CORE 8 Hours) – Please refer to the Colorado Mortgage Loan Originator Continuing Education Matrix found on the CO website. All licensees must complete 8 hours of NMLS approved continuing education and 2 hours of State approved continuing education in 2010 in order to renew for 2011. This course should be taken Yearly by 12/31.
  • Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of CO State approved education on or before 12/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
  • Certification (Test) – Currently licensed MLOs who have passed the CO mortgage test no later than 12/31/2009 may be eligible to participate in the testing certification process and may not need to take the CO Component of the SAFE MLO Test. Refer to your state agency for more information.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Colorado Mortgage Loan Originator License