Congratulations to Neil & Steve for passing their mortgage broker licensing exam! The Colorado State Legislature passed a bill last summer changing the mortgage broker registration requirement to a licensing requirement that includes 40 hours of coursework and an entry exam. Brokers are required to be licensed by January 1, 2009. While classes and testing have been available since this spring, currently less than 15% of the registered mortgage brokers in the state have passed the test. As a result of the failure for the majority of mortgage brokers to comply with this requirement, the Department of Real Estate is allowing brokers to request an extension to complete their coursework & exam by March 31, 2009.

In addition to the initial coursework & exam, brokers will be required to complete 9 hours of continuing education every 3 years. The purpose of instituting the licensing and continuing education requirement is to protect the public by providing competency standards for mortgage brokers with regards to state and federal laws, the application of these laws, an understanding of the mortgage process, and to provide brokers with standards of practice. To verify the license of an individual, you can search the Department of Real Estate website at: http://eservices.psiexams.com/crec/search.jsp.