| The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. This section includes two articles to help you determine if you are working with the right broker, as well as information on broker licensing.
Licensing Requirements
The Colorado State Legislature passed a bill last summer changing the mortgage broker registration requirement to a licensing requirement effective January 1, 2009. All licensed brokers must:
- Complete a background check through the Colorado Bureau of Investigation
- Pass a State Exam upon completion of 40 hours of coursework
- Obtain both a Surety Bond and Errors & Omission Insurance
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.
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