Industry News

Colorado expects mortgage brokers to register with state by Jan. 1

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Mortgage brokers who want to do business in Colorado must register with the Division of Real Estate by Jan. 1 and put up a $25,000 bond. Colorado Gov. Bill Owens signed The Mortgage Broker Registration Act into law on June 2, leaving Alaska as the only state in the union that doesn't regulate mortgage brokers. This week, the Division of Real Estate began accepting online applications from mortgage brokers who wish to register to do business in the state. Registration is good for three years, and applicants must provide a criminal background check, fingerprints and a $200 application fee. Brokers who provide FHA-approved mortgages are exempt from registration, as are those who work for banks, savings and loans, and credit unions organized under federal law. Others who are exempt include attorneys who render legal advice but whose primary business is not brokering mortgages, and owners who finance a purchase of real property. Mortgage brokers who fail to register by Jan. 1 are required ...