To be a licensed Mortgage Loan Originator in Colorado, one requirement is to provide a Colorado Mortgage Originator Bond. this is a type of surety bond and is required by the Colorado Department of Regulatory Agencies, Colorado Division of Real Estate. The license application is completed via the Nationwide Mortgage Licensing System (NMLS) and the required surety bond will be filed electronically with the NMLS. 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 must be licensed in the state. The license authorizes the following activities:
- First & Second Mortgage Brokering
- Foreclosure Consulting/Foreclosure Rescue
- Home Equity Lending/Lines of Credit
- Reverse Mortgage Activities
- High Cost Home Loans
- Third Party Mortgage Loan Processing (1099 Employees Only)
- Third Party Mortgage Loan Underwriting (1099 Employees Only)
- Mortgage Loan Modifications
The Colorado Mortgage Originators Bond ensures financial compensation for valid claims of fraud, forgery, criminal impersonation, or fraudulent representation by the loan originator. The surety bond amount varies:
Individual Policy – Minimum Bond Amount = $25,000.00
Group: Less than 20 Licensees – Minimum Bond Amount = $100,000.00
Group: 20 or more Licensees – Minimum Bond Amount = $200,000.00
License Fees and Requirements:
- Colorado Mortgage Originators Bond
- Online application through NMLS
- FBI Criminal Background Check
- Pre-licensing education
- Credit Check
- NMLS Processing Fee: $30
- Colorado License Fee: $80
- Disclosure Questions
How obtain a Colorado Mortgage Originators Bond?
At surety1.com we make it easy to obtain this surety bond. Our simple 3 step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Colorado Mortgage Originator Bond will be shipped tot he principal (licensee) for signature. Once signed, the bond is submitted to the Colorado Department of Regulatory Agencies, Colorado Division of Real Estate.
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds