According to the National Mortgage Licensing System, “all persons who originate a mortgage or offer to originate a mortgage” are required to be licensed in order to conduct business in the State of Colorado. Filing a surety bond is a critical component of the license application process. The Colorado Mortgage Originators Bond ensures financial compensation for valid claims of fraud, forgery, criminal impersonation, or fraudulent representation by the loan originator.
Before receiving a license to be a loan originator, an applicant must post surety bond in an amount prescribed by the Board of Mortgage Loan Originators. The surety bond may be held by the individual mortgage loan originator or may be in the name of the company by which the mortgage loan originator is employed.
The bond is continuous in nature; therefore, it remains in full force and effect until cancelled. The bond may be cancelled at any time by notice to the Board within 30 days of the effective cancellation date.
All fees are required by the obligee, not the Surety Company.
Surety1 makes it easy to get you bonded. Simply complete our easy to navigate, online application and one of our surety bond professionals will call or email you with a firm quote, usually the same day you apply. Then you will pay for the bond (all major credit cards accepted) sign some important paperwork and your bond will be delivered via traceable ground shipping. Overnight shipping is also available.
Surety1 is licensed in all 50 states and has been writing Colorado surety bonds since 2003 and the company maintains an A+ rating form the Better Business Bureau. Representing over a dozen, A rated surety bond carriers, Surety1 can get your Colorado Mortgage Loan Originator Bond fast and at a competitive rate with world class service.