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lukyk22
1700 Posts |
 Posted - 02/19/2008 : 7:05:24 PM
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| Do you have to be licensed in CO to originate loans there? |
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RMorgan
17 Posts |
Posted - 02/19/2008 : 7:21:08 PM
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Yes.
You need to be finger printed, submit those to the Colorado Bureau of Investigation for a criminal background check. You then need a $25,000 surety bond and $100,000/incident $300,000/individual Error's and Omissions insurance. The whole process takes about 3-4 months. |
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Scrooge McDuck
8872 Posts |
Posted - 02/19/2008 : 7:24:43 PM
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quote:
Originally posted by RMorgan
Yes.
You need to be finger printed, submit those to the Colorado Bureau of Investigation for a criminal background check. You then need a $25,000 surety bond and $100,000/incident $300,000/individual Error's and Omissions insurance. The whole process takes about 3-4 months.
i think thats for a broker's licence. to originate for a broker, i dont know. i heard a while back that CO didnt have a licence requirement at all for even the broker, but im guessing that has changed. |
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lukyk22
1700 Posts |
Posted - 02/19/2008 : 7:26:01 PM
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i know they used to allow w/o a license, but I thought it changed as well.... hmmm anyone know for sure?quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by RMorgan
Yes.
You need to be finger printed, submit those to the Colorado Bureau of Investigation for a criminal background check. You then need a $25,000 surety bond and $100,000/incident $300,000/individual Error's and Omissions insurance. The whole process takes about 3-4 months.
i think thats for a broker's licence. to originate for a broker, i dont know. i heard a while back that CO didnt have a licence requirement at all for even the broker, but im guessing that has changed.
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hherrm
1407 Posts |
Posted - 02/19/2008 : 7:30:45 PM
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| It changed effective last January. Anybody originating biz in CO needs to have a license, last I checked it was a 6 month backlog, but this has been a few months ago. |
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taracummins
1669 Posts |
Posted - 02/19/2008 : 7:34:42 PM
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Every loan officer has to be registered as of Jan 2007. Before that a license wasn't needed. Here's the official info:
http://www.dora.state.co.us/real-estate/applications/mortgagebroker/index.htm |
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RMorgan
17 Posts |
Posted - 02/19/2008 : 9:11:37 PM
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I do know for sure, because I'm going through the process night now...
quote:
Originally posted by lukyk22
i know they used to allow w/o a license, but I thought it changed as well.... hmmm anyone know for sure?quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by RMorgan
Yes.
You need to be finger printed, submit those to the Colorado Bureau of Investigation for a criminal background check. You then need a $25,000 surety bond and $100,000/incident $300,000/individual Error's and Omissions insurance. The whole process takes about 3-4 months.
i think thats for a broker's licence. to originate for a broker, i dont know. i heard a while back that CO didnt have a licence requirement at all for even the broker, but im guessing that has changed.
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