Commercial Surety Bonds

Colorado Mortgage Broker Bonds

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As of January 1st, 2008 the state of Colorado has required all of their Mortgage Brokers to be licensed with the Colorado Division of Real estate. This is pursuant to Bill 07-203 passed by the Senate. Only Mortgage Brokers who are licensed or have a written exemption letter from licensing are permitted to write, broker, or act as a broker within the state.

Colorado does issue temporary licenses in some cases but only if they are sponsored by a licensed Mortgage Broker. The sponsors are held liable and accountable for all the actions of the broker they are sponsoring. These temporary licenses are available for a maximum of 120 days and are subject to a $200 Licensing Fee. Companies are unable to become licensed in the state of Colorado as they only license the individual brokers at this time.

The Surety Bond is not required at this time to be submitted to any department of the state. Individual Brokers must keep this on file so if it is asked for it can be produced immediately. This bond follows the Mortgage Broker from company to company and is issued in the personal name of the Mortgage Broker.

Bad Credit Colorado Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Colorado License Requirements

Age: None

State Residency: None

Experience: None

Education: Pre-licensing education is required and a requisite test.

Continuing Education: 9 hours every three years.

Net Worth: None

Surety Bond: $25,000

Background Check: Criminal and fingerprint with a credit check.

Managing Principle: Only individuals may be licensed (no company licensure)

Colorado State Licensing Fees

Initial Application: $200

Branch Location: N/A

Branch Offices:

In State Requirements: License is required for in-state offices.

Licensure Requirements: License required for all individual branch offices.

Branch Manager: None

Exemptions:

Safe Harbor: Federal and State and any political counterparts of Colorado, any owner of a property that finances a true/real property, any bank or bank subdivision in Colorado, any attorney that is giving legal advice that does not engage in mortgage brokering of any type, or a person who funds a loan but does not solicit, market, or advertise any negotiation of residential brokering.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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