Is your Mortgage Broker Licensed?

Here is the website to check to see if the loan officer you are working with is licensed... http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm

Colorado Real Estate Mortgage Broker License Requirements

1. Prior to submitting an application, a set of fingerprints for a criminal history record check must be submitted to the Colorado Bureau of Investigation (CBI). The required background checks take approximately 3 months to process. 
2. Obtain an individual $25,000.00 surety bond in order to complete the online application.
3. Obtain individual Errors & Omissions coverage for not less than $100,000.00 for each licensed individual per covered claim, with an annual aggregate limit of not less than $300,000.00 per licensed individual.
4. Complete an online application and pay the required $200.00 application fee.
5. 40 hours of education 

So, if the loan officer is not licensed, is it because they failed the criminal history check?  Did they not even apply because they knew they would fail?  Can they not afford to be bonded and insured?  During the application process the loan officer is required to acknowledge any disciplinary actions taken against them.  Could that be another reason why they are not licensed or have not even tried to be?  Are they afraid they will lose $200 by applying and not being accepted?

Professional, experienced and secure are the hallmarks of our in-house mortgage program.  As a result of smart lending practices, our services have been minimally impacted by the sub-prime and adjustable mortgage mess.  To ensure a smart mortgage experience, contact us today!  We may be reached in the office at 719.535.7405 or toll free at 866.820.5526.