Monday, October 27, 2008

Mortgage Broker Licensing

Q: Do mortgage brokers need to be licensed in Colorado?

A: Yes. At the moment, mortgage brokers need to have a criminal background check, a $25,000 bond, errors and omissions insurance, and they must register with the state. Beginning January 1, 2009, Colorado Mortgage brokers need to take 40 hours of training and pass a test on federal law, state law, and mortgage basics to maintain their licenses.

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