Monday, December 8, 2008

Licensing for Mortgage Brokers

All mortgage brokers in Colorado need to take 40 hours of training and pass a test by January 1, 2009 in order to maintain their licenses and be able to legally originate mortgages. The training and testing has been available since April 1, 2008. However, so few mortgage brokers have bothered to take the training and sign up for the test, the state is being forced to extend the deadline until March 31, 2009.

Every mortgage broker must be individually licensed. As of the end of November, only 1166 out of 9402 licensed mortgage brokers in Colorado have taken the training and passed the test. That's just a little more than 12%.

Don't lose deals. Make sure the mortgage brokers you use are not only licensed, but have also taken the training and passed the test. If they are not in compliance, the deal cannot legally close.

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