Colorado Mortgage Licensing | Colorado Division of Real Estate

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Mortgage Banker or Broker | Mortgage Company Registration

• Physical In-State Office Required: No
  
• Qualifying Individual: No
  
• Minimum Net Worth: $ None
  
• Surety Bond: $25,000 per LO (see options below)
  
• Loan Originator Licensing: Yes
  
• Branch Licensing: No
  
• Comments: You should use the individual option if you will only have a couple CO LOs. If you plan on licensing more than 3 to 4 LOs, then it would start to make sense to get the company bond and E&O.
  

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$125 – Foreign Entity App 
$125 – Registered Agent Fee 
$298 – Company License Fee 
A loan originator must obtain an individual $25,000 Colorado Surety Bond ($100) and $100,000 Colorado Errors & Omissions Insurance Policy (E&O) ($180)

For the Surety Bond there are 3 options:
$25k – Individuals each hold this.
$100k – Company holds this if company has less than 20 CO LOs
$200k – Company holds this if company has 20 or more CO LOs
Colorado Surety Bond Rule

For E&O there are also 3 options:
Each LO hold this - Coverage is 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; and Coverage contains a deductible no greater than $1,000.00 or a deductible no greater than $20,000.00 for policies insuring primarily reverse mortgage transactions.

Less than 20 Employees - Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $2,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $50,000.00.

20 or more Employees - Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $4,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $100,000.00.
CO E&O Rule

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Mortgage Banker over 12% APR | Supervised Lender License

• Physical In-State Office Required: No
  
• Qualifying Individual:  No
  
• Minimum Net Worth: $15,000 to $25,000
  
• Surety Bond:  $25,000
  
• Loan Officer Licensing: Yes
  
• Branch Licensing: Yes
  

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Regulated by:
Colorado Division of Real Estate
1560 Broadway, Suite 925
Denver, CO 80202
Telephone: (303) 894-2166 or (303) 894-2185
Fax: (303) 894-2683
Gloria Williams - [email protected] - 303-894-2306
http://www.dora.state.co.us/Real-Estate/

and

Colorado Department of Law
Uniform Consumer Credit Code
Unit 1525
Sherman St. 5th Floor
Denver, CO 80203
Telephone: (303) 866-4527
Fax: (303) 866-5691
http://www.ago.state.co.us/UCCC/UCCCmain.cfm