How much does a mortgage broker or loan originator bond cost in Colorado?
Mortgage loan originator bond amounts vary based on the number of employees working at a specific location. SuretyBonds.com offers Colorado mortgage broker or loan originator bonds for different costs depending on the amount of coverage pending underwriting consideration. Our team of experts will work hard to get you the best price possible for your unique credit situation.
The best way to determine your exact surety bond cost is to contact an expert by calling 1 (800) 308-4358, or by requesting your free surety bond quote online.
| Bond Type | Bond Amount | Cost by Credit Score* | |||
|---|---|---|---|---|---|
| 680 and up | 679 - 600 | 599 or lower | |||
| Mortgage Broker Bond | $25,000 | starts at $250 | $500-$2,000 | $1,500+ | Apply Now |
| Mortgage Originator Bond - Individual | $25,000 | Starts at $125 | $500-$2,000 | $1,500+ | Apply Now |
| Mortgage Originator Bond - Agency <20 employees | $100,000 | Starts at $500 | $4,000-8,000 | $8,000+ | Apply Now |
| Mortgage Originator Bond - Agency >20 employees | $200,000 | Starts at $1,000 | $5,000-15,000 | $15,000+ | Apply Now |
If you’re ready to get bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358, or click here to request your free, personalized surety bond quote now.
Mortgage loan originator bond information
This type of surety bond ensures that consumers can seek recourse for financial losses if they’re wronged by a professional loan originator during a mortgage transaction. Prohibited acts covered by this bond include, but are not limited to:
- defrauding or misleading borrowers and lenders
- obtaining property by fraud or misrepresentation
- failing to disclose information as required by state law (such as annual interest rate percentages)
- advertising a product at a low price when not available to entice customers to buy a more expensive product (otherwise known as “bait and switch” advertising)
- collecting or charging prohibited fees
- failing to comply with the Act or any Board rule
If the principal violates the terms of the bond agreement and a consumer is harmed as a result, a claim can be made on the bond.
Colorado mortgage loan originator bonds remain continuous unless otherwise canceled. If the bond is to be canceled, the surety must provide 30 days written notice to the obligee prior to cancellation.
It is against the law to conduct business as a mortgage loan originator in Colorado without being formally licensed. To obtain a Colorado mortgage loan originator license, an applicant must do the following:
- register with the Nationwide Mortgage Licensing System (NMLS)
- submit a set of fingerprints to NMLS and CBI
- complete 20 hours of education
- pass the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) Mortgage Loan Originator Test
- turn in an application along with the required documentation and fees to the Division through an online database
For more information on this specific bond type, check out the sample bond form below.
Colorado Mortgage Loan Originator Bond Form
Mortgage broker bond information
This type of surety bond ensures that consumers can seek recourse for financial losses if they’re wronged by a professional loan broker during a mortgage transaction. Prohibited acts covered by this bond include, but are not limited to:
- charging unnecessary fees to clients
- collecting fees not authorized by loan documents
- approving loans clients cannot afford
- subjecting clients to unethical practices
- arranging a loan with provisions that require a private investor to participate in binding arbitrations
- releasing a borrower from personal liability for a loan
Colorado mortgage loan originator bonds remain continuous unless otherwise canceled. If the bond is to be canceled, the surety must provide 30 days written notice to the obligee prior to cancellation.
It is illegal to work as a mortgage broker in Colorado without being licensed. To obtain a mortgage broker license, the applicant must do the following:
- be a US citizen
- file a written application with the Commissioner
- comply with the requirements set in the Colorado Revised Statutes
- pay application fee
- be employed by a mortgage broker or mortgage banker
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