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How much does a mortgage loan originator bond cost in Colorado?
The cost of a mortgage loan originator bond in Colorado depends on the bond amount as well as underwriting considerations.
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.
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.
What is a mortgage loan originator surety bond?
A mortgage loan originator surety bond is a type of license and permit bond required by the Colorado Department of Regulatory Agencies to ensure that consumers can seek recourse for financial losses if they’re wronged by a professional loan originator during a mortgage transaction. The amount of the bond is determined based on the number of individuals employed by the originator. Mortgage originators are the original mortgage lender and work with borrowers to complete a loan.
If the principal (the loan originator) 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.
How to get a Colorado mortgage loan originator license
It is against the law to conduct business as a mortgage loan originator in Colorado without being first being licensed by the Department of Regulatory Agencies. To obtain a Colorado mortgage loan originator license, an applicant must take the following steps:
- Register with the Nationwide Mortgage Licensing System (NMLS).
- Complete the NMLS National Background Check in addition to submitting fingerprints to the Colorado Bureau of Investigations with the initial background check.
- Complete all qualifying education requirements outlined by NMLS.
- Pass the SAFE MLO Exam after all completed education.
- Acquire adequate E&O Insurance.
- Obtain a surety bond in the required amount.
- Complete the Division of Real Estate Initial License Application. Applicant must be registered with NMLS before completing the application. Registration can take 24 to 48 hours to process.
- Update NMLS on new credentials. The applicant should call the Division to update the NMLS online record with the new Colorado-issued license number once the MLO license has been approved. The NMLS record will be approved once this is complete.
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.