How much does a mortgage 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 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*|
|$25,000 Mortgage Loan Originator Bond Mortgage Loan Originator License for Individual||$25,000||Starts at $250||Apply Now|
|$100,000 Mortgage Loan Originator Bond Mortgage Loan Originator License for Company with 1-19 Employees||$100,000||Starts at $1,000||Apply Now|
|$200,000 Mortgage Loan Originator Bond Mortgage Loan Originator License for Company with 20+ Employees||$200,000||Starts at $2,000||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.
What is a mortgage loan originator surety bond?
A mortgage loan originator surety bond is a type of license and permit bond to ensure 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.
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 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
Mortgage Industry Surety Bonds Avaiable 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.
Or, choose your state from the list below:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington D.C.
- West Virginia