« Skiing Loveland and Estes with my Nephews | Main | Baby sister's wedding »

Colorado Cleaning "Mortgage" House -- Find out who's been naughty or nice!

The Colorado Division of Real Estate is working tirelessly with a proven team of mortgage experts (such as famed mortgage industry watchdog Jim Spray...just google him!) to be sure mortgage brokers in Colorado follow the new State mortgage laws....as well as the Federal ones.

Citations are going down left and right--- less competition!

As a quick note, all mortgage brokers must be licensed as of January 1, 2008 as well as hold a $25,000 surety bond and errors and omissions insurance too in order to be in compliance.

By December 31, 2008, all of them have to have also taken a certified 40 hour education course (I was one of the first ones to make it through-- and did pass-- I'm now in full compliance realsm.jpg) covering all the laws as well as practical matters (doesn't mean they will still know how to explain a Truth in Lending form or Good Faith Estimate!).

There are some exceptions of course... and those can be found out on the Division's site: http://www.dora.state.co.us/real-estate/index.htm.

And check your mortgage brokers advertising too--- all mortgage websites, advertising pieces, etc. must now contain the person's license AND the following sweet little piece of verbiage:

To check the license status of your mortgage broker, visit http://www.dora.state.co.us/real-estate/index.htm

About

This page contains a single entry from the blog posted on July 7, 2008 8:15 PM.

The previous post in this blog was Skiing Loveland and Estes with my Nephews.

The next post in this blog is Baby sister's wedding.

Many more can be found on the main index page or by looking through the archives.

Powered by
Movable Type 3.34