Mortgage Business

Mortgage Business


State
Colorado Department of Regulatory Agencies
Real Estate Commission
1560 Broadway, Suite 925
Denver , CO   80202
(303)894-2166
Fax: (303)894-2683
All mortgage brokers conducting business in this state must be registered with the Division of Real Estate. Only those mortgage brokers who are registered or exempt from registration by law may broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker. This requirement is effective on and after January 1, 2007.

Link:  http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm

Applications are accepted online starting October 1, 2006. Prior to submitting an application, a set of fingerprints for a criminal history record check must be submitted to the Colorado Bureau of Investigation (CBI). The required background checks take approximately 3 months to process.
In addition, proof of a security bond in the amount of $25,000 must be submitted along with the application.
The application form may be accessed on-line at

Link:  http://www.dora.state.co.us/real-estate/applications/mortgagebroker/index.htm

Federal
U.S. Department of Housing & Urban Development
451 7th Street S.W.
Washington , DC   20401
(202)708-1112
HUD enforces the federal Real Estate Settlement Procedures Act, which requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services.

Link:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm

Federal
U.S. Federal Trade Commission
600 Pennsylvania Ave, NW
Washington , DC   20580
(202)326-3553
(877)382-4357
Fax: (202)326-3197
Federal Truth in Lending laws on disclosure of finance charges, advertising claims, and other matters apply.

Link:  http://www.ftc.gov/bcp/menu-lending.htm

State
Colorado Department of Law
Uniform Consumer Credit Code (UCCC)
1525 Sherman St, 5th Fl.
Denver , CO   80203
(303)866-4527
Fax: (303)866-5691
Any individuals regularly extending credit to consumers are regulated by the UCCC IF: The debtor is a person other than an organization; The debt is incurred primarily for a person, family or household; The debt is payable in installments or a loan finance charge is made.
Supervised Lender’s License required: License fee: $400/yr. plus $350 per branch. The license fee is due every January and is not prorated. No license required if company only issues first mortgages on residential property.

Link:  http://www.ago.state.co.us/UCCC/PDF/suplendlicenseapp.pdf

The Colorado Consumer Equity Protection Act (5-3.5-101 to 303, C.R.S.) prohibits certain high-cost refinance mortgage loans.

Link:  http://www.ago.state.co.us/UCCC/PDF/ConsumerEquityProtectionAct.pdf

State
Colorado Department of Regulatory Agencies
Division of Securities
1560 Broadway, Suite 900
Denver , CO   80202
(303)894-2320
Fax: (303)861-2126
If a company acts as a broker and obtains funding from sources other than licensed financial institutions (e.g. venture capital, private investors, pension funds, etc.) the business must be licensed by the Division of Securities. Firm and individuals are licensed. All individuals must be associated with a licensed firm.

Link:  http://www.dora.state.co.us/securities/brokers.htm

If the loan is being sold to a non-financial institution, i.e. pension fund, or an individual or group of investors, must contact the Division of Securities. While licensing may not be required, Title 38, Article 38 (Foreclosure Sales) and 40 (Mortgage Brokers), C.R.S. applies directly to mortgage lending. Provisions include but are NOT limited to the following:
LENDERS: Lending institutions must estimate settlement costs and disclose this information to the loan applicant. If the lender conditionally guarantees any terms of the loan, this must be via a written statement.
BROKERS: All funds/fees paid to a mortgage broker (individuals or firms who negotiate loans for 3rd parties) IN ADVANCE of obtaining or fulfilling a loan must be held in an escrow or trustee account with a bank.
LOAN SERVICERS: Must promptly credit all payments received and perform all assigned duties. If the servicing or collection rights are transferred, the transferor must, within 20 days, mail a notice to the debtor notifying them of the transfer and provide the transferees name, address and phone number. Loan servicer must provide an annual summary of activity related to the loan. Loan servicer will be liable for any interest or late fees if taxes are not paid on time. Penalties apply for violations.
State
Colorado Department of Regulatory Agencies
Division of Banking
1560 Broadway #1175
Denver , CO   80202
(303)894-7575
Fax: (303)894-7570
If the term “bank” or “banker” is used in the name of the business, written approval must be obtained from the Division of Banking.
State
Colorado Department of Regulatory Agencies
Division of Civil Rights
1560 Broadway #1050
Denver , CO   80202-
(303)894-2997
(800)262-4845
Fax: (303)894-7830
Home mortgage lenders, real estate brokers or agents, home builders, and all other persons who transfer, rent, or finance real estate must display printed non-discrimination notices available from the Civil Rights Commission.

Link:  http://www.dora.state.co.us/civil-rights/publications/Housing%20Discrimination%20Brochure%20English%20120705.pdf

Association
Colorado Mortgage Lenders Association
7000 East Belleview Avenue, Suite 203
ENGLEWOOD , CO   80111
(303)773-9565
(800)611-4830
The CMLA mainatains a Consumer Help Line to resolve consumer complaints against mortgage lenders.

Link:  http://www.cmla.com/CHL.html

Mortgage Business

|
State
Colorado Department of Regulatory Agencies
Real Estate Commission
1560 Broadway, Suite 925
Denver , CO   80202
(303)894-2166
Fax: (303)894-2683
All mortgage brokers conducting business in this state must be registered with the Division of Real Estate. Only those mortgage brokers who are registered or exempt from registration by law may broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker. This requirement is effective on and after January 1, 2007.

Link:  http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm

Applications are accepted online starting October 1, 2006. Prior to submitting an application, a set of fingerprints for a criminal history record check must be submitted to the Colorado Bureau of Investigation (CBI). The required background checks take approximately 3 months to process.
In addition, proof of a security bond in the amount of $25,000 must be submitted along with the application.
The application form may be accessed on-line at

Link:  http://www.dora.state.co.us/real-estate/applications/mortgagebroker/index.htm

Federal
U.S. Department of Housing & Urban Development
451 7th Street S.W.
Washington , DC   20401
(202)708-1112
HUD enforces the federal Real Estate Settlement Procedures Act, which requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services.

Link:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm

Federal
U.S. Federal Trade Commission
600 Pennsylvania Ave, NW
Washington , DC   20580
(202)326-3553
(877)382-4357
Fax: (202)326-3197
Federal Truth in Lending laws on disclosure of finance charges, advertising claims, and other matters apply.

Link:  http://www.ftc.gov/bcp/menu-lending.htm

State
Colorado Department of Law
Uniform Consumer Credit Code (UCCC)
1525 Sherman St, 5th Fl.
Denver , CO   80203
(303)866-4527
Fax: (303)866-5691
Any individuals regularly extending credit to consumers are regulated by the UCCC IF: The debtor is a person other than an organization; The debt is incurred primarily for a person, family or household; The debt is payable in installments or a loan finance charge is made.
Supervised Lender’s License required: License fee: $400/yr. plus $350 per branch. The license fee is due every January and is not prorated. No license required if company only issues first mortgages on residential property.

Link:  http://www.ago.state.co.us/UCCC/PDF/suplendlicenseapp.pdf

The Colorado Consumer Equity Protection Act (5-3.5-101 to 303, C.R.S.) prohibits certain high-cost refinance mortgage loans.

Link:  http://www.ago.state.co.us/UCCC/PDF/ConsumerEquityProtectionAct.pdf

State
Colorado Department of Regulatory Agencies
Division of Securities
1560 Broadway, Suite 900
Denver , CO   80202
(303)894-2320
Fax: (303)861-2126
If a company acts as a broker and obtains funding from sources other than licensed financial institutions (e.g. venture capital, private investors, pension funds, etc.) the business must be licensed by the Division of Securities. Firm and individuals are licensed. All individuals must be associated with a licensed firm.

Link:  http://www.dora.state.co.us/securities/brokers.htm

If the loan is being sold to a non-financial institution, i.e. pension fund, or an individual or group of investors, must contact the Division of Securities. While licensing may not be required, Title 38, Article 38 (Foreclosure Sales) and 40 (Mortgage Brokers), C.R.S. applies directly to mortgage lending. Provisions include but are NOT limited to the following:
LENDERS: Lending institutions must estimate settlement costs and disclose this information to the loan applicant. If the lender conditionally guarantees any terms of the loan, this must be via a written statement.
BROKERS: All funds/fees paid to a mortgage broker (individuals or firms who negotiate loans for 3rd parties) IN ADVANCE of obtaining or fulfilling a loan must be held in an escrow or trustee account with a bank.
LOAN SERVICERS: Must promptly credit all payments received and perform all assigned duties. If the servicing or collection rights are transferred, the transferor must, within 20 days, mail a notice to the debtor notifying them of the transfer and provide the transferees name, address and phone number. Loan servicer must provide an annual summary of activity related to the loan. Loan servicer will be liable for any interest or late fees if taxes are not paid on time. Penalties apply for violations.
State
Colorado Department of Regulatory Agencies
Division of Banking
1560 Broadway #1175
Denver , CO   80202
(303)894-7575
Fax: (303)894-7570
If the term “bank” or “banker” is used in the name of the business, written approval must be obtained from the Division of Banking.
State
Colorado Department of Regulatory Agencies
Division of Civil Rights
1560 Broadway #1050
Denver , CO   80202-
(303)894-2997
(800)262-4845
Fax: (303)894-7830
Home mortgage lenders, real estate brokers or agents, home builders, and all other persons who transfer, rent, or finance real estate must display printed non-discrimination notices available from the Civil Rights Commission.

Link:  http://www.dora.state.co.us/civil-rights/publications/Housing%20Discrimination%20Brochure%20English%20120705.pdf

Association
Colorado Mortgage Lenders Association
7000 East Belleview Avenue, Suite 203
ENGLEWOOD , CO   80111
(303)773-9565
(800)611-4830
The CMLA mainatains a Consumer Help Line to resolve consumer complaints against mortgage lenders.

Link:  http://www.cmla.com/CHL.html

Colorado Office of Economic Development and International Trade (303) 892-3840 oedit.info@state.co.us
Colorado Office of Economic Development and International Trade (303) 892-3840 oedit.info@state.co.us
Colorado Office of Economic Development and International Trade (303) 892-3840 oedit.info@state.co.us
Colorado Office of Economic Development and International Trade (303) 892-3840 oedit.info@state.co.us