How to get Colordao MLO License Education and Testing Information

Nationwide Mortgage Licensing System (NMLS) your course completion record is posted on the NMLS, you pay for the exam and schedule the exam through the NMLS, and after successfully passing your NMLS exam on your first attempt using our extremely comprehensive and effective test preparation program you apply for all licenses and renewals on the NMLS.

Do you have your NMLS number yet?

If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!

Colorado Mortgage Loan Originator PE

Colorado Mortgage Loan Originator Licensing Checklist Click Here to get your CO 20 Hour MLO Education Online  Click Here to Get Your CO MLO 2 Hour PE Course

https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/CO-MLO-New-Application-Checklist.pdf The Colorado Board of Mortgage Loan Originators has retired the Colorado state-specific testing component and adopted the Uniform State Test. Individuals seeking to obtain a MLO license with the Colorado Division of Real Estate will be required to complete two (2) hours of Colorado specific pre-licensing education (“PE”) effective March 1, 2016. This requirement is in addition to the existing PE requirements in Colorado. The total number of PE hours required in Colorado has not increased, but the course content requirements have changed to effectively replace what was required general elective with a state-specific elective. However, the state-specific course may also be completed as a standalone course outside of the 20 hours of required education. Beginning March 1, 2016, the Colorado pre-licensure education requirements will be as follows: * 3 hours of Federal law; * 3 hours of Ethics; * 2 hours of non-traditional mortgage lending; * 2 hours of Colorado state-specific defined electives; and * 10 hours of general electives. Total PE: 20 Hours

Note: Individuals who fail to maintain an active, valid license for at least 3 years in Colorado or any other jurisdiction must satisfactorily complete the twenty (20) hours of pre-licensing education within the three (3) year period immediately preceding the date of application for licensure.

CO MLO Continuing Education Requirements

All individuals required to be licensed as mortgage loan originators are required to complete eight (8) hours of continuing education on an annual basis. Such continuing education must be completed within each calendar year and prior to any license renewal or reinstatement. Colorado CE education requirements will be as follows: * 3 hours of Federal law; * 2 hours of Ethics; * 2 hours of non-traditional mortgage lending; * 1 hour of elective (does NOT have to be CO state specific effective 2021)

Who Is Required To Have a CO MLO License?

All persons who originate a mortgage, offer to originate a mortgage, act as a mortgage loan originator, or offer to act as a mortgage loan originator. Individuals who meet requirements as described in section 12-61-904, Colorado Revised Statutes do not need this license. A Division checklist for new applicants has been created to help mortgage loan originators through the application process. This checklist can be viewed online in the MLO licensing section of the CO-DORA website.

License approval will be issued in an “Approved-Active” status once your Individual Form (MU4) is satisfactorily reviewed by Colorado Division of Real Estate. To receive an “Approved” status, Mortgage Loan Originators must meet listed in the Requirements Submitted Outside of NMLS section.

Activities Authorized Under This License This license authorizes the following activities…

• CO Mortgage Loan Origination
• First & Second Mortgage Brokering
• Foreclosure Consulting/Foreclosure Rescue
• Home Equity Lending/Lines of Credit
• Reverse Mortgage Activities
• High Cost Home Loans
• Third Party Mortgage Loan Processing (1099 Employees Only)
• Third Party Mortgage Loan Underwriting (1099 Employees Only)
• Mortgage Loan Modifications

How much does a CO MLO License Cost?

Mortgage Loan Originator NMLS MLO Licence Fees for 2022 are less than $150 including background checks 
CO MLO License NMLS Checklist: https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/CO-MLO-New-Application-Checklist.pdf

Note: Individuals who fail to maintain an active, valid license for at least 3 years in Colorado or any other jurisdiction must satisfactorily complete the twenty (20) hours of pre-licensing education within the three (3) year period immediately preceding the date of application for licensure.

Dual Status Disclosure

• This Real Estate Commission approved form is mandatory and is used to disclose to a client that a licensee holds both a mortgage loan originator AND real estate broker license.

Lock-In Disclosure Form

• This form must be used for all transactions not under the authority of the TILA-RESPA Integrated Disclosure Rule and for which the applicable GFE, Hud-1 and Truth-in-Lending disclosures are used.

2015 Colorado Tangible Net Benefit Disclosure

• At the time of completing a loan application the mortgage loan originator must complete a Tangible Net Benefit Disclosure form with the borrower(s).

Agreement for Loan Modification

• This mandatory agreement is entered into by the homeowner and the prospective mortgage loan originator prior to the mortgage loan originator negotiating a loan modification. The agreement discusses roles, responsibilities, legal rights by the homeowner and the overall review of the loan modification proces.