Business Licensing Database
MORTGAGE BUSINESS

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BANKER	BROKER	CREDIT	ESCROW MANAGEMENT
FINANCE COMPANY	FINANCING	HOME LOANS	LENDER
LENDING	LOANS	MORTGAGE	MORTGAGE BANKER
MORTGAGE BUSINESS	MORTGAGE SERVICING	REVERSE MORTGAGES	SECOND MORTGAGES
WRAP-AROUND MORTGAGES

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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://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Federal
U.S. Federal Trade Commission 600 Pennsylvania Ave, NW Washington , DC   20580 (202)326-3553 (877)382-4357	Federal Truth in Lending laws on disclosure of finance charges, advertising claims, and other matters apply. Link:  http://www.ftc.gov/bcp/business.shtm
State
Colorado Department of Law Uniform Consumer Credit Code (UCCC) 1525 Sherman St, 5th Fl. Denver , CO   80203 (303)866-4500 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.coloradoattorneygeneral.gov/sites/default/files/uploads/uccc/uccc0709.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.coloradoattorneygeneral.gov/sites/default/files/uploads/uccc/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 #975 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_and_services/Housing_Discrimination/HousingDiscriminationBrochure-English-June2009.pdf
Association
Colorado Mortgage Lenders Association 7000 East Belleview Avenue, Suite 203 Englewood , CO  80111 (303)773-9565 (800)611-4830 Fax: (303)773-8746	The CMLA mainatains a Consumer Help Line to resolve consumer complaints against mortgage lenders. Link:  http://www.cmla.com/

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page last updated 3/23/10

The Colorado Revised Statutes are available on line at http//www.state.co.us/gov_dir/leg_dir/olls/colorado_revised_statutes.htm. You can locate a statute of interest by searching either on the citation given in the database (e.g., 18-5-307) or on a keyword or phrase.

 

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