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STATE OF COLORADO
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Is a license required? |
Yes. State regulators interpret loan modifiers must be licensed as if they were mortgage brokers. A mortgage broker is defined in 12-61-902-5(Attached as Schedule A) an individual who negotiates, originates, or offers or attempts to negotiate or originate for a borrower, and for a commission or other thing of value, a residential mortgage loan to be consummated and funded by a mortgage lender.” |
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State
specific loan modification law? |
None. |
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Advantages
of becoming a licensed Mortgage Broker? |
There is no alternative. |
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Penalties
for operating in the state without a license: |
12-61-910 states that "(1) (a) Any natural person, firm, partnership, limited liability company, or association or any corporation violating this part 9 by acting as a mortgage broker in this state without having obtained a license or by acting as a mortgage broker after that person's license has been revoked or during any period for which said license may have been suspended is guilty of a class 1 misdemeanor and shall be punished as provided in section 18-1.3-501, C.R.S.; except that, if the violator is not a natural person, the violator shall be punished by a fine of not more than five thousand dollars." |
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Is an
advanced fee permitted? |
There is no prohibition on charging advance fees. |
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Is a
written agreement required? |
Yes. 12-61-913 states that "(1) Every contract between a mortgage broker and a borrower shall be in writing and shall contain the entire agreement of the parties. (2) A mortgage broker shall have a written correspondent or loan broker agreement with a lender before any solicitation of, or contracting with, any member of the public." |
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Other
noteworthy information? |
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Colorado
Statutes |
Regulator opinion on 12-61-9: Ctrl + Click Here License application: Ctrl + Click Here |