Division of Real Estate Division of Real Estate State of Colorado DORA


Mortgage Loan Originator Education

Colorado State | Dept. of Regulatory Agencies | Div. of Real Estate | Mortgage Broker Information

MORTGAGE LOAN ORIGINATOR LICENSING EDUCATION

Mandatory NMLS Approval
All education providers must receive approval from the NMLS before teaching the mortgage loan originator licensing course.

Mortgage Loan Originator Applicants
Effective January 1, 2010 all new mortgage loan originator applicants must complete the 20 hours of NMLS approved licensing education and pass the two-part exam prior to applying for a mortgage loan originator license.

Mortgage Loan Originator Licensees
All mortgage loan originators who currently maintain a Colorado mortgage loan originator's license and who have completed the State required testing prior to 12/31/2009 must complete the the SAFE National component by 07/31/2010

Mortgage Loan Originators Licensing Education Course Information

Total: 20 hours

Federal Law and State Law
Course objective: To protect the public by providing a course of study for mortgage loan originator candidates that will enhance their knowledge and awareness of current and relevant state and federal statutes, regulations, and forms as they pertain to the mortgage broker industry.


MORTGAGE LOAN ORIGINATOR LICENSING EXAMINATION - SCHEDULE AN EXAM

NMLS will develop, administer and grade the mortgage loan originator licensing examination.
The mortgage loan originator licensing examination will consist of two parts:

1) State Law
2) Federal Law


IMPORTANT INFORMATION FROM NMLS
Please click the link below to .
Schedule an exam and additional testing information
or call NMLS at 240-386-4444
Education course information and course providers
or call NMLS at 240-386-4444


CONTINUING EDUCATION REQUIREMENTS

Continuing education enhances the professional competence and professional responsibilities of all licensees. For specific information regarding CE please refer to: 1-4-1 Licensing Education, Examination and Continuing Education Requirements

Mortgage Loan Originator Continuing Education Matrix.

    Colorado Two (2) Hour Annual Update Course

    Licensee Information:

    Pursuant to Rule 1-1-4, entitled Licensing Education, Examination and Continuing Education Requirements, all individuals required to be licensed as state-licensed loan originators, pursuant to the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), are required to complete ten (10) 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.

    Of the ten (10) hours of continuing education, eight (8) hours are wholly administered through the Nationwide Mortgage Licensing System and Registry (the “NMLS”).  Pursuant to the S.A.F.E. Act, the eight (8) hours of continuing education administered by the NMLS shall consist of the following: three (3) hours of courses on Federal laws and regulations; two (2) hours of ethics courses; two (2) hours of courses related to nontraditional mortgage products; and one (1) hour of elective coursework.  In order to learn more about NMLS administered continuing education, please contact them at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

    In addition to the NMLS required eight (8) hours of continuing education, all individuals required to be licensed as state-licensed loan originators pursuant to the Act must complete a two (2) hour Colorado Annual Update Course that is administered by the Colorado Division of Real Estate (the “DRE”).

    As of February 16, 2011, the two (2) hour Colorado Annual Update Course has been developed and is ready for licensees to take this course.  Licensees must take this course from a DPOS approved provider or from a DPOS exempt provider, both of which must be approved by the Division of Real Estate.  All approved providers will be posted on the DRE website at:  http://www.dora.state.co.us/real-estate/licensing/education/MB/brokereducation.htm

    Licensees who successfully pass the National Portion of the S.A.F.E. Test in the same calendar year in which they were granted a Colorado license are exempt from all Colorado specific continuing education requirements for that year. All other licensees are required to complete 10 hours of continuing education, including the Colorado Two (2) Hour Annual Update Course as well as 8 hours of continuing education through the NMLS. Please refer to the NMLS for rules regarding the 8-hour continuing education requirement.

    Education Provider Information:

    Educators and trainers exempt from the Colorado Division of Private Occupational Schools oversight, pursuant to section 12-59-104, C.R.S., must be approved by an authorized representative of the Board of Mortgage Loan Originators. This includes submitting proof of any applicable exemption(s).  DPOS exempt providers will be provided course materials after their application has been received, reviewed, approved and after the instructor has attended one (1) trainer the trainer course.  All course materials will be disseminated electronically.  Please allow up to 5-7 business days for the process of application materials.  To access the application, please visit: http://www.dora.state.co.us/real-estate//mortgage/documents/Continuing Education Provider Application _2_.pdf

    In order to provide and teach the Colorado two (2) hour annual update course, educators and trainers not exempt from the Colorado Division of Private Occupational Schools oversight, pursuant to 12-59-101, et seq., C.R.S., must be approved by the Colorado Division of Private Occupational Schools and approved by an authorized representative of the Board of Mortgage Loan Originators. DPOS approved providers will be provided course materials after their application has been received, reviewed, and approved.  All course materials will be disseminated electronically.  Please allow up to 5-7 business days for the process of application materials.  To access the application, please visit: http://www.dora.state.co.us/real-estate//mortgage/documents/Continuing Education Provider Application _2_.pdf

    All education providers and trainers interested in teaching the Colorado two (2) hour annual update course shall apply each calendar year with the Colorado Division of Real Estate for approval in a manner prescribed by the Board of Mortgage Loan Originators; prior to teaching the course material. Educators and trainers that are exempt from the Division of Private Occupational Schools’ oversight shall provide proof in writing of such exemption. Proof of exemption shall include a direct and written exemption from the Division of Private Occupational Schools.

    All education providers and trainers interested in teaching the Colorado two (2) hour annual update course shall keep records of all individuals that have completed the Colorado two (2) hour annual update course and shall provide the Colorado Division of Real Estate with a quarterly list of such individuals by April 15 of each calendar year, July 15 of each calendar year, October 15 of each calendar year, January 15th of each calendar year, and in a manner prescribed by the Board of Mortgage Loan Originators. Educators are required to keep records of course attendance for a period of four (4) years.

    All education providers shall provide the course material and applicable handouts to all students that have enrolled and completed the two (2) hour Colorado Annual Update Course.

    All education providers and trainers shall provide a certificate of completion to all individuals that have completed the two (2) hour Colorado Annual Update Course.

    The Next Train the Trainer Course:
    The Colorado Division of Real Estate will administer a Train the Trainer for anyone interested in becoming a course provider.

    January 9, 2012
    1:00 p.m. until 4:00 p.m.

    Location:
    Colorado Division of Real Estate
    1560 Broadway, Suite 110D
    Denver, CO 80202

    If you are interested in signing up for the train the trainer course, please contact Eric Turner at 303.894.2424 or real-estate@dora.state.co.us


EDUCATION PROVIDERS/SCHOOLS

All education providers must receive approval from the Division of Private Occupational Schools (DPOS) before they can teach the mortgage loan originator licensing course.
NMLS Course Provider Resource

Colorado 2 Hour Annual Update Course Providers

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