http://www.dora.state.co.us/real-estate/graphics/consumerpro.jpeg http://www.dora.state.co.us/real-estate/graphics/consumerpro.jpeg http://www.dora.state.co.us/real-estate/ The Division of Real Estate is the licensing, regulation and enforcement agency for the real estate broker, appraiser and mortgage broker industries. Our mission as a division of the Colorado Department of Regulatory Agencies is consumer protection. Erin Toll, Director of the Division of Real Estate Mortgage Broker http://www.dora.state.co.us/real-estate/rulemaking/index.htm#up http://www.dora.state.co.us/real-estate/rulemaking/index.htm#up 1-1-4 Mortgage Loan Originator License Renewal, Reinstatement and Re-Application 1-4-1 Licensing Education, Examination and Continuing Education Requirements Wed, 08 March 2009 13:08:00 MST Mortgage Broker http://www.dora.state.co.us/real-estate/rulemaking/index.htm#MB http://www.dora.state.co.us/real-estate/rulemaking/index.htm#MB In July of 2008, the Housing and Economic Recovery Act of 2008 was signed into law. Title V of the Economic Recovery Act of 2008 is the S.A.F.E. Mortgage Licensing Act. The S.A.F.E. Mortgage Licensing Act defines minimum national licensing standards for mortgage loan originators and requires states to adopt such provisions. The S.A.F.E. Mortgage Licensing Act requires all independent contractor processors or underwriters to be licensed as state-licensed loan originators. Accordingly, the Colorado General Assembly passed House Bill 09-1085 in May of 2009. This bill was signed into law by Governor Bill Ritter Jr. on May 21, 2009. House Bill 09-1085 becomes effective August 6, 2009. The Director of the Division of Real Estate has received many inquiries from loan processors and underwriters regarding when they need to be licensed as state-licensed loan originators. House Bill 1085 does define a requirement for licensure, but does not specify a timeline. The purpose of this position statement is to clearly provide a timeline for independent contractor processors and underwriters regarding when they are required to be licensed as state-licensed loan originators. Wed, 22 July 2009 13:08:00 MST