Mortgage Loan Originator Education
Colorado
State | Dept. of Regulatory Agencies
| Div. of Real Estate | Mortgage Broker Information
Education
- Mortgage Loan Originator Licensing Education
- Mortgage Loan Originator Licensing Examination - Schedule an Exam
- Exemption Qualifications
- Continuing Education Requirements
- Course Outline
- Education Providers/Schools
MORTGAGE LOAN ORIGINATOR LICENSING EDUCATION
Mandatory DPOS Approval
All education providers must receive approval from the Division of Private Occupational Schools (DPOS) before teaching the mortgage loan originator licensing course.
DPOS Information - Effective April 7, 2008
Division of Private Occupational Schools
1560 Broadway Suite 1600
Denver, CO 80202
(303) 866-2723
Mandatory DPOS and PSI Approval for out-of-state providers
DPOS does not approve courses for out-of-state providers. Therefore, PSI will approve the courses for out-of-state providers. Out-of-state providers must submit their request for course approval to cathy@psionline.com.
Mortgage Loan Originator Applicants
Effective January 1, 2009 all mortgage broker applicants must complete the 40 hours of 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 must complete 40 hours of licensing education and pass the two-part licensing exam by January 1, 2009.
Mortgage Loan Originators Licensing Education Course Information
Total: 40 hours
State and Federal Law (Course time: 19.5 hours of education coursework)
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 101 (Course time: 16 hours of education coursework)
Course objective: To protect the public by providing a course of study for mortgage loan originator candidates that identifies the necessary components and overall anatomy of a mortgage loan transaction.
Business and Trade Practices (Course time: 4.5 hours of education coursework)
Course objective: To protect the public by providing a course of study that provides mortgage loan originator candidates with the real world application of laws, rules, and standards of practice.
MORTGAGE LOAN ORIGINATOR LICENSING EXAMINATION - SCHEDULE AN EXAM
PSI, Inc. will develop, administer and grade the mortgage broker licensing examination.
The mortgage loan originator licensing examination will consist of two parts totaling 100 questions:
1) State and Federal Law (30 State questions and 30 Federal questions)
2) Mortgage Lending Basics - (40 General questions)
IMPORTANT INFORMATION FROM PSI
Please click the link below to download PSI's Candidate Information Bulletin.
PSI Candidate Information Bulletin
To schedule an appointment to take the exam, please visit www.psiexams.com or call PSI at 1-800-733-9267.
EXEMPTION QUALIFICATIONS
Under circumstances listed below, Director Erin Toll grants reprieve from the Mortgage 101 and Business and Trade Practices portion of the coursework and the General portion of the examination.
To qualify for the exemption, mortgage loan originators must meet all five requirements:
1) Currently maintain a mortgage loan originator license.
2) A member of a mortgage loan originator association approved for exemption by the Division of Real Estate.
3) Maintain a mortgage loan originator association designation that is current and in good standing.
4) Provide the letter of certification from the qualified organization to the education course provider prior to completing coursework.
5) Provide the letter of certification to PSI prior to taking the exam.
Currently only members of the National Association of Mortgage Brokers (NAMB), Colorado Association of Mortgage Brokers (CAMB) and Colorado Mortgage Lenders Association (CMLA) meet the exemption qualifications. NAMB, CAMB and CMLA members must contact their respective associations for more information.
Mortgage loan originators who qualify for the exemption must complete the 19.5 hours of the State and Federal Law portion of the coursework and pass the State and Federal Law portion of the exam.
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.
COURSE OUTLINE
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.
Classroom Education Providers - Mortgage Loan Originator Licensing Education
DPOS School Directory
In-State Occupational Schools
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Out-of-State Occupational Schools, Approved to Market in Colorado
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