Mortgage Loan Originator Legislative Update
Colorado
State | Dept. of Regulatory Agencies
| Div. of Real Estate | Mortgage Broker Information
House Bill 07-1322 - Effective June 1, 2007
Repeals the FHA exemption
Requires mortgage brokers to act for the benefit of the borrower by taking actions that include a reasonable inquiry concerning the borrower's current and prospective financial status.
Defines prohibited conduct regarding fraud, misrepresentation, and conflict of interest.
Defines disclosures specific to fees, costs, and lock-in agreement terms.
Senate Bill 07-085 - Effective June 1, 2007
Prohibits a mortgage broker from improperly influencing a real estate appraisal and makes such improper influencing a deceptive trade practice.
Specifies criminal penalties for improperly influencing a real estate appraisal.
Authorizes the Director, of the Division of Real Estate, to revoke a mortgage broker's registration when the broker has improperly influenced a real estate appraisal.
Senate Bill 07-216 - Effective July 1, 2007
Creates a duty of good faith and fair dealing for mortgage brokers in their communications and transactions with borrowers.
Requires refinancing transactions to have a reasonable, tangible net benefit to borrowers.
Requires the Director to promulgate rules governing the marketing of nontraditional mortgages by mortgage brokers.
Senate Bill 07-203 - Effective January 1, 2008
Changes the regulatory framework for mortgage brokers from registration to licensing.
E&O insurance becomes a requirement for licensing.
Establishes pre-licensing education requirements, testing, and continuing education for mortgage brokers. Education component becomes effective January 1, 2009.
Defines grounds for disciplinary action.
House Bill 1085 Effective August 5, 2009
.gif)