In order to become a licensed and active mortgage loan originator in Colorado, you are required to obtain a surety bond. Mortgage loan originators in Colorado must also be registered with the Nationwide Multistate Licensing System (NMLS), be in good standing with the
Colorado Secretary of State, and not be legally barred from operating in the State of Colorado. In obtaining a surety bond from a surety company authorized to conduct business in the State of Colorado, you are required to show proof of continuous surety bond coverage and that all required information on file with the Colorado Division of Real Estate is current. Individual mortgage loan originator surety bonds have a minimum required bond amount of $25,000 while groups of mortgage
loan originators with less than 20 licensees have a minimum required bond amount of $100,000. Groups of mortgage loan originators with 20 or more licensees have a minimum required bond amount of $200,000. Colonial Surety offers the direct and digital way to obtain a mortgage loan originator bond. We are the
insurance company — which means no agent, no broker, and no middleman and are licensed in all 50 states including Colorado. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple! Products in this Article2. Choose A BondChoose Bond 3. Enter Your InfoEnter Info 4. Receive Your QuoteReceive Quote
SECURE Backed by SSL, our online bonding process is secure. We are committed to your privacy. BEST PRICES We shop the top surety markets to find you the best rate. FAST We’ve streamlined the bonding process to make your experience as fast and easy as possible. The cost of a mortgage loan originator bond in Colorado depends on the bond amount as well as underwriting considerations. The best way to determine your exact surety bond cost is to contact an expert by calling 1 (800) 308-4358 or by requesting your free surety bond quote online. If you’re ready to get bonded quickly, easily, and accurately, call SuretyBonds.com at 1 (800) 308-4358, or click here to request your free, personalized surety bond quote now. A mortgage loan originator surety bond is a type of license and permit bond required by the Colorado Department of Regulatory Agencies to ensure that consumers can seek recourse for financial losses if they’re wronged by a professional loan originator during a mortgage transaction. The amount of the bond is determined based on the number of individuals employed by the originator. Mortgage originators are the original mortgage lender and work with borrowers to complete a loan. If the principal (the loan originator) violates the terms of the bond agreement and a consumer is harmed as a result, a claim can be made on the bond. Colorado mortgage loan originator bonds remain continuous unless otherwise canceled. If the bond is to be canceled, the surety must provide 30 days' written notice to the obligee prior to cancellation. It is against the law to conduct business as a mortgage loan originator in Colorado without being first being licensed by the Department of Regulatory Agencies. To obtain a Colorado mortgage loan originator license, an applicant must take the following steps:
If you’re ready to get your Colorado mortgage loan originator license, contact SuretyBonds.com now to get your required bond. Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states. What is the minimum required surety bond coverage for an MLO who is obtaining their own surety bond in Colorado?A minimum $25,000 surety bond is required. A bond is not required if the company that employs the mortgage loan originator has less than 20 licensed persons and holds a $100,000 surety bond.
How much does a surety bond cost in Colorado?For titles between $6,001 and $25,000, surety bonds start at $100 and increase at a rate of $10 per $1,000 of coverage. Title bond amounts between $25,001 and $50,000 are issued at a rate of $15 per every $1,000 of coverage.
How are surety bonds calculated?Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.
What is a surety bond Colorado?Colorado surety bonds are sometimes needed when you apply for business license. Surety bonds are three party agreements which involve you or your company, a surety, and another party called the obligee. They typically guarantee performance of a contract or that you will follow the rules which govern your state license.
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