The Division of Securities of the Colorado Department of Regulatory Agencies regulates all mortgage brokers within the state of Colorado. The National Mortgage Licensing System processes all Colorado mortgage licenses. In order to obtain a license, brokers must spend more than 20 hours studying Federal Law, Ethics, and other state-specified courses. Additionally, brokers must adhere to yearly continuing education requirements. Prior to selecting a Colorado mortgage broker, it is a good idea to ask for references.
In 2002, the state of Colorado passed various laws that protect consumers against predatory lenders. Lenders within the state of Colorado cannot charge fees that equal more than 6% of a principal financed amount. Homebuyers within Colorado qualify for various loans including VA, FHA, and USDA loans. First time home buyers also qualify for Colorado FHA loans. Some consumers may also qualify for Colorado’s Extra Credit Teacher Home Purchase Program, loans for persons with disabilities, or an Interest Only PLUS loan. Special loan requirements can be obtained by contacting the Colorado Housing Finance Agency. In accordance with Colorado law, all mortgage brokers who work within the state must be legally licensed. To find a reputable mortgage broker, look through the brokers listed on our site. |
