The Colorado Division of Real Estate is the regulatory body entrusted with overseeing the licensing of mortgage loan originators.
In addition to meeting licensing requirements and paying the appropriate fees, a loan originator will need to file a surety bond in one of three amounts. This surety bond may alternately be referred to as a Colorado mortgage broker bond.
Our agency works for you to find you the fair surety bond pricing.
The mortgage loan originator bond is available in three amounts, which depend on the number of persons involved in the licensing process.
The $25,000 CO mortgage loan originator bond
For the $25,000 Colorado mortgage loan originator bond, the premium is $188 for one year. After completing an application, and paying the premium, the bond is issued to you immediately. There is no credit inquiry.
At your request, a copy of the bond may be emailed to you for no additional charge.
This $25,000 surety bond amount may also be prepaid for 2 years at $338 and 3 years for $489.
$100,000 & $200,000 Surety Bond Amounts
For those established businesses of at least 3 years and who also meet other conditions, the $100,000 surety bond may cost you as little as $750, annually; the $200,000 surety bond amount may cost you as little as $1,500 annually.
If your loan originator company qualifies at these price points, prepayment options will also be available.
A mortgage loan originator bond is required of you, but it is for the benefit of consumers. As stated within the surety bond wording, the bond protects consumers from fraud, criminal impersonation, or forgery.
As surety for the bond, you must indemnify the surety for any claims paid against your bond if such were ever the case.
AmeriPro Surety Bonds is a surety bonds-only agency. In addition to the Colorado mortgage broker bond, we provide other license and permit, court, and fiduciary bonds throughout Colorado.
Our agency also provides surety bonds nationwide.
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