Section 3. Applicability
This rule applies to each individual mortgage broker applicant and each individual
mortgage broker who currently maintains a mortgage broker license through the Colorado Division of Real Estate.
Section 4. Rules Regarding A Mortgage Broker Education Extension and Testing Modifications.
1.
All mortgage brokers who obtain a Colorado mortgage broker license
prior to January 1, 2009 must complete the 40 hours of licensing
education and pass a two-part written licensing examination by January
1, 2009. Individuals who fail to comply with this requirement may file
for an extension. Mortgage brokers requesting an education extension
shall: a. Complete the education extension form created by the Director
of the Division of Real Estate. This form may be found on the Division
of Real Estate’s website at
http://www.dora.state.co.us/real-estate/mortgage/MBForms.htm; b. Pay a
$100.00 extension fee by money order or a cashier check; c. Request
that the Director inactivate their mortgage broker license if they fail
to pass the written examination in accordance with this rule by March
31, 2009, such inactive status remaining in effect until passage of the
mortgage broker examination and subsequent request for activation; and
d. Provide the Director with an original copy of the requisite surety
bond, with the accompanying power of attorney and proof of the
requisite errors and omissions insurance. MORTGAGE BROKER EDUCATION
EXTENSION AND TESTING MODIFICATIONS Page 3 of 3
2. Individuals
who fail to pass the requisite written examination by January 1, 2009
and who fail to comply with the extension process defined in this rule
are subject to all forms of discipline authorized by the Mortgage
Broker Licensing Act. Additionally, the license renewal, reinstatement
or reactivation fees for such individuals will automatically be
increased by $500.00, due to the related increase in administrative
burden.
3. The mortgage broker written licensing examination
consists of two parts. The two parts include the Federal, State and
Consumer Protection Laws portion and the Mortgage Lending Basics and
Ethics portion. On and after January 1, 2009, an individual shall not
be considered to have passed the written test unless the individual
achieves a test score of not less than seventy-five (75) percent
correct answers on both the Federal and State Law portion of the exam
and the Mortgage Lending Basics portion of the exam. If the applicant
fails one of the two parts, the applicant may reschedule with the
examination provider to retake only the portion of the exam that they
failed. In no event is a passing score accepted beyond one year (365
days) from the date of the passing score.
4. Retesting
Standards. On and after January 1, 2009, any individual may retake a
test three (3) consecutive times with each consecutive taking occurring
at least 30 days after the preceding test. After failing three (3)
consecutive tests, an individual shall wait at least six (6) months
before taking the test again.
5. In Rule 1-4-1, entitled
Mortgage Broker Licensing Education, The Director authorized equivalent
distant or distance learning courses. This shall not be construed to
include home or correspondent education. Rather, equivalent distant or
distance learning courses shall only include online courses that ensure
through security features and functionality that an individual has
spent the same amount of time on the online course as they would in a
traditional classroom setting.
40 Hour Mortgage Broker Course in 2009
In Classroom - $399.95 including materials
and we GUARANTEE you will pass or you
can take the class again (online or in class) for FREE.
Online Courses available for $299.95 including materials
Classes are to be held at
American Real Estate College
7651 W 41st Ave # 202
Wheat Ridge,Co. 80033
DON'T WAIT......CALL NOW!
303-569-6171
American Real Estate College
is honored to be among the select few to offer the 40 Hour Mandatory
Broker Licensing course. We've been involved from the beginning. We
were among the original signors of the 1st licensing bill
offered to the State Legislator in June of 2000. We are a part of the
Governor's task force to create the course. In addition, we are also a
part of the committee that creates and approves the questions for the
Mortgage Brokers exam. American Real Estate College has been involved
in Mortgage Broker education for the past 14 years.
The President/Owner of American Real Estate College
has served for 6 years as a board member of the Colorado Association of
Mortgage Brokers (CAMB). He and his very capable instructor staff have
been involved in over 75,000 real estate transactions. No one in the
industry has been more committed to making the mortgage broker
licensing transition as easy as possible. American Real Estate College is the recognized standard for all mortgage and real estate licensing.
COURSE AVAILABILITY AND COST:
The in class Mortgage Broker education program is $399.95 including materials
On line class $299.95 including materials
In class study is available in metro Denver, Colorado Springs, Fort Collins, Aurora and Loveland. Refer to the calendar at the bottom of this page for dates and times.
PRE-LICENSE EDUCATION:
Each
new and current mortgage broker must have completed the 40 hours of
pre-license course work and pass the state examination before January 1, 2009. The Colorado Educational requirements for mortgage broker licensing are as follows:
State & Federal Laws and Regulations - 19.5 Hours
Mortgage Brokerage 101 - 16 Hours
Business & Trade Practices - 4.5 Hours
ON-LINE CLASSES:
On-line virtual classroom now available. There is no other on-line course like it! CUSTOM MADE AND DEVELOPED FOR THOSE WHO ARE NOT USED TO OR JUST PLAIN HATE TRADITIONAL ON-LINE COURSES. You will love this course!
This course includes:Foreclosure - the very finest foreclosure and short sale class available - period.
FHA - It will be the market - you will be ready. RESPA - The most confusing part of our industry - but not for you. Appraisal -
How to legally work with appraisers - things have changed. Also, how to
intelligently discuss the appraisal report with your underwriter. Mortgage fraud - Mortgage brokers are being fined, prosecuted and even imprisoned- many simply from lack of knowledge. Proper forms - 1003, GFA, TILA, plus the latest required - and how they are to be filled out. What's next - You may be surprised. Plus much more.
This is the best mortgage
course available anywhere at any price. You may choose to go through
the motions with other programs just to get it done, or invest the same
amount of time and effort in a course that will pay for itself many
times over.
The Test - Upon completion of this course,
you are ready for the state exam. If you should happen to fail, which
is extremely unlikely, you may attend all the classes as many times as
you need to, for up to a one year period for no additional fee.
LICENSING IN OTHER STATES:
Upon completion of this course through
American Real Estate College you will have met the education
requirements of 14 other states. This is a great opportunity to expand
into other markets.
EXEMPTIONS:
If
current mortgage brokers can document a professional designation from
CAMB/NAMB they would not be required to complete the 16 Hour - Mortgage
101 course or that portion of the state examination. They would still
have to complete the 19.5 Hour - Federal and State Law course and pass
that portion of the state exam. It is estimated that less than 50
individuals will qualify for this exemption.
CONTINUING EDUCATION:
The
40 hour mortgage broker education has been approved for elective
continuing education for real estate brokers and appraisers. Continuing
education for mortgage brokers is still under discussion by the
Colorado Mortgage Broker Program.
STATE EXAM:
The
state mortgage broker examination will be administered by PSI. The
state examination is available at PSI testing centers effective April
1, 2008. Students must complete the required 40 hour pre-license
education before taking the state exam. The phone number for PSI is
1-800-733-9267.
FREE TEST PREPARATION:
All registered students are invited to attend the State Licensing Exam Cram course on Saturdays from 9:00a.m. To 12:00 p.m.
(To begin soon).
Sign up on-line or call today!
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