Colorado requires some additional steps that need to be taken on their eLicense website. These steps aren't always apparent, especially during renewal season. Contact us for more info!
Mortgage Company Registration (Company)
- NMLS Cost: $200
- Surety Bond: $100,000 (<20 CO LOs), $200,000 (>20 CO LOs), or $25,000 surety bond for each individual LO
- E&O Insurance: $100,000 minimum
- No qualifying individual needed
- No branch licenses
Mortgage Loan Originator License (individual)
- NMLS Cost: $30 (in processing fees)
- Additional Costs: $15.00 per credit report, $36.25 per federal criminal background check; $39.50 for a Colorado State criminal background check (outside of NMLS), $25.00 license fee (outside of NMLS)
- Surety Bond: $25,000 (unless company carries $100,000 CO surety bond)
- Education: 2 hours of CO-specific pre-licensure education is required
- Additional action is required on CO's eLicense website. Contact us for details.