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How to Get an NMLS Mortgage License in Colorado
If you have been asking yourself, “how do I get a mortgage license in Colorado?”, this guide will tell you exactly how to do it. If you are wondering how to become a mortgage loan originator and get an NMLS license Colorado is a great state in which to start. A mortgage loan originator, or mortgage loan officer, helps prospective homebuyers obtain a residential mortgage loan, and a mortgage loan originator license is required to do that. The mortgage business is a fast-paced industry with plenty of opportunities for an up-and-coming mortgage loan originator.
In order to become a licensed mortgage loan originator in Colorado, you will have to complete the steps which are outlined below. Additionally, you should consider the costs, education requirements, and other factors discussed in this guide that go into becoming a loan officer in the state of Colorado.
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Step 1 |
Step 2 |
Step 3 |
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Apply for NMLS Account and ID Number |
Complete NMLS Pre-License Education |
Need to pass the SAFE MLO National Test |
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The first step to obtaining your Colorado mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website. |
Once you’ve created your NMLS account, it’s time to complete your pre-license education. Colorado requires the 20-hour (18 hour instruction & 2 hour elective) SAFE pre-licensure education course. |
With your education complete, you need to schedule an appointment for the National Test Component exam and take the NMLS test. Find out more on how to take your NMLS exam here. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Check and Pay All Fees |
Apply for Your Colorado Mortgage License |
Associate Your NMLS Account with Your Employer |
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To finalize your application and receive your license, you'll need to pay several non-refundable fees and complete a background check. Find out more about how to complete your background check and fingerprints here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your Colorado NMLS license. You can find more information on this step here. |
Your license will still be pending in Colorado until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here. |
During each step of the application process, applicants can review their license status on the NMLS website.
Mortgage Loan Officers in Colorado must also register with the Colorado State Licensing Agency, in addition to the Nationwide Mortgage Licensing System.
Colorado Mortgage License Education
Our goal is to make your mortgage loan originator education as convenient as possible, though we know it’s not for everyone. Being a loan officer takes a willingness to learn every aspect of the mortgage industry and before you receive your license, it is required to complete pre-license education to understand the guidelines and regulations that are required of mortgage loan officers, as well as the responsibilities and duties of a mortgage company.
However, once you are established, a career as a mortgage loan originator can be very fulfilling, flexible, and refreshing. If you don’t mind putting in hard work, like to connect with everyone in your workspace, and have a desire to learn, then obtaining your Colorado mortgage loan originator license may be the perfect move for you!
Colorado Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
Two elective hours must cover Colorado specific regulations and laws. Mortgage Educators includes all of this bundled together, making it easy to keep track of your educational progress.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 10 Hours |
| Colorado Specific Law | 2 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Colorado should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Colorado:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Colorado License Fee | $30 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| State Criminal Background Check | $39.50 |
| Total License Cost | $145.75 |
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Colorado Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Colorado is December 31st. MLO's in Colorado are actually prevented from applying for license renewal until they have completed their CE.\
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Colorado mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at [email protected].
