How much is a Colorado MLO license?

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• Home
  • Site Map
• States
  • Mortgage Licensing Requirements by State
  • Requirements by Type
• Education
• Services
  • Mortgage Licensing Services
  • FHA Licensing Services
  • News
• Contact
  • Contact Us
  • About Us
  • Testimonials
• Pricing and Payments
  • Pricing
  • Payments

Colorado Mortgage Licensing

Colorado Mortgage LicensingIML2022-07-14T14:23:46-07:00

Colorado Mortgage Licensing

Mortgage Banker or Broker

Mortgage Company Registration

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $ None
Surety Bond: $25,000 per LO (see options below)
Comments: You should use the individual option if you will only have a couple CO LOs. If you plan on licensing more than 3 to 4 LOs, then it would start to make sense to get the company bond and E&O.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$125 – Foreign Entity App
$125 – Registered Agent Fee
$298 – Company License Fee
A loan originator must obtain an individual $25,000 Colorado Surety Bond ($100) and $100,000 Colorado Errors & Omissions Insurance Policy (E&O) ($180)

For the Surety Bond there are 3 options:
$25k – Individuals each hold this.
$100k – Company holds this if company has less than 20 CO LOs
$200k – Company holds this if company has 20 or more CO LOs
Colorado Surety Bond Rule
For E&O there are also 3 options:
Each LO hold this – Coverage is for not less than $100,000.00 for each licensed individual per covered claim, with an annual aggregate limit of not less than $300,000.00 per licensed individual; and Coverage contains a deductible no greater than $1,000.00 or a deductible no greater than $20,000.00 for policies insuring primarily reverse mortgage transactions.
Less than 20 Employees – Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $2,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $50,000.00.
20 or more Employees – Coverage is for not less than $1,000,000.00 per covered claim, with an annual aggregate limit of not less than $4,000,000.00 that is exclusive to Colorado consumers; and Coverage contains a deductible no greater than $100,000.00.
CO E&O Rule

Mortgage Banker over 12% APR

Supervised Lender License

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $15,000 to $25,000
Surety Bond: $25,000

Regulated by:

Division of Real Estate

1560 Broadway, Suite 925
Denver, CO 80202
Telephone: 303-894-2166 or 303-894-2185
Fax: 303-894-2683
Gloria Williams | | 303-894-230

Department of Law
Uniform Consumer Credit Code

Unit 1525
Sherman St. 5th Floor
Denver, CO 80203
Telephone: 303-866-4527
Fax: 303-866-5691

Title

​​NMLS Processing Fees, including fees associated with testing, education credit banking, and criminal background and credit checks, are established and reviewed annually by the Board of Managers of the State Regulatory Registry LLC, the operator of NMLS, on behalf of participating state agencies. The basic NMLS Processing Fees for company, branch, and mortgage loan originator licensing were initially established when NMLS launched in January 2008 and have not increased since that time, despite continual development to improve and expand system functionality.

Payments submitted through NMLS can be made using Visa, Master Card, or ACH (Automated Clearing House). Effective October 21, 2013, all credit card transactions will have a 2.5 percent service fee added to the charge.  Transactions paid by ACH will not be subject to any additional service fees; see the Paying by ACH Quick Guide for assistance. For more information on both payment methods, see the NMLS Payment Options Quick Guide.

The NMLS processing fees for state licensing and federal registration are listed below. Payment of the fees listed below may be made by credit card or by ACH payment from a bank account (pre-authorizing ACH payment to NMLS is recommended). NMLS does not charge a processing fee for ACH payment. For payment by credit card, a 2.5% service fee will be applied. This fee will appear on a separate line on your credit card statement.

NMLS Processing Fees for State Licensure

1. Initial Setup Fee - This fee is incurred each time a company (Form MU1), branch (Form MU3), or mortgage loan originator (Form MU4) uses the NMLS to apply for a new license in a participating state. The Initial Set-up Fee is a “per agency/per license.” fee. The initial set-up fee is not charged for license authorities that do not include the ability to originate, fund, or service mortgages.
2. Annual Processing Fee - This fee is incurred each year during the annual renewal period when a company, branch, or mortgage loan originator submits a renewal request in a participating state. This fee is a “per agency/per license” fee.
3. MLO Change of Sponsorship Fee - This fee is incurred each time a company requests to sponsor a mortgage loan originator's (MLO) license. This fee is a “per agency/per license” fee.

IMPORTANT: The above fees do not represent the total cost to license a company, branch or MLO.  Each state agency may charge its own licensing fees for each of its license types and for MLO license sponsorship.

NMLS Processing Fees for Federal Registration

1. Initial Setup Fee - This fee is incurred when an institution (Form MU1R) or mortgage loan originator (Form MU4R) initial registration is made in NMLS.
2. Annual Processing Fee - This fee is incurred each year during the annual renewal period.
3. MLO Change of Employment Fee - This fee is incurred each time an institution requests to have a registered mortgage loan originator (MLO) associated with their institution.
4. Two-Factor Subscription Fee - In order to satisfy federal requirements for online government services, NMLS uses a two-factor authentication system (Verisign security token) for all institution users who have access to more than one MLO’s personal identifying information. The annual subscription fee is charged to each institution user to cover the cost of this service.  It is a "per user/per year" fee.

Merger and Acquisition Fees for Registration

There are two fees for processing mergers and acquisitions in NMLS:

1. M&A Batch Upload base processing fee:    $750
   Standard fee paid by acquiring institution (MU1R) at initiation of MLO transfer
2. MLO transfer fee for each record successfully processed: $10 per MLO
   Fee for each MLO to be transferred from acquired institution, paid by acquiring institution
   

Professional Standards Fees

Education Provider Fees

The following fees are charged to organizations who apply for and maintain designation as an “NMLS Approved Educational Provider.”

• Provider Application Fee - $400
• Provider Renewal Fee - $400
• Course Approval Fee - $300 plus $20 per credit hour
• Course Renewal Fee - $200 plus $20 per credit hour
• Credit Banking Fee - $1.50 per credit hour banked

For details see Course Providers. 

Uniform Authorized Agent Reporting Processing Fee

• Per Active Agent Fee - Twenty - five cents ($0.25) per active agent assessed on an annual basis during the license renewal period (November 1st).
• Active agent number based on the number of agents in the system on August 16th of each year (day after the second quarter UAAR update deadline).
• No licensee will pay an annual processing fee on the first 100 active agents. If a licensee has 100 agents or less, they pay no fee.
• Annual processing fee capped at $25,000 per licensee per year.

Additional Information on NMLS Processing Fees

How are NMLS Processing Fees structured?

NMLS Processing Fees have been generally structured on a “per license, per state” basis, such that companies or individuals holding more licenses pay more in fees than those that hold fewer licenses. Additionally, mortgage loan originator NMLS Processing Fees are generally structured on an activity basis such that MLOs who move between employers or change licenses pay more in fees than those that do not move between employers or changes licenses.

What are the NMLS Processing Fees used for?

The NMLS Processing Fees are used to pay for the operations and development of NMLS. The operations of NMLS include maintaining and developing all system functionality, providing for system availability, retaining all records and ensuring system data security, operating the NMLS Call Center, and updating and developing the NMLS Resource Center.  Additionally, many of the capabilities available through NMLS are mandated under the federal S.A.F.E. Act such as the testing and education enrollment and the ability to obtain criminal background checks and credit reports. 

Since its launch on January 2, 2008, NMLS has added a significant amount of functionality designed to enhance NMLS’ effectiveness as a supervisory tool for state agencies as well as streamline the compliance process for licensees. This functionality has included the electronic uploading of financial statements and other documents, the unified criminal background check and credit check process, electronic credit banking of education requirements, the SAFE MLO Test with Uniform State Content, and the Streamlined License Renewal process. Additionally, NMLS Consumer Access, a fully searchable website that allows the public to verify the credentials of mortgage professionals, is provided free of charge.

NMLS is continually being enhanced to improve its effectiveness as a supervisory tool as well as to provide licensees with a uniform compliance process.

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