I Passed!!!!
I am pleased to report that I sat for and passed the state mortgage broker licensing exam yesterday, July 24, 2008. I now hold both the mortgage broker license as well as my Certified Mortgage Lender designation.
Let’s be candid for a minute. With record foreclosures, unscrupulous mortgage companies were part of the problem.
To help combat mortgage fraud, predatory lending, and bait and switch tactics, the Colorado Legislature now requires persons who take mortgage applications to be licensed, carry an individual state bond, individual errors and omissions insurance, 40 hours of industry education by the end of the year, continuing education, and passage of mandatory state exams. I have completed all of these requirements.
But the Colorado Legislature has no legal authority over national banks or state credit unions which are regulated at the federal level. As a result, these lending institutions’ loan officers are exempt from the strict requirements placed on mortgage brokers and bankers (like Mountain Crest). Their loan officers are exempt from the all of the above requirements.
Especially during these turbulent times, be sure to work with a Colorado-licensed Mortgage Broker.
To help combat mortgage fraud, predatory lending, and bait and switch tactics, the Colorado Legislature now requires persons who take mortgage applications to be licensed, carry an individual state bond, individual errors and omissions insurance, 40 hours of industry education by the end of the year, continuing education, and passage of mandatory state exams. I have completed all of these requirements.
But the Colorado Legislature has no legal authority over national banks or state credit unions which are regulated at the federal level. As a result, these lending institutions’ loan officers are exempt from the strict requirements placed on mortgage brokers and bankers (like Mountain Crest). Their loan officers are exempt from the all of the above requirements.
Especially during these turbulent times, be sure to work with a Colorado-licensed Mortgage Broker.
Mary Steinmeyer
MB License #10017382