This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Colorado under the Division of Real Estate's Board of Mortgage Loan Originators (the Board). This 2-hour course covers Colorado specific rules and regulations as mandated by the Board, and is required as part of the 20 hours of prelicensure education needed to become a Colorado-licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of five modules, a case study, and a final exam:

• Colorado Department of Regulatory Agencies (DORA)
• Colorado Law and Regulatory Definitions
• Colorado License Law and Regulation
• Compliance 
• Disciplinary Actions 
• Case Study 
• Final Exam 

Total study time: 2 credit hours (100 minutes)

Module 1: Colorado Department of Regulatory Agencies (DORA)

Colorado Revised Statute §24-34-101 establishes for the creation of the Colorado Department of Regulatory Agencies (DORA) to be led by the Executive Director of the Department of Regulatory Agencies. The divisions within DORA regulate over 130 occupations in Colorado, including mortgage loan originators through DORA's Division of Real Estate (DRE). In this module, we will review the structure and responsibilities of the DRE.

Module 2: Colorado Law and Regulatory Definitions

The Colorado Revised Statutes (CRS) establishes and defines numerous laws enacted through Colorado’s Legislature. Title 12, Professions and Occupations, oversees the Colorado Division of Real Estate (DRE) through Article 10, Real Estate. CRS Title 12, Article 10 consists of nine parts. Part 7 oversees mortgage loan originators operating within and throughout the State of Colorado and is referred to as the Mortgage Loan Originator Licensing and Mortgage Company Registration Act. This regulation is reference as CRS §12-10-7. In this module we'll review many definitions as outlined in the act.

Module 3: Colorado License Law and Regulation

Under 4 CCR 725-3-4.4, individuals who do NOT have an active license are prohibited from practicing as Colorado mortgage loan originators. Additionally, individuals who do not have an active license are prohibited from engaging in any mortgage related activities that require licensure pursuant to the Colorado Mortgage Loan Originator Licensing and Mortgage Company Registration Act. In this module we'll cover the licensing requirements under the Act such as testing and insurance requirements. We'll also explain how to properly maintain a Board-issued MLO license.

Module 4: Compliance

Colorado licensees are expected to abide by all laws, rules, and regulations governing their actions. In instances when Colorado licensees venture off track, the Board maintains the authority to investigate the licensees and ultimately, when warranted, render disciplinary action. This module will list prohibited conduct that may trigger a Board investigation of a licensee's conduct. We'll also review advertisement regulations, licensee fiduciary duties, and the handling of fees and commissions.

Module 5: Disciplinary Actions

The Board of Mortgage Loan Originators has the authority to investigate and issue disciplinary decisions against licensees. This module will explain the Board's regulations relating to hearings and available actions the Board may take against a licensee's license.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center