{"id":1027,"date":"2013-05-03T02:16:38","date_gmt":"2013-05-03T02:16:38","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1027"},"modified":"2017-01-03T16:20:35","modified_gmt":"2017-01-03T16:20:35","slug":"colorado-mortgage-loan-originator-bond-suret","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/colorado-mortgage-loan-originator-bond-suret\/","title":{"rendered":"Colorado Mortgage Loan Originator Bond"},"content":{"rendered":"<p>A\u00a0<strong><a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Colorado mortgage loan originator bond<\/a><\/strong>\u00a0is required in one of three separate forms when applying for a license to originate mortgage loans in the state. \u00a0While there are multiple prelicensing education, background investigation, examination and financial responsibility requirements, of the surety bonds of mortgage professionals only the ORIGINATOR must provide the\u00a0<strong>Colorado mortgage loan originator bond<\/strong>. \u00a0The mortgage &#8220;broker&#8221; licensee is exempt. \u00a0The bond requirement is addressed in the permanent\u00a0<a title=\"CO surety bond rules for mortg loan orig\" href=\"http:\/\/www.sos.state.co.us\/CCR\/Rule.do?deptID=18&amp;deptName=700%20Department%20of%20Regulatory%20Agencies&amp;agencyID=98&amp;agencyName=725%20Division%20of%20Real%20Estate&amp;ccrDocID=2915&amp;ccrDocName=4%20CCR%20725-3%20MORTGAGE%20LOAN%20ORIGINATORS%20AND%20MORTGAGE%20COMPANIES&amp;subDocID=57598&amp;subDocName=1-2-2%20%20SURETY%20BOND%20REQUIREMENTS%20FOR%20MORTGAGE%20LOAN%20ORIGINATORS&amp;version=51\" target=\"_blank\">Colorado Rules 1-2-2<\/a>.\u00a0The purpose of this rule is to define the surety bond requirements for mortgage loan originators or any other individual required to be licensed pursuant to\u00a0\u00a7 12-61-902 and\u00a0\u00a7 12-61-903, C.R.S. \u00a0Pursuant to Section 4. 1-2-2 three options are given. \u00a0Option 1\u00a0&#8211; Mortgage loan originators, at a minimum, may acquire and maintain a\u00a0<strong>Colorado mortgage loan originator bond\u00a0<\/strong>if the\u00a0surety bond is in the amount of $25,000.00,\u00a0is in conformance with all relevant Colorado statutory requirements and\u00a0is exclusive to covering acts contemplated under current Colorado mortgage loan originator licensing laws. \u00a0Option 2\u00a0&#8211;\u00a0Mortgage loan originators who are employees or exclusive agents for companies with less than twenty individuals who are required to be licensed and who do not work for more than one company may operate under their company\u2019s surety bond if the\u00a0<strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">Colorado mortgage loan originator bond<\/a><\/strong>\u00a0is in the amount of $100,000.00,\u00a0in conformance with all relevant Colorado statutory requirements, and covers the\u00a0acts of all of the company\u2019s W-2 employees or exclusive agents contemplated under current Colorado mortgage loan originator licensing laws. \u00a0Option 3-\u00a0Mortgage loan originators who are W-2 employees or exclusive agents for companies with twenty or more individuals who are required to be licensed and who do not work for more than one company may operate under a company\u2019s surety bond if\u00a0the\u00a0<strong><a title=\"Surety One bonds a-z\" href=\"https:\/\/suretyone.com\/all-bonds\" target=\"_blank\">Colorado mortgage loan originator bond<\/a>\u00a0<\/strong>is in the amount of two hundred thousand dollars ($200,000.00) and all of the bond form elements previously mentioned are included. \u00a0The bond obligation in conditioned on the licensee&#8217;s payment to persons all damages incurred by such persons as a result of the originator\u2019s acts of fraud, forgery, criminal impersonation or fraudulent impersonation while conducting business as a mortgage loan originator. \u00a0Failure to maintain the surety bond is grounds for revocation of the license.\u00a0<strong>Colorado surety leader<\/strong>,\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">Surety One, Inc.<\/a>\u00a0is a specialist in the bonding needs of the mortgage services sector. \u00a0We can underwrite \u00a0both the surety and\u00a0<a title=\"Surety One fidelity bond page\" href=\"https:\/\/suretyone.com\/fidelity-bonds\" target=\"_blank\">fidelity bond<\/a>\u00a0needs of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands.\u00a0Visit\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0(787) 333-0222\u00a0or\u00a0(800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com\u00a0for a\u00a0<strong>Colorado mortgage loan originator bond<\/strong>\u00a0application or information on ANY surety need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A\u00a0Colorado mortgage loan originator bond\u00a0is required in one of three separate forms when applying for a license to originate mortgage loans in the state. \u00a0While there are multiple prelicensing education, background investigation, examination and financial responsibility requirements, of the surety&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/colorado-mortgage-loan-originator-bond-suret\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1249,1251,1250],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colorado Mortgage Loan Originator Bond &bull; Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/colorado-mortgage-loan-originator-bond-suret\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colorado Mortgage Loan Originator Bond &bull; Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A\u00a0Colorado mortgage loan originator bond\u00a0is required in one of three separate forms when applying for a license to originate mortgage loans in the state. \u00a0While there are multiple prelicensing education, background investigation, examination and financial responsibility requirements, of the surety... 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