One to Go: With bill signed Colorado does not only Alaska regulate mortgage brokers.
bar certain individuals employment by a licensee under the California Residential Mortgage Lending Act or the California Finance Lenders Law.
If enacted, the bill would permit the Commissioner of Corporations to bar a person from employment or by an FLL RMLA licensee if the commissioner determines that the person has committed certain acts for the purpose of misleading the public as to his or her qualifications or experience.
COLORADO: Must be Registered by January
Governor Bill Owens has signed a house bill enacting the Mortgage Broker Registration Act, which makes Colorado the 49th state to enact licensing or registration of mortgage brokers. Currently, only Alaska lacks such oversight of mortgage brokers.
The Act defines a mortgage broker “as an individual who negotiates, originates, or offers to attempts to negotiate or for a borrower originate, and for a commission or other thing of value to a loan consummated and funded by a mortgage lender.
Under the act, “originate” means to submit an application or documentation to a lender in an underwriter or attempt to obtain a loan.
The act provides that after Jan 1, 2007, a person may not a mortgage broker, to offer a mortgage broker, act as a mortgage broker, or offer to act as a mortgage broker …
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