Friday, June 3, 2011

Query: Am I exempted from mortgage loan originator licensing requirements?

The Division of Housing has received several queries from employees of housing agencies seeking opinions on whether or not employees need to be licensed in order to originate loans. Questions usually center on whether or not one is exempted from licensing requirements by Senate Bill 11-206.

We have posted on the topic previously here:

Whether or not an organization's employees are exempted from mortgage loan origination requirements will depend on whether or not Senate Bill 206 provides an exemption for the organization in question.

The Division of Housing does not enforce the provision of the mortgage loan origination licensing program, so an opinion from Division of Housing staff as to the applicability of Senate Bill 206 is not legally binding or authoritative.

The regulating authority in this case is the Colorado Department of Regulatory Agencies. Please consult your organization's legal counsel for a determination of the applicability of the provisions of Senate Bill 206.