A Colorado mortgage broker bond is a type of surety bond that is required by the Colorado Division of Real Estate for individuals or companies seeking to obtain a mortgage broker license in the state of Colorado. The bond serves as a form of protection for consumers in case the broker engages in fraudulent or unethical practices during the mortgage application process. In the event of such misconduct, the bond provides financial compensation to affected parties up to the bond's specified limit. The bond amount is determined based on the mortgage broker's loan volume, and it must be renewed annually.
Colorado Mortgage Broker Bonds are required by Colorado's Division of Banking to obtain your Mortgage Broker license. The Colorado Mortgage Broker Bond amount is set at $25,000.
$25,000 is the minimum surety requirement for a Mortgage Broker License.
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
Try our 100% Secure Mortgage Broker Bond Online Application to get the Lowest Mortgage Broker bond rates in all 50 States.
You can buy your Colorado Mortgage Broker Bond (Apply) online immediately
Bond prices may rise based on how much the amounts are. Each state has their own requirements and prices that can be found out at their specific department of banking.