The First Colorado Mortgage Broker Licensing Exam Taken
DENVER, Colo. Apr. 24, 2008 – Under the new Colorado mortgage broker licensing laws, effective January 1, 2008, all mortgage brokers or anyone acting in the capacity thereof or arranging mortgage loans, must be licensed by the Colorado Division of Real Estate as a mortgage broker. This basically includes all mortgage origination professionals that are not working for, or an exclusive agent of, a commercial bank, savings bank or credit union.
As part of the licensing requirements, all licensees must complete a 40-hour mortgage broker license course and successfully pass a state administered exam by January 1, 2009. It is estimated that over 9,000 mortgage brokers will be affected by this requirement and must complete the process by the end of the year. For further information concerning the mortgage broker licensing requirements, view the Department of Regulatory Agencies, DORA website.
The education curriculum and testing process was developed by a ten member Task Force appointed by the Director of the Division of Real Estate, Erin Toll. Assembled in July 2007, the task forced spent many hours creating the required 40-hour course and test for the Division, which made the requirement of the course completion a permanent rule in March 2008. By the end of March, there were six education providers approved by the Department of Private Occupational Schools to conduct the course.
On April 17, 2008 the first mortgage broker sat for, and passed the required state exam, which is administered by the national testing organization, PSI. The broker successfully completed the required 40-course through Mortgage Training Institute MTI, one of the approved education providers.
MTI offers the course both online and via classroom instruction. The successful student used both methods to complete the education in such a short period of time. “We were very honored and proud to hear that our student was the first to take and pass the exam. Our goal as an institution is to help our students become industry leaders.” says Chris Sullivan, MTI’s Director of Operations.
As a national mortgage education provider, MTI can also provide cross-certification for continuing education requirements for up to seventeen states, after completing the Colorado course some individual state material may be required.
A recognized leader in the mortgage training industry, MTI was launched in 1997 to provide quality training for individuals in, or looking to enter, the mortgage industry. The MTI website, www.MortgageKnowledge.com, was launched in 2001 and is utilized by MTI for marketing, sales, information, class registration and online classes. In addition, MTI’s online classes feature streaming media, the first such online training opportunity in the industry.
For more information on MTI training opportunities for mortgage professionals, contact MTI at info@mortgageknowledge.com or call 1-877-684-3549.
