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June 29, 2007

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In response to this post and other requests for information, the Division of Real Estate in Colorado has issued this Mortgage Broker Program e-mail notification;

The Division of Real Estate has been notified of possible market disruptions in the mortgage industry regarding specific mortgage products. The products of concern include, but are not limited to, stated and lower documentation type products. These concerns stem from provisions included in House Bill 1322 and Senate Bill 216, specifically section 12-61-904.5 (1)(b), Colorado Revised Statutes.

Upon initial review, the Division of Real Estate has no reason to believe that stated and lower documentation type mortgage products are prohibited by these provisions. Accordingly, the Division of Real Estate does not intend to promulgate rules to prohibit these types of products.

The Division of Real Estate is actively addressing this issue and seeks to provide a formal position statement as soon as possible.

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