As 2009 turns into 2010, those seeking a Mortgage Loan Originators license in Colorado will face some unique challenges. Here is what we know (disclaimer: information below is based on our best and most current information and may be updated at any time)
Examinations: PSI has stopped offering the state exam for the Mortgage Broker License for 2009. A new testing company will be taking over in 2010 and offering the state exam under the new NMLS requirements. For any students having completed the course, or for those who have previously failed the exam and need to retake it, we have been told that you will have the opportunity to take the new exam, and we will post information on registration as soon as it is available.
For those who failed the state portion of the exam, that test should be available through the NMLS beginning in February. For those who previously passed the Colorado and National exams and are currently licensed in Colorado, you will be required to pass the Federal portion of the S.A.F.E. Mortgage Loan Originator Exam in the first half of 2010. You are also required to register with the NMLS&R beginning in January.
VanEd will post the registration and examination information on Monday, January 4th, 2010.
Education: Students who failed to complete the Colorado Mortgage Broker courses are subject to new education requirements as of January 1st, 2010. Currently no coursework from any education provider has been approved in Colorado that meets the new 2010 requirements for a Colorado Mortgage Loan Origination License. We will post information on the coursework as soon as it is available. At this time we expect that there will be no coursework available until at least March.
If you would like to stay up to date on all of the changing information, or be notified as soon as the registration information is available, you may subscribe to the VanEd NewsLog using the link to your left, or follow us on Twitter. If you have questions about your specific situation, please send them via email to info@vaned.com.
For those seeking to work as an MLO in Colorado who have either not yet completed or started the education and examination process, we recommend applying for a temporary license using the Temporary Mortgage Loan Originator Application available from the DRE. Temporary licenses will allow you to work as an MLO in Colorado for a period of up to 120 days.

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