VanEd Newslog

Year end Colorado Mortgage Brokers education & examination update

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.

(Follow VanEd on Twitter to stay on top of current information and receive special discounts and promotions on all of our new courses - perhaps even on the new "RESPA: Keeping Current" course or this weeks discount offer on Colorado Real Estate Licensing education!)

Veterans Day ~ Thank You Veterans and Active Duty personnel

Van Education Center is proud to support our troops, both those who have served our Nation in the past and those who are on Active duty. And to honor their service, VanEd is offering special discounts on real estate licensing courses and appraisal licensing courses to active and retired military personnel and their spouses. Discounts of 20% off the full program price will be available online beginning today, and students will be able to register with the discount directly on the VanEd web site through Sunday.

After Sunday our normal 10% discount will still apply for all veterans. 

For those interested in learning more about the required coursework for real estate, mortgage or appraisal courses, visit the VanEd web links below. Veteran discounts are available directly on the enrollment page. VanEd also continues to offer a 5 day Free Trial to all enrolling students. Have questions? Send us an eMail! We're here to help!

>>> Real Estate Licensing

>>> Appraisal Licensing

>>> Mortgage Broker Licensing

Division of Real Estate posts Mortgage Broker Education Matrix

In answer to industry questions, the Colorado Division of Real Estate has published a mortgage broker education matrix designed to assist licensed mortgage brokers in fulfilling their education requirements. The matrix is linked below.

It is important to note that in 2009 licensed mortgage brokers in Colorado have no continuing education requirements that must be fulfilled. Beginning in January of 2010 all mortgage brokers in Colorado will become subject to passage of SAFE Act education requirements, including passage of the National SAFE Exam.

VanEd will update our students when the national exam becomes available. Click Here to view the education matrix.

Finance Friday: Colorado updates Mortgage Broker education rules to meet S.A.F.E. Act

Last week the DRE in Colorado published the new education and examination rules for mortgage broker licensees in order to meet the requirements of the S.A.F.E. Act. The Act, which went into effect last year, required changes to Colorado's licensing and registration structure.

Rule 1-4-1 - Education - clarifies that those who are licensed prior to January 1st, 2010 must complete the required education and pass not only the two-part Colorado mortgage broker exam but also must pass the national portion of the two part S.A.F.E. Mortgage Loan Originator exam.

Those applying for licensure after January 1st, 2010 shall complete the required education and pass BOTH parts of the S.A.F.E. Mortgage Loan Originator Exam.

VanEd will announce when the new S.A.F.E. exam is available in Colorado when that information becomes public. Questions may be emailed to us at info@vaned.com, or you may follow our stream on Twitter for the most current updates by clicking the link below.

Colorado Division of Real Estate issues position on Independent licensing

Yesterday the Director of the Colorado Division of Real Estate issued a one paragraph position statement on licensing requirements for independent contractor loan processors and underwriters. The statement came out of questions the DRE was answering regarding Title V of the S.A.F.E. Act that defined minimum national licensing standards for mortgage loan originators.

The Act requires states to adopt provisions that at least comply with those set for at the National level, including the requirement that all independent contractor processors or underwriters are to be licensed as state-licensed loan originators. In Colorado the General Assembly passed HB 1085 in May that defined the requirement for licensure but did not specify a timeline for those independent contractors to be licensed. Position Statement MB 1.6 defines that timeline.

The Position Statement clarifies that independent contractor loan processors and underwriters shall be licensed as state-licensed loan originators by July 31st, 2010. Beginning August 1st, 2010, any independent contractor loan processor or underwriter shall not engage in residential mortgage loan origination activities as a processor or underwriter unless they are licensed by the state.

Due to upcoming changes in national education and testing, VanEd is recommending that independent processors and underwriters consider completing the education and testing requirements in 2009, which will be prior to any changes that will occur in 2010. After January 1st, 2010 it may be more difficult to complete the education and testing requirement prior to the July 31st, 2010 drop dead date.

Click Hereto view VanEd's online Mortgage Broker Education Packages

Click Here to read Position Statement - MB 1.6 - Independent Contractor Loan Processors and Underwriters

Are you subject to the Red Flag Rule?

The Red Flags Rule was developed pursuant to the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under the Rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

The Rule applies to creditors and financial institutions. Federal law defines a creditor to be: any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.

But how can you determine if you fit the definition and are required to comply? The FTC has published a How-To Guide for Business. This 17-page document will help you understand who is required to comply. The FTC also launched the Red Flags website where you can complete an online 4-step process to help create your own program in order to help your business comply with the rule.

The Red Flag compliance deadline is fast approaching on August 1, 2009. Penalties for non-compliance can range up to $1,000 per day per customer. Don't delay! The links below will help to guide you through this process.

Visit the Red Flags website by clicking here

Read the How-To Guide for Business by clicking here

And if you determine you need help to ensure that your compliance is in accordance with the law, VanEd has enlisted IDBusiness to assist our students and members with compliance. Click on the logo below for more information.

Colorado Mortgage Brokers license examination deadline approaching quickly

For Mortgage Brokers in Colorado who have not yet completed their required education and examination, time is quickly running out. In an emergency rule published on December 1st, the Colorado Division of Real Estate created an extension process for mortgage brokers who failed to comply with the education and examination requirements put in place in 2008.

The process includes completing an education extension request form and paying a $100 administrative fee. The Mortgage broker would then be eligible for an extension until March 31, 2009 to pass the written examination and education requirements. The rule also states that those mortgage brokers who fail to comply with either the education and examination requirements or the extension process will be subject to a minimum $500 increase in license renewal fees to cover the increased administrative burden.

VanEd has learned that all of the PSI testing centers are either full or filling up quickly for March testing dates. We urge all Mortgage Brokers to complete their education as quickly as possible in order to be uploaded for the exam. VanEd will upload our students as quickly as possible once your coursework is complete.

After March 31st, you will still be able to take the state exam, but your license may be subject to inactivation by the Division of Real Estate. You may also be subject to increased fees of up to $500 to reinstate your license to active status. To read the extension rule or to download the appropriate forms, click here.

If you have questions, email us at info@vaned.com.

White House releases information on Housing Plan

Documents were released by the White House regarding the new Homeowner Affordability and Stability Plan that was unveiled by President Obama earlier this week.

The first document is a detailed summary of the provisions outlined by the administration, the second document describes how the plan will help those facing foreclosure. The final document is an FAQ on the plan. We encourage you to take a moment and review these documents so that you may be able to better answer questions posed by your customers. We also suggest that you forward these documents, or the link to this post, to any clients or customers who may be interested in learning more.
 
Homeowner Affordability and Stability Plan Executive Summary

Housing Fact Sheet

Housing Examples
 
FAQ's

PSI to hold 'pen and paper' mortgage broker exams in Colorado

Attention current Mortgage Broker students—to help with the overflow of students attempting to sign up and take the state exam before January 1^st, VanEd had learned that PSI has opened 2 additional ‘pen and paper’ exam sessions to be held at the Hilton Garden Inn/Denver Tech Center on December 30^th, 2008.

Sessions will run:
11:00 am-1:30 pm & 2:00 pm-4:30 pm
 

located at:  7675 East Union Avenue
                Denver, CO  80237

If you are working to complete your education in time to test before the end of the year, this additional testing option should help with the problem of full testing centers in the Denver Metro area. Once you have completed your coursework VanEd will upload your information to PSI and you will be able to schedule at any open testing site or select the above pen and paper exam at the Hilton.

For information on filing for an extension through the Division of Real Estate, CLICK HERE

 

As always if you have any questions please contact us at info@vaned.com

For Colorado Mortgage Brokers, time is running out to meet education requirements

As the end of the year approaches, exam seats are nearly full and space is limited as all Colorado mortgage brokers need to pass the state exam before January 1, 2009. For those required to complete the mandatory education, or looking to start working on your courses now, visit us online for information on registration by clicking here. 

The Division of Real Estate released emergency rules last week concerning extensions for mortgage brokers who do not pass their education and exam by the first of the year: If you need to file an extension CLICK HERE for the mortgage broker form from the Division’s website.

VanEd Mortgage Broker licensing students will have their information uploaded to PSI upon completion so that they can schedule the state exam as quickly as possible.  Available examination dates have been up to two weeks out depending on the PSI testing location, so now is the time to finish your education!

CLICK HERE to login to your VanEd Account

If you have any questions on these requirements, or still need to get started with your education, please don’t hesitate to contact us, we’re here to help!

Have questions? Contact us via email at info@vaned.com