Colorado Loan Modification Laws and Regulations

COLORADO Loan Modification Laws and Regulation

Section 12-61-902(5), C.R.S. defines a mortgage broker as one who negotiates, originates, or offers or attempts to negotiate or originate for a borrower a residential mortgage loan. Section 12-61-902(2), C.R.S. further defines brokering a mortgage to include directly or indirectly acting as a mortgage broker. It is the position of the Director of the Division of Real Estate that Financial Institution Employees are mortgage brokers, even where their employer funds its own loans. Such individuals are directly or indirectly acting as mortgage brokers for a borrower.