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How can I learn more about what a career in mortgage lending really offers?
Visit the career information section of our Web site for a helpful overview of the exciting world of mortgage lending. Talking to successful professionals is another great way to learn more about being a mortgage broker on a daily basis. Check out our free articles to help you decide if a career in mortgage lending is right for you!
How long does it take to get licensed as a mortgage broker?
Since the course is only 40 hours, you can complete in one week. It's up to you how quickly you're able to complete the course and pass your examination.
What are the education and testing requirements?
Mortgage broker applicants are required by Colorado law to complete 40 hours of approved education and pass the two-part exam prior to appyling for a mortgage broker license.
All mortgage brokers who currently maintain a Colorado mortgage broker's license must complete 40 hours of licensing education and pass the two-part exam by January 1, 2009.
Are there any exemption qualifications?
To qualify for an exemption from the Mortgage 101 and Business and Trade Practices portion of the coursework and the general portion of the examination, you must meet all five requirements listed below:
- Currently maintain a mortgage broker license.
- A member of a mortgage broker association approved for exemption by the Division of Real Estate.
- Maintain a mortgage broker association designation that is current and in good standing.
- Provide the letter of certification to the education course provider prior to completing coursework.
- Provide the letter of certification to PSI prior to taking the exam.
Mortgage brokers who qualify for the exemption must complete the 19.5 hours of the State and Federal Law portion of the coursework and pass the state and federal law portion of the exam.
Who do I contact if I have additional licensing questions?
The Colorado Division of Real Estate regulates the licensing of mortgage brokers. Visit their website for answers to all of your licensing questions.
Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.
What are the continuing education and testing requirements?
The continuing education requirements for mortgage brokers include not more than nine credit hours during the three-year renewal cycle. Mortgage brokers are required to start the non-hour continuing education requirements during the second renewal cycle. No continuing education is required until after the first three-year renewal cycle.
For more details on becoming a licensed mortgage agent, click here.
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