MORTGAGE LENDERS

AREI is proud to be the front runner in the licensing and continuing education of Colorado mortgage brokers. We have been instrumental in assisting The Colorado Division of Real Estate in the implementation of Mortgage Broker license laws enacted in 2006 and 2007. Our menu of courses will take you from entry level licensing through your business development and lender affiliation. We hope to contribute to your success as a mortgage broker.

 

PRE-LICENSE EDUCATION: Effective January 1, 2009, each new and current mortgage broker must have completed 40 hours of pre-license course work and pass the state examination. The Colorado Eduational requirements for mortgage broker licensing are as follows (must be completed by 1/1/09);

 

Course 1: State & Federal Laws and Regulations - 19.5 Hours

Course 2: Mortgage Brokerage 101 - 16 Hours

Course 3: Business & Trade Practices - 4.5 Hours

 

GRANDFATHERING: If current mortgage brokers can document a professional designation from CAMB they would not be required to complete the 16 Hour Mortgage 101 course or that portion of the state examination. They would still have to complete the 19.5 hour Federal and State Law course and pass that portion of the state exam.

 

CONTINUING EDUCATION: The 40 hour mortgage broker education has been approved for elective continuing education for real estate brokers. Continuing education for mortgage brokers has yet to be developed by the Colorado Mortgage Broker Program.

 

STATE EXAM: The state mortgage broker examination will be administered by PSI with two testing centers in the Denver metro area, one center in Colorado Springs, Ft. Collins, Pueblo, Grand Junction and Durango. The state exam is a two hour test comprising of 30 questions related to state law, 30 questions related to federal law, and 40 questions related to Mortgage 101 concepts. Passing score on the state exam is 75%. Students must complete the required pre-license education prior to attempting the state exam. The state examination is available at PSI testing centers effective April 1, 2008.

 

FACULTY: AREI is proud to provide the highest caliber instructors, all with extensive experience in the mortgage industry.

 

Joseph O'Dorisio, Joe has been involved in the commercial and residential lending industry since 1976. Joe also worked as a branch manager for Freddie Mac which brings project approval, wholesale lending and underwriting knowledge to the classroom as well. Joe has been teaching for AREI since 2001.

 

Stanley Bryant, Stan began his commercial banking career in Texas in 1974. Stan joined Suntrust Mortgage in 1994 as an account executive and has worked with such organizations such as Wells Fargo, Nexgen and Bank United. Stan has been providing mortgage training for many years including course development, sales training and technical training.