Colorado Mortgage Loan Originator Bond

Colorado Mortgage Loan Originator Bond

The Department of Regulatory Agencies (specifically, the Division of Real Estate) oversees the licensure of Mortgage Loan Originators (MLO) in the State of Colorado. The Department utilizes the Mortgage Loan Originator Bond to act as a prerequisite for an approved MLO license. 

QUOTE

The Mortgage Loan Originator Bond is provided by Jet Insurance Company to act as a legal assurance to the Department that the MLO will uphold the regulations of their license. In addition, the bond provides a financial guarantee that restitution is available to any damaged party should the licensee commit a violation such as negligence, misrepresentation, and/or fraud. 

What Is the Lowest Price for the Mortgage Loan Originator Bond?

According to the Department, the regulated amount of the Mortgage Loan Originator Bond is based on the number of licensees within one mortgage company. So if your surety bond is only covering your MLO license, you’ll just require a $25,000 limit. Whereas, if 20 or more licenses are to be covered by this bond, a $200,000 bond amount is mandated by the State. And if it’s more than one license but less than 20 licenses, a $100,000 bond limit is needed.

Let’s talk about pricing. At Jet, the cost of a Mortgage Loan Originator Bond is a small fraction of the limit and is based on a soft credit check of the applicant. So if you are seeking a standard $25,000 bond limit, Jet’s rates start at $94 for a one-year term or a simple payment of $9 a month.

To view additional terms and Jet’s preferred tier rates, take a look at the price chart below. 

Bond LimitCost1-Year2-Years
$25,000$9$94$164
$100,000$38$375$656
$200,000$75$750$1,312
CO Mortgage Loan Originator Bond Pricing

Colorado Mortgage Loan Originator Bond Details

The Colorado Department of Regulatory Agencies, Division of Real Estate works with the Nationwide Multistate Licensing System and Registry (NMLS) to manage mortgage loan originator licenses and to file corresponding Mortgage Loan Originator Bonds. 

Therefore, once you purchase your surety bond with Jet, our team will file it with the NMLS. For this to be done, you’ll need to grant us permission with the NMLS to act as your designated surety company (Jet Insurance Company NAIC #16379). If this is your first encounter with the NMLS, check out the Electronic Surety Bond for Licensees webpage for instructions on how to take care of this important step.

In Colorado, mortgage loan originator licenses expire on December 31st of each year. For a successful license renewal, you’ll need to have an active Mortgage Loan Originator Bond on file with the NMLS. For details on Jet’s renewal process, select the renewal link at the bottom of the page. 

If you are in need of further information on what it takes to gain licensure within the mortgage industry in multiple states and mortgage bonds in general, take a look at Jet’s comprehensive Mortgage License Bonds Guide. 

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

Mortgage Loan Originator Bonds contain a 30-day cancellation clause. Click here for info on what this process entails.

Bond Claim Process

Mortgage loan originators need to be aware of what causes a claim and what happens after a claim is made.

Colorado Mortgage Loan Originator Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: