Evergreen Colorado Real Estate

WHERE HAVE COLORADO’S MORTGAGE BROKERS GONE

 IN EVERGREEN COLORADO REAL ESTATE

The Colorado Division of Real Estate mandated that all existing and new mortgage brokers be required to have a license, take a 40 hour education class and pass the test for licensure by January 1, 2009.  An extension of time was given through March 31, 2009.  All mortgage brokers were given a license as of January 1, 2008 and had one year to complete the required licensing. Well, I can tell you, as a currently licensed mortgage broker, that test was extremely difficult and at times, some of it did not make any sense.

The Colorado Division of Real Estate also mandates that each mortgage broker be fingerprinted, have Errors and Omissions insurance which is renewed each year for about $400 or so (much more expensive than Real Estate Errors and Omissions), plus a surety bond, which also costs in the neighborhood of $175 or so each year and at the end of each three-year period a license fee renewal of $300.00.  This has made it an extremely costly ordeal, especially in this market environment.  When the government steps in to control something it just fouls it up.

Currently The Colorado Division of Real Estate has pulled the plug on about half of all the mortgage brokers in Colorado, invalidating their licenses due to their not fulfilling their license requirements.  Maybe some of these brokers left the mortgage business altogether, figuring it is not worth it with all the new mortgage regulations that have come out of Washington.

With less mortgage brokers to fuel competition and give consumers a real choice, the big banks will take over and consumers will be at their mercy with nowhere to go and be forced to pay those higher interest rates and fees these big banks charge.  The consumer is left out in the cold!

There will be a continuation of this article tomorrow. The only real alternative for us average people is to invest in Real Estate. A rental property will pay for itself over time, produce income, and shelter that income from the unrelenting grasp of the IRS. Invest today in your financial freedom; give us a call at MARK ENGLISH REAL ESTATE and DISCOUNT MORTGAGE SERVICES (www.aloan2own.com) and let’s put a plan in motion for your financial future. We are the one stop shop for all your EVERGREEN COLORADO REAL ESTATE needs. Whether a home of Your own, a RETIREMENT INVESTMENT, an EVERGREEN COLORADO HOME LOAN or an EVERGREEN COLORADO MORTGAGE REFINANCE call us at 303-674-0148, Email us at markenglishrealestate@msn.com , or visit us on the web at www.evergreencoloradoliving.com.