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Colorado

Pre-Licensure Education Requirements

New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, plus 12 hours of undefined education (referred to as electives).

 

Number of hours is 3/3/2/12 = 20

 

Effective 03/01/2016 CO requires 2 hours of instruction on CO law which may be satisfied by either taking a CO comprehensive course or a state-specific elective course.

 

Continuing Education Requirements

Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, and 1 additional hour of undefined education (referred to as an elective), plus 2 hours of Colorado specific education (Colorado two (2) hour annual update course).

 

Number of hours is 3/2/2/1 + 2hr of CO annual update course = 10 (Note: the CO 2hr update is reported directly to DORA and not tracked in NMLS)

 

Am I required to take Continuing Education this year?
If I completed SAFE Act PE in 2009, 2010, 2011, 2012, 2013 or 2014 and I was licensed in 2009, 2010, 2011, 2012, 2013, 2014 or 2015 am I required to complete CE in 2015 YES
If I completed SAFE Act PE in 2015 and I was approved for an initial license in 2015 am I required to complete CE in 2015 No

 

 

Deadline

The deadline to complete CE is December 31, 2015. However, MLOs in Colorado are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.