Denver CO Mortgage Tip: DORA or BBB?

Today’s Denver CO Mortgage Tip is very important  for Denver mortgage seekers, but it also applies to anyone who is looking to get a Colorado home loan.   Potential Denver homebuyers and homeowners who want to buy or to refinance to take advantage of these historically low interest rates should not rush to apply online.   Unfortunately this is what happens.  This can be a HUGE mistake when you consider that your Denver mortgage or Colorado home loan will probably be your largest debt.  Due diligence should be performed first.   Or more simply put, check out who you are going to do business with.    When I say this, most people automatically think of the Better Business Bureau (BBB).   In most consumer situations that would be fine.  However when you are planning to get a Denver mortgage or a Colorado home loan, your first resource should be Colorado DORA. 

DORA stands for the Department of Regulatory Agencies.  It is located in Denver, Colorado.   All professions requiring a license are governed by DORA such as real estate agents, mortgage brokers, insurance agents, and even your hair stylist.  They establish and enforce licensing standards.  The Division of Real Estate of DORA wants you, the general public, to be protected from greedy, dishonest, and unethical real estate agents and mortgage brokers.  

For example on August 31, 2009, the Colorado DORA inactivated 4,560 Colorado Mortgage Broker licenses for failure to comply with education and testing requirements.  That was about 52% of ALL Colorado Mortgage Brokers!   I believe that the majority of the bad, fraudulent Denver Brokers have left the Colorado mortgage industry for easier prey.   The State of Colorado now has one of the toughest licensing standards for mortgage brokers in the country.  They are to be applauded because two years ago anyone could originate a Colorado home loan or mortgage.  Imagine ANYONE could have been putting you in a Denver mortgage that primarily benefited them, not you.  You wouldn’t have any idea that he/she was untrained, inexperienced, dishonest, unethical, greedy, or even a felon.   Your Denver mortgage is usually the important and largest debt that you will ever have.  Scary, isn’t it?

Here is your Denver CO Mortgage Financing Tip.  Prior to applying online for your Colorado home loan or giving any Denver Broker any information, go to the Colorado DORA website.  Check to see if the person has an active Colorado Mortgage Broker license.  The link is http://www.dora.state.co.us/real-estate/index.htm.    If you want to see how it works, type in my name, Randell Flood, or my Colorado Mortgage Broker License #MB100017910.  If the person isn’t licensed, do not do business with him/her and report it immediately to DORA at 303-894-2166.  We need your help to get rid of these con artists who are pretending to be Colorado Mortgage Brokers.  They are illegally doing Colorado home loans and are causing defaults on Denver mortgages due to their fraudulent lending. 

My next Denver CO Mortgage Tip will further explain why the local Colorado BBB should not be solely relied upon when getting advice for your Denver mortgage or Colorado home loan.