The Colorado Division of Real Estate is getting it’s regulations in shape for the S.A.F.E. Mortgage Licensing Act (passed in 2008). One of the requirements of the S.A.F.E. Act is an annual renewal process for mortgage originators. Currently, Colorado has a three year renewal process, so the Division proposed a License Cycle Transition Process to get state and federal requirements in sync.
Here is the substantive portion of the new rule clarification:
1. All licenses set to expire at any point in 2009 will be administratively set to expire on December 31, 2009. The Division of Real Estate will change the expiration dates for this group of affected licenses on October 1, 2009.
2. All licenses set to expire at any point on or after January 1, 2010, will be administratively set to expire on December 31, 2010. The Division of Real Estate will change the expiration dates for this group of affected licenses towards the end of 2009.
The license renewal process begins November 1st of each calendar year. The renewal process ends December 31st of each calendar year. In this instance, The J. Berman Group license renewal deadline is March 2010. So our deadline has been pushed back to the end of 2010. ‘To-Do’ list reprieve!