Mortgage Loan Originator Insurance Requirements

Active Mortgage Loan Originators are required to maintain errors and omissions insurance as well as a surety bond.

Mortgage companies are required to be registered on the NMLS. Additionally, pursuant to section 12-10-705 C.R.S., mortgage companies must meet the following:

be in good standing with the Colorado Secretary of State, and
not be legally barred from operating in Colorado

Resources

Division of Real Estate Manual

MLO Rules

Online License Management

Rice Insurance Services Company, LLC

The Colorado Division of Real Estate has contracted with Rice Insurance Services Company, LLC to administer the group E&O insurance program for Colorado mortgage loan originators.

Enrollment is available online or via phone at 800-637-7319.
Individual licensees and mortgage companies are free to search the market for their policies.
You are required to provide proof of continuous errors and omissions insurance coverage and that all required information is current with the Division.

Minimum E&O Limits

Individual Policy

Minimum Coverage = $100,000.00
Minimum Annual Aggregate Limit = $300,000.00
Deductible No Greater Than = $1,000.00 or ($20,000.00 for policies that insure reverse mortgages)

Group: Less than 20 Licensees

Minimum Coverage = $1,000,000.00
Minimum Annual Aggregate Limit = $1,000,000.00
Deductible No Greater Than = $50,000.00

Group: 20 or more Licensees

Minimum Coverage = $1,000,000.00
Minimum Annual Aggregate Limit = $2,000,000.00
Deductible No Greater Than = $100,000.00

You are required to provide proof of continuous surety bond coverage and that all required information is current with the Division.

Minimum Surety bond Requirements

Individual Policy

Minimum Bond Amount = $25,000.00

Group: Less than 20 Licensees

Minimum Bond Amount = $100,000.00

Group: 20 or more Licensees

Minimum Bond Amount = $200,000.00

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Mortgage Loan Originator Insurance Requirements

Resources

E&O Requirements

Minimum E&O Limits

Individual Policy

Group: Less than 20 Licensees

Group: 20 or more Licensees

Surety Bond Requirements

Minimum Surety bond Requirements

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