Today’s Parker Colorado Mortgage Tip is very important for not only Parker Mortgage prospects, but also for anyone who is looking to get a Colorado home loan.   Parker homebuyers and homeowners who want to take advantage of these low interest rates should not rush to apply without doing due diligence.  Unfortunately most people take more time planning their vacation than checking out their mortgage person.  This can be a very BIG mistake when you consider that your Parker mortgage or Colorado home loan will most likely be your largest debt.  

Some people will proudly tell me that they only do business with companies after they have checked with the Better Business Bureau (BBB).  Normally that is fine.  However when you are planning to get a Parker 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.  This includes but is not limited to real estate agents, mortgage brokers, insurance agents, and even your hair stylist.  DORA establishes and enforces licensing standards.  The Division of Real Estate of DORA’s purpose to protect you from the greedy, dishonest, and unethical people such as appraisers, real estate agents, and mortgage brokers.  

At the end of August, DORA inactivated 4,560 Colorado Mortgage Broker licenses for failure to comply with education and testing requirements.  This accounted for about 52% of ALL Colorado Mortgage Brokers!  I believe that the majority of the bad, fraudulent Colorado Mortgage Brokers have departed Colorado to find easier targets.   

Due to DORA, 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 do a Colorado home loan.  That is why there was so much mortgage fraud in Colorado.  People could have been untrained, inexperienced, dishonest, unethical, greedy, or even a felon without you even knowing it.   Consider yourself lucky if you got a good Parker mortgage. 

Here is your Parker Colorado Mortgage Tip.  Prior to applying online for your Colorado home loan or giving a person 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 your person isn’t licensed, report it immediately to DORA at 303-894-2166.  We need your help to get rid of these con artists who are giving the good Colorado Mortgage Brokers a bad name.  They are breaking the law by doing Colorado home loans and are causing defaults on Parker mortgages due to their fraudulent lending.   Please protect yourself by at least checking the DORA website.  

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