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The Division has been receiving numerous inquiries regarding whether Colorado licensed mortgage loan originators (MLOs) can operate their business and perform licensed activities off-site from their normal registered work location.
The State of Colorado does not license mortgage companies, which are only required to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Therefore, the Colorado Board of Mortgage Loan Originators does not have any requirements concerning the location of where a mortgage company is doing business in Colorado, as long as they are operating legally in the state in accordance with standards determined and administered by the Colorado Secretary of State. (See §12-10-705, C.R.S.)
With regard to Colorado MLOs, the Mortgage Loan Originator Licensing and Mortgage Company Registration Act and the Board of Mortgage Loan Originator administrative rules are silent regarding the location of where an MLO is required to operate their business and perform licensed activities. Therefore, an MLO is able to perform their mortgage-related activities at a location other than at their registered license location.
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