Your Trusted Real Estate Advisor

Gov. Bill Ritter has signed a package of new laws designed to protect borrowers from unscrupulous lenders.  The laws have long been recommended by Realtors® and honest mortgage lenders in Colorado.

Until now, anyone could call themselves a mortgage broker or lender.  There was no Colorado law which required training, licensing, or even registration for all lenders.  A recent lender registration law exempted many lenders, and it required no training or licensing for any mortgage lenders. Banking laws did not cover them.

Click on the link above to see what the new laws require. You'll be glad the new laws are in place, and shocked that they are just now coming into law.

When I work with a home buyer, one of my great concerns is that the lender they are using is competent and trustworthy.  I refer buyers to some lenders I have known and used for a long time.  I have no financial interest in referring them to these lenders. I just know that these lenders will treat my clients with the same care I have for them. 

If my client is already using a different lender, I check in to find something about them and to see if I can trust them.  My clients can use any lender they choose, of course; but it is my responsibility to counsel them about risks of using unknown lenders.  Perhaps the new laws will help reduce the risks.  I hope so.