If you are a Colorado mortgage broker, whether you consider yourself subject to the 2006 Mortgage Broker Registration Act (Title 12, Article 61, Part 9 of C.R.S.) or whether you consider yourself exempt from the Act because you are an FHA mortgagee, the 2007 Colorado General Assembly is considering no fewer than four bills that, if passed, will have a direct impact on how, and maybe if, you earn your living as a residential mortgage broker.

CAMB is working diligently to formulate and communicate our position on each of the bills. We expect to follow this with another email by Friday, 3/30/07. That email will provide a summary of the bills and announce CAMB's official position on the bills.

In the meantime, we encourage you to do two things:

1)               Find out who your state representative/senator is. Go to the CAMB Web site or follow the directions at the bottom of this page.

2)                Go to the CAMB home page, www.camb.org, and read each bill or download the PDF files below. They include HB07-1322, SB07-203,  SB07-216 and SB07-085.  (If your time is limited, at least read: HB07-1322, SB07-203.)

http://www.camb.org/consumers/GR/HB-1322.pdf

 

http://www.camb.org/consumers/GR/203.pdf

 

http://www.camb.org/consumers/GR/SB-085.pdf

 

http://www.camb.org/consumers/GR/SB-216.pdf

No one can be sure of the timing of each step as the bills work their way through the review process. We do know that HB07-1322 and SB07-203 are out of their first committee and en route to appropriations. We also know that the session ends May 9, 2007. CAMB is actively working the bills and hopes to gain sponsor support of changes we believe are needed to make them acceptable to Colorado mortgage brokers.

In order to gain momentum, we need everyone who is affected by the proposals to help by providing input to every state representative and senator.

We ask you to read each bill, as amended, so that you may formulate your own position and/or questions.

Then we ask you to join CAMB leaders and members in communicating to the general assembly. Over 5,000 mortgage brokers have already complied with the Mortgage Broker Registration Act. Let's work together to send our message loudly and clearly about proposed changes to a law that has not been given even a modest opportunity to produce change. Together is the only chance we have to mold the outcome of these bills. 

As written, the bills:

·        introduce additional and material costs to Colorado mortgage brokers,

·       add hundreds of thousands of dollars in increased costs to Colorado the tax payers,

·        continue to exclude broad industry segments,

·       based on the results of similar bills in other states, will not reduce the incident of foreclosure, which is arguably the primary reason they are in front of the general assembly,

·        place underwriting processes into state law and,

·        presume to tell industry how to deliver its goods and services.

Without immediate, grass roots involvement, the proposals could lead to devastating backlash and will fail to achieve the desired result.

Please help by becoming involved and contacting your legislator.

CAMB Leadership