Which is Better: DORA or BBB?
By · CommentsHere is today’s Colorado Springs Mortgage Tip. I said yesterday it is better to first check with DORA before applying for a Colorado Springs mortgage or a Colorado home loan. I’ve listed some more reasons why you should first use DORA for selecting your Colorado Springs Mortgage Broker instead of the local BBB:
- Your local BBB is a great resource for getting background information on businesses. However, DORA is responsible for the licensing, the regulation and the enforcement for the appraiser, the realtor, and the mortgage loan originator. You will need this specialized information so you can make an informed decision on your Colorado Springs mortgage or Colorado home loan.
- The local BBB solely reports on a business performance. They do not report on their employees so you can’t find anything out the individual Colorado mortgage brokers. However with DORA, you can easily see whether your Colorado Springs mortgage broker is licensed. You don’t want to skip this first step in getting your Colorado Springs home loan.
- A company can have a high rating with the local BBB, but that won’t protect you when you get a Colorado Springs mortgage or a Colorado home loan. There are always bad and less competent employees in every company. It is no different with Colorado Springs mortgage companies. What is really nice about DORA is that they will post denied Colorado mortgage brokers. They also post information on the Colorado Mortgage Brokers who have or had disciplinary actions against them. This is extremely important information. You should only work with a licensed Colorado mortgage broker to get your Colorado Springs mortgage. This is the bare minimum standard when you are selecting your Colorado Springs mortgage broker. You don’t want any surprises when you get your Colorado Springs home loan, do you?
I hope you now understand why I stress the importance of using DORA’s website instead of the BBB’s before applying for your Colorado Springs mortgage or Colorado home loan. If so, please bookmark their website and share this information with everyone who is looking to buy or refinance the Colorado Springs home loan: http://www.dora.state.co.us/real-estate/index.htm.
The next Colorado Springs mortgage tip will address whether you should get your Colorado Springs home loan or Colorado home loan from a bank/credit union or from a licensed Colorado Mortgage Broker.
Why & Who is Colorado DORA?
By · CommentsFor today’s Colorado Springs Mortgage Tip, I want to introduce you to Colorado DORA. DORA is the Department of Regulatory Agencies. It is located in Denver, Colorado. All professions requiring a license are governed by DORA. This includes real estate agents, mortgage brokers, insurance agents, and even your hair stylist. DORA establishes and enforces licensing standards.
Within DORA, there is the Division of Real Estate. Besides establishing and enforcing standards for all those professions related to the real estate industry, it does a great job of protecting you from money-hungry, dishonest, and unethical real estate agents, mortgage brokers, etc.
A recent example of this is when DORA inactivated 4,560 Colorado Mortgage Broker licenses for failure to comply with education and testing requirements. This was just done in August. This counted for about 52% of ALL Colorado Mortgage Brokers! I believe that the majority of the greedy, fraudulent Colorado Springs Mortgage Brokers have left Colorado for easier prey.
Only two years ago, it was Wild West for the Colorado Mortgage industry. Colorado was one of three states that did not require a mortgage license. No one needed a license to do a Colorado home loan! ANYONE could originate a Colorado Springs mortgage that benefited him/her, not you. You wouldn’t have known that he/she was untrained, inexperienced, dishonest, unethical, or even a felon. This is really scary when you consider that your Colorado Springs mortgage is most likely the largest debt that you will ever have.
The State of Colorado now has one of the toughest licensing standards for mortgage brokers in the country! DORA is to be applauded. Aren’t you glad that DORA is watching out for you? So the next time when you need a Colorado Springs mortgage or a Colorado home loan, think of DORA first even before the local Better Business Bureau (BBB).
Here is your Colorado Springs Mortgage Tip: Prior to applying for your Colorado home loan or giving a person any information, go to the Colorado DORA website. Check to see if he/she 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 the person isn’t licensed, do not do business with him/her and report it immediately to DORA at 303-894-2166. Please help us to get rid of these con artists who are pretending to be Colorado Mortgage Brokers. They are illegally doing Colorado home loans and are causing defaults on Colorado Springs mortgages due to their fraudulent lending. Many times they are taking advantage of military families while their spouse is away serving overseas. That’s low!
My next Colorado Springs Mortgage Tip will further explain why the local Colorado BBB should not be solely relied upon when getting advice for your mortgage or Colorado home loan.