Colorado Attorney General To Look Into Mortgage Broker Regulation

Colorado Attorney General John Suthers heard the concerns of Mesa County residents Tuesday night at a public meeting to discuss mortgage fraud. Mortgage brokers, lenders, realtors and others gathered to discuss the problem of fraud in the mortgage industry.

Colorado is one of only a few states that does not regulate mortgage brokers. A Mortgage and Foreclosure Fraud Task Force was set up in July. Members of the task force listened to concerns residents here on the Western Slope have about potential regulation in the industry.

Those who attended the meeting seemed supportive of regulation in the industry, but expressed concern that regulation alone would not solve the problem. Attendees felt that regulation would need to be coupled with educational programs, as well as enforcement.

Attendees at tonight's meeting also felt that individual licenses should be issued to brokers, not companies. By the first of the year, the task force will decide what legislation, if any, needs to be pursued.

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