Colorado Association of Mortgage Brokers (CAMB)
Position Statement – February 18, 2008
The purpose of this document is to memorialize the Association’s position on several very
important state issues facing Colorado consumers and independent mortgage brokers.
The CAMB Board of Directors unanimously adopts and supports each position detailed in the
CAMB is proud of the leadership role it played in introducing Colorado to mortgage broker
registration. Having supported licensing and registration for well over a decade, we are pleased to
see the June 2006 passage of H.R.06-1161, Mortgage Broker Registration, which took effect
January 1, 2007.
While CAMB opposed certain provisions of H.R.06-1161 as it was introduced into law, specifically
the inclusion of a surety bond which CAMB continues to hold as irrelevant to its intended purpose;
CAMB believes the law was needed to protect Colorado consumers from becoming one of two
states that could have been a refuge for practitioners who were barred from other states.
CAMB believes that the bills introduced into law in June 2007 were generally introduced too early
to have allowed appropriate evaluation of the impact of the new legislation and that the bills may
not achieve their expressed objectives. CAMB applauds the Director’s decision to appoint a
standing task force and urges the Director to continue the current practice of seeking advice and
counsel from the group prior to implementing rules.
Aspects of the 2007 bills that CAMB supports include: increased regulatory authority and repeal of
the FHA exemption. CAMB acquiesced to much of the language contained in S.B.07-085; but
opposed the general and most of the specific provisions of H.R.07-1322, S.B.07-203, and S.B.07-
CAMB continues to advocate for and support an independent study to determine the actionable
causes of Colorado foreclosure and mortgage loan default issues. Until such a study is conducted,