Even though lenders are now required to be licensed in CO, there is a HUGE loophole.  Banks, like Wells Fargo are exempt.  Guess what, many lenders who can't get a license just move over to Banks like Wells Fargo. 

To make matters worse, Wells Fargo has a history of low customer satisfation and ignoring consumer complaints.   They also have a culture of quanity over quality.  They prefer good Sales People, to knowledgable and experienced mortgage lenders.

Another interesting fact:  I heard that about 1/2 of Colorado lenders got out of the business once the licensing requirement came into effect.  However, they did not all leave the business, they just moved to Wells Fargo or other Banks. 

This means that Wells Fargo has a high percentage of lenders whom the state may not allow to be licensed. 

With all the problems that the Banking Business has caused for our economy, there is no reason why their lenders should not be subject to the same requirement of all other lenders. 

Why does this bother me so much?  Because this hurts consumers who are trying to buy a home.  This process can be stressful and applying for a loan is never "fun".  When Banks make mistakes, there is no state agency to step in.  Licensed lenders are regulated by a consumer protection agency DORA and Banks should have to conform to the same standards.

My advice is to stay away from Banks like Wells Fargo.  I strongly suggest not getting a home loan with Wells Fargo.  If you do have a problem, they have a record of not responding to consumer complaints and you have almost no recourse in Colorado.  This attitude goes very high up the chain and I believe upper manangement at Wells Fargo does not care about customer satisfaction.

Good luck!  I have many good lender reccomedations.  They are all licensed in the State of Colorado.  Email me at Rachel@CoolDenverHomes for a list of great lenders who won't let you down.