Effective March 2, 2009, the Colorado Division of Real Estate requires use of their model form, Dual Status Disclosure ("Disclosure"), if a licensed mortgage broker is also licensed as a real estate broker pursuant to 4 CCR 725-3, Rule 7-1-1.  In accordance with Rule 7-1-1, the Disclosure also discloses whether the individual is also acting as a mortgage broker and real estate broker on the same transaction.The Disclosure must be completed and disclosed within three (3) business days after receipt of a loan application or any moneys from a borrower.  Additionally, the broker must retain the executed Disclosure for a period of four (4) years.

DocMagic, Inc., has laid out the model Disclosure under file name CODSD.MSC.  It will be an optional form appearing in the Forms List under the Services menu of DocMagic when the origination type is broker and the property state is Colorado.  If you have any questions regarding this Disclosure, please contact DocMagic's Compliance Department.

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