Former Colorado Mortgage Board Member Settles Lawsuit That Said He Stole Test Questions

The former chairman of the Colorado board that regulates loan originators has settled a lawsuit that accused him of stealing national test questions that certify the profession, then repurposing them at a company where he worked to help people pass the exam. Bill “Bart” Bartholomew has agreed to a five-year ban in working with any companies that are approved by the Nationwide Multistate Licensing System to offer classes toward passing the exam. The NMLS is part of the Conference of State Bank Supervisors, which use the State Regulatory Registry to give the exams. “The integrity of the … test is integral to ensuring that state-licensed mortgage loan originators understand the laws and regulations they operate under, and to protecting consumers from bad actors,” SRR board chairman John Ducrest said in a statement. Bartholomew maintained his innocence, telling The Denver Post that the settlement was the best outcome for him. “The bottom line is it was a very expensive distraction in my life,” he said in a telephone interview.