Mortgage originators in Colorado must disclose specific details of the loan to borrowers within three days of receiving an application, according to a new rule from the state Department of Regulatory Agencies. Effective immediately, originators must provide details such as the annual percentage rate, finance charge, amount financed, total amount of all payments, third-party costs, and terms of a lock-in agreement. Erin Toll, director of the division of real estate in the department, pushed the rule to establish when and how to provide the disclosures. Originators must also notify borrowers, if the interest rate is variable, of the circumstances under which the rate will increase, limitations on the increase and an example of the payment terms. Because of the recent changes to the Department of Housing and Urban Development Good Faith Estimate disclosure form, Toll requires the originators to create and implement their own form that itemizes third-party fees and costs. The new rule requires a notification sent to the director, informing the department that the borrower has been sent the details. Originators violating the law could have his or her license revoked, fined or pay restitution for any financial loss. Write to Jon Prior.