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Schmillenium
333 Posts |
 Posted - 02/23/2008 : 08:19:56 AM
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I've read your comments on 1099 compensation not being allowed in NM for mortgage brokers in various posts you've made. On our State site under FAQs there is this question and answer:
9. Do loan originators have to be licensed?
Loan originators that are compensated on a 1099 basis must apply for and obtain their own registration certificate (license) separately. Loan originators that are compensated on a W2 basis may share their employer's registration certificate.
In light of this, why do you state that we can only be paid W-2? Is there something I'm missing?
Rick
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Schmillenium
333 Posts |
Posted - 02/23/2008 : 08:48:04 AM
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| bump |
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jvanpetten
2553 Posts |
Posted - 02/23/2008 : 09:51:02 AM
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| Why not just email him directly? Look in the members section for his profile and email. I believe there is a forum rule that two people cannot communicate using this forum. |
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toddblue
2397 Posts |
Posted - 02/23/2008 : 1:51:27 PM
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Independently contracted state registered brokers can be paid 1099 (Excluding FHA, etc.). Non-broker licensed LO's working under a broker must be W-2. There is no licensing for LO's.
In order to do mortgage lending business in NM, you must be a 'Registered' broker through the NM RLD, or working under a registered broker as a W-2'd LO.
Pretty straight forward.
(BTW, I went through my old posts and could not find where I would ever have said a broker cannot be 1099. My W-2 response has always regarded LO's)
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Schmillenium
333 Posts |
Posted - 02/24/2008 : 04:22:15 AM
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quote:
Originally posted by jvanpetten
Why not just email him directly? Look in the members section for his profile and email. I believe there is a forum rule that two people cannot communicate using this forum.
Thanks jvanpetton. I didn't know that rule. He's contacted me directly. |
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