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delmer01
39 Posts |
 Posted - 07/02/2008 : 09:53:19 AM
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| COULD I BE PRINCIPAL BROKER & LO WITH SOMEONE ELSE LIKE A NET BRANCH? (FLORIDA) |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 10:29:24 AM
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| Yes! you can be a loan officer in the state of Florida for multiple companies, however mortgage broker for only one...I even think you can be the principle for one co. be a mortgage broker for another, and a loan officer for as many as you want... Call the department and confirm... |
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CindyJo440
122 Posts |
Posted - 07/02/2008 : 11:22:09 AM
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| no, per 494 you can only work for one company at a time |
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goodguy1
1654 Posts |
Posted - 07/02/2008 : 11:24:16 AM
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| not if you're wanting to do FHA. Can't work for more than one financial-type company at the same time. |
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mganovsky
2070 Posts |
Posted - 07/02/2008 : 11:35:01 AM
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Renee will not believe you, we had this discussion a while back and she thinks that you can work for one company on a 1099 basis then another company as W2 so you can originate FHA loans, and still get paid 1099 on all other loans. In Florida per FS 494 the principle broker is required to notify the State with a list of all LO's and licensed Mortgage Brokers in thier company monthly. There are Mortgage Comapany's that do not do it so it is possible if you did not want to comply with State laws that you could get away with it. If HUD finds out about it then you are in trouble with HUD.
It is not worth it to bend the law's to fit your needs. Find a way to work within the law's and you will sleep better at night.
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 11:41:56 AM
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| I called the department and they say you can be mortgage broker for one co. and loan officer for multiple companies...if you hang your license in one co. and you are 1099 that is it, you CAN NOT BE A MORTGAGE BROKER ANYWHERE ELSE. But w2 loan officer yes, you can be in as many companies as you want, just call the department. Now you can be a mortgage broker(1099) for 1 co. and a loan officer(w2 for another). This is in Florida, most of the people giving advice are from other states... |
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CindyJo440
122 Posts |
Posted - 07/02/2008 : 12:00:12 PM
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| Don't know who you spoke with, but I just check online and 494 clearly states that you can NOT be an associate of more than on mortgage broker business, mortgage lender or correspondent mortgage lender at a time. |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 12:01:52 PM
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quote:
Originally posted by CindyJo440
Don't know who you spoke with, but I just check online and 494 clearly states that you can NOT be an associate of more than on mortgage broker business, mortgage lender or correspondent mortgage lender at a time.
OmG we are saying the same thing, MORTGAGE BROKER 1 BUSINESS. LOAN OFFICER MULTIPLE BUSINESSES...RE-READ MY LAST POST |
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mganovsky
2070 Posts |
Posted - 07/02/2008 : 12:03:00 PM
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| And also if you originate FHA you can not have a second job that has any thing to do with the Real Estate or Mortgage Industry. |
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katbunk
2172 Posts |
Posted - 07/02/2008 : 12:03:47 PM
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quote:
Originally posted by CindyJo440
Don't know who you spoke with, but I just check online and 494 clearly states that you can NOT be an associate of more than on mortgage broker business, mortgage lender or correspondent mortgage lender at a time.
I don't believe this is applicable. I believe the OP is a "broker", not "licensed officer" totally different guidelines apply. |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 12:19:07 PM
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quote:
Originally posted by mganovsky
And also if you originate FHA you can not have a second job that has any thing to do with the Real Estate or Mortgage Industry.
Ah???????Where did you get this from????Are you sure???????where can i see that info. Don't scare me????? |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 12:20:22 PM
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quote:
Originally posted by mganovsky
And also if you originate FHA you can not have a second job that has any thing to do with the Real Estate or Mortgage Industry.
You can not be a Realtor, but what do you mean by second job, second paying job, commission, could you please link the source... |
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slants
4274 Posts |
Posted - 07/02/2008 : 12:31:50 PM
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quote:
Originally posted by Rene Viloria
quote:
Originally posted by mganovsky
And also if you originate FHA you can not have a second job that has any thing to do with the Real Estate or Mortgage Industry.
You can not be a Realtor, but what do you mean by second job, second paying job, commission, could you please link the source...
It's been posted about 1,000 times.
http://www.integritymortgagelicensing.com/mortgage-licensing-news/fha-mortgage-broker-licensing-faq/
3. Are there any employment restrictions?
Any employee of a FHA lender who earns compensation on FHA loans cannot have other employment including self employment and outside employment in the mortgage lending, real estate, or a related field. The most common related fields are financial planning and insurance. Their income earned on FHA loans must be reported to the IRS on a W-2. This restriction does not apply to employees of a FHA lender who do not do any FHA loans.
This restriction is in paragraph 2-9(G) of the Title II Mortgagee Approval Handbook 4060.1, Rev-2 at: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc |
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slants
4274 Posts |
Posted - 07/02/2008 : 12:35:21 PM
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quote:
Originally posted by delmer01
COULD I BE PRINCIPAL BROKER & LO WITH SOMEONE ELSE LIKE A NET BRANCH? (FLORIDA)
If regulations are as they are in CA, yes, a broker may be an LO at another company. Can originate FNMA/Freddie, commercial, hard money loans, but may not do FHA. HUD does not permit FHA originators to have outside employment or self employment in RE/finance. |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 5:12:12 PM
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quote:
Originally posted by slants
quote:
Originally posted by Rene Viloria
quote:
Originally posted by mganovsky
And also if you originate FHA you can not have a second job that has any thing to do with the Real Estate or Mortgage Industry.
You can not be a Realtor, but what do you mean by second job, second paying job, commission, could you please link the source...
It's been posted about 1,000 times.
http://www.integritymortgagelicensing.com/mortgage-licensing-news/fha-mortgage-broker-licensing-faq/
3. Are there any employment restrictions?
Any employee of a FHA lender who earns compensation on FHA loans cannot have other employment including self employment and outside employment in the mortgage lending, real estate, or a related field. The most common related fields are financial planning and insurance. Their income earned on FHA loans must be reported to the IRS on a W-2. This restriction does not apply to employees of a FHA lender who do not do any FHA loans.
This restriction is in paragraph 2-9(G) of the Title II Mortgagee Approval Handbook 4060.1, Rev-2 at: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc
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MisterVA
6630 Posts |
Posted - 07/02/2008 : 5:15:22 PM
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| Rene, you've been pnwed. |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 5:26:56 PM
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| I am going crazy the department says one thing and this is totally different, i am super confused...I am calling tomorrow... |
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slants
4274 Posts |
Posted - 07/02/2008 : 5:32:43 PM
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quote:
Originally posted by Rene Viloria
I am going crazy the department says one thing and this is totally different, i am super confused...I am calling tomorrow...
Neither Fannie/Freddie nor the DRE (or your equivalent state licensing agency) has any objections to a broker licensee working as an employee of another broker, so you are able to write any loans with the exception of FHA. FHA which is regulated by HUD, does not permit any outside affiliations with anything financial, not even insurance sales. If you want to do FHA, you may only work for the FHA shop. You need to inquire of HUD's regulations, not the department. Your licensing department does not regulate or enforce FHA guidelines and has no say about HUD's requirements. |
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delmer01
39 Posts |
Posted - 07/02/2008 : 5:46:54 PM
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| so...which one is it?? |
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Rene Viloria
1826 Posts |
Posted - 07/02/2008 : 7:03:42 PM
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quote:
Originally posted by slants
quote:
Originally posted by Rene Viloria
I am going crazy the department says one thing and this is totally different, i am super confused...I am calling tomorrow...
Neither Fannie/Freddie nor the DRE (or your equivalent state licensing agency) has any objections to a broker licensee working as an employee of another broker, so you are able to write any loans with the exception of FHA. FHA which is regulated by HUD, does not permit any outside affiliations with anything financial, not even insurance sales. If you want to do FHA, you may only work for the FHA shop. You need to inquire of HUD's regulations, not the department. Your licensing department does not regulate or enforce FHA guidelines and has no say about HUD's requirements.
Oh now we are talking, so i was right, but i was wrong due to fha! omg, slant so that means adios to my modification business?????Do that means adios to my co. i am crying right now, talking about losing everything over night, no over a post... |
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Managing Prime
2802 Posts |
Posted - 07/02/2008 : 7:09:03 PM
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| Yes you can...as long as you never write FHA paper and that's probably not the best course of action in the current market. |
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slants
4274 Posts |
Posted - 07/02/2008 : 7:12:18 PM
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quote:
Originally posted by Managing Prime
Yes you can...as long as you never write FHA paper and that's probably not the best course of action in the current market.
What he said, delmer01. You can go work for another company and write any other kinds of loans, but not FHA. HUD does not want you doing anything RE related with another company if you write FHA. |
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darkstar
18289 Posts |
Posted - 07/02/2008 : 7:16:44 PM
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| Hopefully this is being disclosed to each new employer, I find it hard to believe someon would hire you knowing you may hang the deal at one of many places...If it's even legal... |
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Managing Prime
2802 Posts |
Posted - 07/02/2008 : 7:18:48 PM
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quote:
Originally posted by darkstar
Hopefully this is being disclosed to each new employer, I find it hard to believe someon would hire you knowing you may hang the deal at one of many places...If it's even legal...
You're just upset that you did not think of it first. LOL
Actually, it works quite well for new brokers that still want to eat. Setup your own shop and go to work for a 50 State Fed Charter as well. |
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velecico
3991 Posts |
Posted - 07/02/2008 : 7:19:24 PM
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not this crap again !!!! |
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slants
4274 Posts |
Posted - 07/02/2008 : 7:23:51 PM
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quote:
Originally posted by Managing Prime
quote:
Originally posted by darkstar
Hopefully this is being disclosed to each new employer, I find it hard to believe someon would hire you knowing you may hang the deal at one of many places...If it's even legal...
You're just upset that you did not think of it first. LOL
Actually, it works quite well for new brokers that still want to eat. Setup your own shop and go to work for a 50 State Fed Charter as well.
Absolutely. A broker can send out of state deals to the charter/net branch and access lenders who he/she can't get approved with as a small shop and also do RE closings from their own shop (CA). The charter/net branch is aware of the existance of the other office and there really is not a conflict. |
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darkstar
18289 Posts |
Posted - 07/02/2008 : 7:27:39 PM
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>>>You're just upset that you did not think of it first. LOL
True that, never too late to capitalize on it though! |
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djorge44
1571 Posts |
Posted - 07/02/2008 : 7:30:10 PM
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| Except not if they do FHA slants per HUD. You may be doing it but not legally |
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BAHMN
159 Posts |
Posted - 07/02/2008 : 7:35:42 PM
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quote:
Originally posted by djorge44
Except not if they do FHA slants per HUD. You may be doing it but not legally
I believe she covered that quite thoroughly above.
quote:
Originally posted by slants
Neither Fannie/Freddie nor the DRE (or your equivalent state licensing agency) has any objections to a broker licensee working as an employee of another broker, so you are able to write any loans with the exception of FHA. FHA which is regulated by HUD, does not permit any outside affiliations with anything financial, not even insurance sales. If you want to do FHA, you may only work for the FHA shop. You need to inquire of HUD's regulations, not the department. Your licensing department does not regulate or enforce FHA guidelines and has no say about HUD's requirements.
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slants
4274 Posts |
Posted - 07/02/2008 : 7:36:56 PM
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quote:
Originally posted by djorge44
Except not if they do FHA slants per HUD. You may be doing it but not legally
I give up. Did you actually read my posts? I said that at least 3 times 3 different ways. |
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djorge44
1571 Posts |
Posted - 07/02/2008 : 8:16:50 PM
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| Sorry Slants, I did a speed read and am working on 3 hours sleep. My Bad, you are RIGHT as usual. |
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slants
4274 Posts |
Posted - 07/02/2008 : 8:20:44 PM
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quote:
Originally posted by djorge44
Sorry Slants, I did a speed read and am working on 3 hours sleep. My Bad, you are RIGHT as usual.
Glad to see you are still so busy these days. Get some sleep ;-)! |
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