Realtor Susan
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Here are two resourceful links to fact check that loan officers are allowed to be compensated by 1099.
Under these rules the IRS considers the behavioral, financial and the type of relationship between the parties to determine whether a business can classify compensation as W-2 or 1099. See http://www.irs.gov/businesses/small-businesses-self-employed. The degree of control and independence are the factors considered in this analysis. Here classification is strictly relevant to which party is responsible for remitting payroll taxes. Where a business classifies a party as a W-2 under these rules, it must submit the payroll taxes on behalf of the employee. Where a business classifies a party as a 1099 independent contractor, the contractor becomes responsible for remitting payroll taxes.
See https://www.hud.gov/sites/documents/SFH_FAQ_PREVIEW.PDF, pg. 4. Consequently, if a mortgage lender or broker is a third party sponsor it does not fall under the DE W-2 requirement.
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The FHA Streamline Refinance is a mortgage refinance product through the Federal Housing Administration (FHA) that can help homeowners with an existing FHA loan to lower their interest rate and reduce their monthly payment. Here are some key points about it:
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Speedy and Simplified Process: As the name suggests, an FHA Streamline is a relatively speedy and simplified process. Some borrowers are even able to skip the appraisal before closing.
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No Need To Verify Your Income Or Credit Score: There are two types of FHA Streamline Refinance loans. The type you qualify for determines whether your lender will require income verification and a credit check.
Please note that while the FHA doesn’t require a credit check with a non-credit qualifying streamline refinance, the lender you work with might still pull your credit report. Always consult with your lender or a financial advisor for personalized advice.
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The question of whether loan officers (MLOs) can be paid via a 1099 or must be classified as W2 employees is a common one in the mortgage industry. Let’s break down the issue step-by-step:
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State Laws: While there are various states that permit MLOs to be paid by 1099, it’s essential for mortgage bankers or brokers to properly classify MLOs according to IRS guidelines. Regardless of state law, misclassifying an individual as either an independent contractor or an employee can have significant ramifications.
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Federal Laws:
- Regulation Z: The Truth in Lending Act’s loan originator compensation rule covers both individual originators who are employees and those who are independent contractors. Some proponents argue that this rule allows paying MLOs via a 1099. However, the mortgage banker or broker is still responsible for accurately classifying the relationship.
- HUD Guidance: The Department of Housing and Urban Development (HUD) specifically prohibits FHA-approved Mortgagees from using non-employees as loan originators. In other words, W2 employees may only originate loans for FHA-approved mortgagees, not independent contractors.
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State-Specific Considerations:
In summary, while some states allow MLOs to be paid via a 1099, proper classification and adherence to federal and state laws are crucial. Mortgage professionals should consult legal experts and stay informed about their specific state’s regulations to ensure compliance.
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