Realtor Susan
RealtorForum Replies Created
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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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Loan Officer Career Opportunities, Loan Officer Team Lead Career Opportunities, Branch Manager Career Opportunities, and National Mortgage Business Development Career Opportunities at NEXA Mortgage
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I love this and like to know morįe about it.
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You can use property tax prorations for the down payment on a home purchase. States like Illinois hace property tax that is paid in arrears. Therefore when a home buyer buys a house the seller owes the buyer the property tax that is prorated from the previous year. This property tax proration can be used for the down payment on the home purchase.
https://gustancho.com/property-tax-prorations/
gustancho.com
Using Property Tax Prorations For Down Payment on a House
Homebuyers can use property tax prorations by sellers for the down payment on a home purchase but still need to show they have the funds
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What is going on folks. Ten year treasuries are skyrocketing to record territories again and over 4.5% due to the high CPI numbers forecast for high inflation. Seems like the Federal Reserve Board will not be cutting interest rates. Mortgage rates forecasted to go over 8% in the coming days and weeks. The shitshow continues with the clowns at CNBC and other FAKE NEWS MEDIA networks.
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Thank you for sharing. Useful information.
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Silver price has taken off but it is not too late to still get in on it. Silver price is now over $28.60 per ounce and has an upward momentum. At $28.60 per ounce, Silver is still a screaming buy. Silver was hovering between $20.00 to $28.00 per ounce for the past several years and now is the time that seems like it’s going to break $30 per ounce. It may even surpass the $30.00 per ounce mark by the end of the week. China as well as other countries like India is loading up in Silver like never before. Big banks and corporate America are panicking because they are short Silver and are scared to death prices of Silver and Gold will take off and will be forced to buy silver to cover their short position. Rising interest rates are ruining the global markets deterring buying U.S. treasuries and categorizing the bonds into junk territory. The Feds ruined the reputation and credit of the United States into a joke to put it mildly. The United States is accumulating a trillion dollar worth of debt every few months. Gold and Silver are skyrocketing and something like never before is up. Things will be drastically be changing to the prices of Gold and Silver. The Central Bank overseas are grabbing for Gold and Silver which the commodities will keep on surging every precious metal investor was patiently waiting for.
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Here is exactly what I plan on creating and launching for local businesses. A one-stop shop e-commerce all in one business marketplace and organic traffic generation portal that has optional features such as plug-in tools for Google and Facebook ads, CRM, website, and other userfriendly tools for them to become a successful e-commerce online one-stop business as well as a brick and mortar walk in store. https://gcaforums.com/topic/how-to-use-forums-to-generate-organic-traffic-and-leads/#new-post
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Big Mike Robinson Obama does have a penis
