Forums Discussions
-
Discussions tagged with 'HUD Guidelines on Originating FHA Loans as Mini-Correspondent Lender'
-
Have a very important question about HUD guidelines on originating FHA loans as a mini-correspondent lender. I am getting a lot of conflicting answers and hope you can help me to get to the bottom line. Many mortgage brokerage companies licensed in multiple states with a large size of NMLS licensed mortgage loan originators are also mini-correspondent lenders on FHA, VA, and conventional loans. Almost all mortgage brokerage companies offer both types of compensation, W2 and 1099 for its NMLS licensed MLOs depending on each state rules and regulations. One company in general, which I will call ABC Mortgage Broker, has all the necessary requirements to be able to become a HUD-Approved mini-correspondent lender on FHA loans besides being a mini-correspondent lender on VA and Conventional loans and a mortgage broker on FHA, VA, USDA, conventional, and non-QM loans. However, it is stopping them from becoming HUD approved mini-correspondent lender on FHA loans because someone has told them that you cannot be a mini-correspondent lender if you are paying your MLOs 1099 commission. About half the company gets paid 1099 and the other half gets paid W2s. Is there some truth behind this statement? I know for a fact certain companies, such as NEXA Lending, the Loan Factory, Barrett Financial Group are mini correspondent on FHA loans, and they have both 1099 and W2 MLO compensation. So who is right and who is talking out of their asses? Thank you in advance.
View Last Reply:
replied 2 hours, 11 minutes ago
| Participants: 3 Members
|
2 Replies
