Loan Processors Faq’s

Loan Processors Faq’s

See below for DFI’s answers to concerns frequently inquired about Loan Processors.

We act as that Loan Processor. Must We have that Loan Originator or large financial company license at the time of January 1, 2007?

  1. You won’t have to be certified with DFI under the after situations:
    1. You might be an employee that is w2 Processor for an authorized mortgage broker(s). Generally speaking, you need to work from an authorized location (primary or branch workplace). See WAC 208-660-300(14) to find out more.
    2. You will be an employee that is w2 Processor for a financial loan processing business that includes a home loan broker permit. Generally speaking, you have to work from a location that is licensed. See WAC 208-660-300(14) to find out more.
  2. You really must have a permit with DFI beneath the following situations:
    1. You’ll want a loan originator license in the event that you act as an independent contractor Loan Processor ( be given a 1099) for the licensed mortgage broker. You must work from the location that is licensed the large financial company license.
    2. You’ll want that loan originator permit in the event that you act as a separate contractor loan Processor ( get a 1099) for the loan processing business. You have to work from the location that is licensed the loan processing organization’s large financial company permit.
    3. You’ll want a home loan broker permit if you have a processing business that individually contracts (gets a 1099) with licensed mortgage brokers to process loans. Your W2 employees and separate contractors (1099 premium workers) must work from a location that is licensed. Your separate contractors must be certified as loan originators.

Presently as that loan Processor, I have compensated straight through the closing dining table – not a W2 and never a 1099 – where do we easily fit into this guidance? Continue reading “Loan Processors Faq’s”