See below for DFI’s responses to concerns frequently inquired about Loan Processors.
We act as that Loan Processor. Must i’ve that Loan Originator or large financial company license at the time of January 1, 2007?
- You simply will not need to be certified with DFI underneath the after scenarios:
- You are an employee that is w2 Processor for an authorized home loan broker(s). Generally speaking, you need to work from an authorized location (primary or branch workplace). See WAC 208-660-300(14) to learn more.
- You may be an employee that is w2 Processor for a loan processing business that features home financing broker permit. Generally speaking, you need to work from the licensed location. See WAC 208-660-300(14) to learn more.
- You’ll want a license with DFI underneath the after situations:
- You must have that loan originator permit in the event that you are an unbiased specialist Loan Processor ( receive a 1099) for the licensed large financial company. You must work from the licensed location under the large financial company permit.
- You really need to have that loan originator permit in the event that you act as a separate specialist loan Processor ( get a 1099) for a financial loan processing business. You https://speedyloan.net/installment-loans-id/ must work from the licensed location under the loan processing organization’s large financial company license.
- You really must have a home loan broker permit if you own a processing business that individually agreements (receives a 1099) with licensed mortgage brokers to process loans. Your W2 employees and separate contractors (1099 premium workers) must work from the licensed location. Continue reading “Loan Processors Faq’s”