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Unlicensed Mortgage Loan Officers California

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  • Unlicensed Mortgage Loan Officers California

    Can an unlicensed Loan Officer be an independent contractor and receive a 1099 paycheck?

  • #2
    Fill out an IRS form SS-8 and find out.
    Megan E. Ross, Esq.
    Law Offices of Michael Tracy

    Disclaimer: The above response is a general statement of the law and should not be relied upon as legal advice. It only assumes the facts that are stated in the message. The above response does not serve to form an attorney-client relationship.


    • #3
      States tend to be very tough about having unlicensed people earning fees, referrals or such if they act in a real estate broker or mortgage loan officer/broker capacity.

      Some states have very lenient LO requirements thought. Here in FL, the requirement for a correspondent lender is 25K networth, classtime and passing a state exam.

      LO's work for Lenders & correspondent lenders. They are not required to do any classtime or take a test to work as an LO. Every so often, believe every 2 yrs, they are required to take some Cont. Ed.

      As far as getting paid without any association... I'd bet against.

      Run a search for Cali lending law requirements. There should be a section about LO's.
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