A loan officer who can work for a department license mortgage broker or company in California

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Being a loan officer for a mortgage broker to be licensed under the cloud work department of the Corporation an independent contractor (1099) has been employed or employed?

2 Comments
  1. Reply
    Reaper
    January 24, 2011 at 2:16 pm

    depends on how you’re compensated. 1099 is reserved for commission only employees or contract employees. were you to receive a salary then you would be an employee. did you fill out a W-2 or W-4 when you started there? W-2 is salaried employee and a W-4 is an employee who is paid on a commission only scale. check your HR and see if either or is possible. shouldn’t realy matter but in your case I’d go with 1099 (if they pay good commissions though)

  2. Reply
    Janice B
    January 24, 2011 at 3:00 pm

    it varies from place to place. Mostly you are on commission only. You are licensed to sell loans but are working under the brokers license to broker out loans to different lenders

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