1099 vs. W-2 for MLO comp - Which Won't Land You in Hot Water?

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Posted To: Pipeline Press

Few people grow up wanting to be an LO or a capital markets gal. But plenty grow up wanting to be astronauts. Ever wondered what an astronaut earns, and what the job description looks like? Here you go: MajorTom - thanks to Carol K. who sent that along and pointed out that "this is a drug-testing designated position." (Keeping with the space theme, Dr. Matt Lind suggests that Quicken Loans' employees are having a "blast" with the Rocket Loan.) "Rob - what is the CFPB's stance on loan originator compensation and whether it can be via 1099 or W-2? Recently, I have noticed a surge in advertising by mortgage brokers promising to pay mortgage loan originators via 1099 instead of W-2, and some LOs leaving lenders to go to work for brokers believing they can be "1099'ed" (rather than W-2) allowing...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/12182015-1099-versus-w-2.aspx

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