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Archive for the ‘Montana Installment Loan Online’ Category

Loan Processors Frequently Asked Questions

Posted on: March 7th, 2020 by quoctuy No Comments

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

We are a Loan Processor. Must i’ve that Loan Originator or large financial company permit at the time of January 1, 2007?

  1. You will not need to be licensed with DFI beneath the after situations:
    1. You will be an employee that is w2 Processor for an authorized home loan broker(s). Generally speaking, you must work from an authorized location (main or branch workplace). See WAC 208-660-300(14) for more information.
    2. You’re an employee that is w2 Processor for a loan processing business which includes a home loan broker permit. Generally speaking, you need to work from the licensed location. 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 unbiased contractor Loan Processor ( get a 1099) for the licensed large financial company. You have to work from the location that is licensed the large financial company permit.
    2. You really need to have that loan originator permit in the event that you are a contractor that is independent Processor ( get a 1099) for a loan processing company. You need to work from the licensed location under the loan processing organization’s large financial company permit.
    3. You’ll want home financing broker permit if a processing is owned by you business that individually agreements (gets a 1099) with licensed mortgage agents to process loans. Your W2 employees and independent contractors (1099 premium workers) must work from a licensed location. (more…)