A loan officer who work for a mortgage broker license under Department of Corporation cloud be an Independent contractor (1099) or has to be employee?
A loan officer who work for a mortgage broker license under Department or Corporations in California can be in
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Reaper
March 9, 2010 at 6:33 am
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)
Janice B
March 9, 2010 at 7:07 am
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