Lenders, mortgage brokers and originators should be paying careful attention in all states about “misclassification” of workers. Tomorrow I will be facilitating a webinar for the California Association of Mortgage Professionals on California Assembly Bill AB5, which is shaking up the employment landscape. It’s not just California! Massachusetts, New Jersey and many other states have also adopted a similar “ABC” test to determine worker status. And it’s not just the states. The IRS may have …
Could you pass the NMLS test today again if you had to? Is it time to reassess mortgage knowledge even for seasoned originators? Learning! What we learn, why we learn, how we learn and how do we know we learned! As a course developer and originator I can tell you that coming up with compliant, relevant, timely and enjoyable content that also meets NMLS standards is challenging at best. So why not put NON-licensing education …
Some content is more easily digested and retained when taken online. It depends on the depth of the content, the experience of the student and the need for reinforcement. You asked for it…we got it! LIVE workshop January 15, 2020; 9:00-5:00 Martin County Realtors of the Treasure Coast, Stuart, FL. Limited Seating! Lunch included. Mortgage Professional Practices available in a new 4-4-10 format offering 18 episodes in a combination delivery. The first 4 episodes are …
If you followed our mini series on California’s latest law AB5, you know that independent contractor “1099” status just got tougher in CA. AB5 seriously increased the ability for state and federal governments to reclassify workers from independent contractors to “employee”(W-2) status. If this is not a topic you are familiar with, you may want to watch this 5 part mini-series. Episode 1The Dynamex Case Episode 2Dynamex Exemptions Episode 3Dynamex Penalties Episode 4Dynamex What You …
Mortgage professionals…you may think this doesn’t apply to you…and maybe it doesn’t. This purported gray area has caused many employees and companies to grapple with the rules with many debates on this topic. Until now! On October 8, 2019, the CA Supreme Court ruled that if companies have misclassified employees, the state can go back FOUR YEARS; to calculate back state and withholding taxes, state unemployment taxes, penalties and interest. Were they eligible for retirement …
In the final episode of our 4-part series (Dynamex vs. Superior Court CA), we discuss how employers are reported and steps to consider if the potential for misclassification is present. Routine state or IRS company audits may also trigger an investigation. 4 Part Mini- Series Dynamex Operations West Inc, v CA Superior Court decision Exempt workers from W-2 status Penalties for misclassified workers Proactive steps businesses should consider These educational videos are intended to provide …
In episode 3 of our 4-part series (Dynamex vs. Superior Court CA), we discuss how employers can be penalized for misclassified workers, how back taxes and payroll tax penalties are calculated and what you can do to correct your classification of employees. 4 Part Mini- Series Dynamex Operations West Inc, v CA Superior Court decision Exempt workers from W-2 status Penalties for misclassified workers Proactive steps businesses should consider These educational videos are intended to …
In the 2nd of our 4-part mini-series we discuss why the law was passed and exemptions allowing for 1099 status. 4 Part Mini- Series Dynamex Operations West Inc, v CA Superior Court decision Exempt workers from W-2 status Penalties for misclassified workers Proactive steps businesses should consider These educational videos are intended to provide information that may impact your business. If you are not sure, please consult an attorney or CPA for professional advice. Charter …
Recently California Governor Gavin Newsom signed into law rules for classifying workers. It started out with Uber, Lyft and other independent operators. It may affect your mortgage business. The law takes effect January 1, 2020. This 4-part mini-series streaming this week is comprised of 5-10 minutes videos highlights key issues and what you can do to get ahead of a potential audit. Episode One of Four – This short four-part video series will discuss: Dynamex …
The CFPB published FAQs today for the transitional licensing. The FAQs are broken into two categories: types of loan originators and state transitional licenses. The rules are effective November 24, 2019 and allow for ELIGIBLE registered and state-licensed originators to receive temporary authority to originate during the 120 period of obtaining a new state-license. In addition, the NMLS has issued guidance on worker classification. Watch for our CLOES.online upcoming 4-part video series on the 1099 vs …
Years ago, a local competitor asked me, “Why do you attend all these mortgage conferences? What a waste of time.” I responded “because that’s where Professionals learn.” Several years later one of his originators had their license revoked for copying and pasting signatures! Not all associations or conferences make sense for all participants. Being a member of more than one association can yield better results than the voice of one. When reviewing conference agendas narrow …
Faster, better, less, faster, sooner, easier ! Those are the messages coming from the industry. But, do we know that it’s really what’s best for consumers? Is it fair to originators? Are we setting consumers up for speed or great advice? How many seconds faster are you than you competition? Does it really matter? Several weeks ago, Ginger Bell, Founder of The Mortgage List was kind enough to interview me on her Open Mic Podcast. …
Think you know credit? Learn a NEW WAY to educate consumers about credit reports while earning a professional designation! Monday, September 16th – 11:00 am – 5:00 pm (Emperor’s Ballroom 2) – $149 Members; $279 Non-Members Why get certified? Most originators have never had real professional development, education or training. Consumers believe we know more than we actually do. That includes even the most seasoned originators. The benefits and market differentiation are just some of …
November 24, 2019 is the effective date for Temporary Authority, and it’s right around the corner. Transitional Licensing was passed as part of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act and provides 120-day temporary authority to operate as a state-licensed mortgage loan originator for individuals who are: 1) a registered loan originator who becomes employed by a state-licensed mortgage company, or 2) a state-licensed loan originator who becomes employed by a …
Purchase business is the lifeblood of many originators. With affordable homes in low supply, multiple offers on multiple properties is a way of life, especially in the first-time home-buyer segment. And, every real estate agent wants a “pre” something! A Friday in August, and I can’t get this topic off my mind. On July 31, 2019 the CFPB put out FAQs on this very topic. So, here’s some food for thought. FAQ Question #4: Is …
Someone was kind enough to point out that my last post was shameful self-promotion. So let me approach this same topic a little differently. As an originator for over 25 years, it is very clear that we have a significant impact on the psychological emotional, and financial well-being of every consumer we interact with, and that impact stays with them well beyond the closing. We also intentionally or innocently, torture our bosses, co-workers, real estate …
Originators have a significant impact on the psychological emotional, and financial well-being of every consumer they interact with and it stays with them well beyond the closing. Let’s also not forget impact on our bosses, co-workers, real estate referral and other partners and our companies! We believe this is such a neglected topic, we made the first episode in the Mortgage Professional Practices program, IMPACT- Psychological, Emotional and Financial Impact, Empathy in Mortgage Transactions. Real …
After delaying the “optional use date”, yesterday the FHFA and GSEs announced the new 1003 mandatory use date will no longer be February 1, 2020. This should take some pressure off of lenders who were facing a deadline that was creeping up. Now, the GSEs have been directed to make new modifications to the form. The good news is the industry will now be afforded additional time to make changes since the FHFA and the …
Recently someone posed this question on Facebook: “What do you think the most important word in the mortgage business is?” And that got me thinking. Wouldn’t it be nice if mortgage originators didn’t have any competition? We really would provide the best rates, costs and services for all consumers…really, I promise! Ok, we all know the supply and demand story! Recently, former head of the MBA, David H. Stevens simply stated “consumers benefit by a …
Every time I finish writing another episode on mortgage financing, as if on queue, something significant changes. If you sell financial products linked to LIBOR, changes may be heading your way…okay so maybe not till 2021! Today, Timothy Kitt, Senior Vice President, Head of Pricing and Execution for Freddie Mac released a statement on the replacement of the London Inter-Bank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR), in support of the recommendation …