If you really, really procrastinated taking 2019 CE be glad this is a leap year! Last fall the NMLS published a Notice on 2020 Late CE Course Catalog. The notice included rules in an overview, which if you are licensed MLO, you already know, right? But…since there are two whole days left, we wanted to give you one last, late chance! The Model State Law, which a majority of states adopted when passing their own …
In December, 2019 McKinsey & Company’s article “Competing on Customer Experiences in US Mortgage,” they sited reassurance, transparency, simplicity, and speed as the four dimensions of a mortgage experience. The #1 priority; GETTING THINGS RIGHT, THE FIRST TIME! Speed and simple processes are up there, but what do you have to know to get it right the first time? Consumers still like advisors; someone to run things by, ask questions, review the numbers with and rely on …
With so much focus on AB5, California and the IRS reporting of originator income, is it possible we are missing the 10,000 lb gorilla? California is leading the country into a necessary review of worker misclassification. Recently New Jersey, New York, Illinois, Wisconsin, Oregon and Washington joined California with their version of how to address this issue of “worker misclassification.” The SAFE Act passed in Congress on July 30, 2008 mandated that all states adopt …
It’s a new year with all the hopes that January brings…it’s also Monday. New week, same old issues. You are in charge of “training.” You yawn, sip your coffee and try to remember where you left off on Friday afternoon. In-house training departments face many challenges. They are expensive and labor intensive. The cost to acquire, develop, maintain, update and deliver content and systems is an ongoing battle. Compliance takes over when new mortgage laws …
This is the first decade where social media found its place! While I was a bit late to the party, this year I was honored to cross paths with so many people simply because of social media; people I never would have met or had an opportunity to interact with. If cultivated, these relationship can be life-long and life-changing. Using social media to grow your business can be very effective. It can also be used …
December 18, 2020 – Did you attend one of our live seminars on the new 1003 this year? If so, we got side-railed a bit when the GSE’s delayed the implementation date. Well, it appears we are back on track. Today the FHFA and GSEs announced the mandatory deadline for using the new URLA: NOVEMBER 1, 2020. At least they gave us some time. Directly integrated lenders and software providers may begin testing the new …
Connecticut Independent Mortgage Brokers Association offers live webinar. While a renewed interest in employee classifications started in Califorinia, it is spreading across the country. The recent California Dynamex Case codified the terms under which a “worker” can be classified as an independent contractor under the “ABC” Test (Assembly Bill 5). The California law takes effect January 1, 2020 and many states are following suit. In March 2020, the CA Supreme Court will rule on whether …
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 …