For newer entrants to the mortgage industry it might be helpful to clarify the NMLS is not a state regulator. They do not make or pass mortgage laws. Congress and the state legislatures do. The NMLS peforms the role of aggregator of mortgage participants information, for the purpose of then streamlining that data to each state regulator. They were a creation of the SAFE Act as a mechanism to track and manage companies and individuals. …
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 …
For those who have been following our series and attending our webinars on 1099 v. W-2, here’s a new consideration in the age-old debate. The Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) revised the SAFE Act. Effective Monday, November 25, 2019 the revision allows QUALIFIED Registered (depository) and State-licensed (non-depository) loan originators to begin originating PRIOR to the approval of a NMLS MLO state license. To help companies and originators during this transition, …
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 …