The SAFE ACT of 2008 vs 1099s!

Posted by Debra Killian
Categories Banks, CLOES Live, Compliance, Mortgage Employment, Mortgage Insights, Mortgage Recruiters, NMLS Licensing Education, Originators
Date January 30, 2020

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 regulations over mortgage loan origination and that a nationwide system of licensing and registration be adopted August 1, 2009. One year!

If you haven’t thought about the connection, it might be a good idea to watch the video below.

I welcome challenges, thoughts, documents and any other information you may have to broaden my perspective, as I attempt to broaden yours!

Deb@cloes.online (866) 256-3766

#1099, #W-2, #mortgage loan originators, #DRE, #compliance #licensing

Debra Killian, a seasoned Mortgage Loan Originator, Course Developer, and Instructor combines her extensive 35-year background in residential mortgages, real estate, banking, and accounting to excel in the mortgage industry. An alumnus of Western Connecticut State University with a B.B.A. in Accounting,

Debra has been a transformative figure in residential mortgages since 1994, overseeing and managing over $1 billion in real estate loans. Her unique educational and professional journey has positioned her as a dynamic and effective trainer in the mortgage and real estate sectors, offering tailored courses that use mortgage competencies in building long-term relationships with customers and real estate professionals.

A trailblazer in mortgage education, Debra co-authored pivotal NMLS-approved courses, including the 20-hour Pre-licensing SAFE Act course in 2010 and The Mortgage Professional for the same curriculum in 2011. Her contributions continued with co-authoring the MBA's School of Loan Origination and mortgage and real estate continuing education classes.
Debra relentlessly pursues the latest industry trends and regulatory changes, ensuring her courses, both new and existing, are continuously updated and aligned with current standards and practices.

Debra's leadership extends beyond her immediate professional sphere, evidenced by her past roles in the CT Mortgage Bankers Association, the National Association of Mortgage Professionals (NAMB) and various real estate associations.

A sought-after speaker, Debra lends her expertise to various professional groups and is dedicated to developing and delivering custom courses, reflecting her passion for education and industry advancement.

She and her husband Donald DeRespinis, own Charter Oak Systems, LLC which operates Cloes.online, and online education provider for pre-licensing courses required by the Secure and Fair Enforcement ACT (SAFE) Her passion is providing mortgage loan originators competency based training and professional development courses to all elevate mortgage loan originators. In addition to NMLS required courses, Debra and Don provide an array of compliance training to help companies comply with federal and state laws.

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