Category Archives: Installment Loans Online Montana

Loan Processors Faq’s

See below for DFI’s responses to concerns frequently expected about Loan Processors.

We are that Loan Processor. Must We have that Loan Originator or large financial company permit at the time of January 1, 2007?

  1. You will not need to be certified with DFI underneath the after scenarios:
    1. You may be A w2 employee loan Processor for an authorized mortgage broker(s). Generally speaking, you have to work from an authorized location (main or branch workplace). See WAC 208-660-300(14) to learn more.
    2. You might be an employee that is w2 Processor for the loan processing business that includes a home loan broker license. Generally, you have to work from a location that is licensed. See WAC 208-660-300(14) to find out more.
  2. You really need to have a permit with DFI under the after scenarios:
    1. You’ll want that loan originator permit in the event that you act as a completely independent specialist Loan Processor ( get a 1099) for the mortgage broker that is licensed. You have to work from the location that is licensed the large financial company permit.
    2. You must have a loan originator permit in the event that you are a separate contractor loan Processor ( get a 1099) for the loan processing company. Continue reading