Can a mortgage loan originator’s compensation be reported on Form 1099-MISC rather than Form W-2?

It is NCCOB’s position that the reporting of compensation on Form 1099-MISC demonstrates conclusively, for the purpose of licensing under the Mortgage Licensing Act (MLA), that the individual compensated is an independent contractor. If that individual acts as a mortgage broker, as defined under the MLA, he must be licensed as such (unless he is exempt). Licensees who compensate unlicensed, non-exempt mortgage brokers are subject to (1) regulatory action (i.e.

, license suspension or revocation), (2) criminal referral to local prosecuting authorities, and (3) reporting of such practices to Federal and State taxing authorities. More.

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