Marketing Your Services, Marketing Yourself: What to Look for in Hiring
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Marketing Your Services, Marketing Yourself: What to Look for in Hiring

October 12, 2001

IAMB Participates in Successful D.C. Lobbymortgagepress.comIAMB, Lobby Day,Springfield, 1099, W-2
At the National Association of Mortgage Brokers 2001 Legislative
and Regulatory Conference in Washington, D.C., a delegation of 12
Illinois Association of Mortgage Brokers members met with the
state's congressional representatives. Items for discussion
included mortgage reform, simplification of disclosures, predatory
lending and the reclassification of loan officers to independent
contractors.
Results of these meetings remain to be seen, but it was
generally agreed upon that Congress also knows that simplification
of the mortgage process is long overdue. Meetings with Rep. Donald
Manzullo, Rep. Judy Biggert and Rep. Jerry Weller provided us with
hope that they would help loan officers reclassify to independent
contractors, which would enable companies to pay 1099 instead of
W-2.
This process is not easy, but will be started by IAMB via a
letter of request to the IRS and with the assistance of Illinois
congressional representatives. Until such time, keep paying your
loan officers as W-2 employees.
For more information on the NAMB Legislative and Regulatory
Conference 2001, see page xxx.