Skip to main content

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

National Mortgage Professional
Oct 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.
Oct 12, 2001