PROCESSOR LICENSING REQUIREMENT IN THE FOLLOWING STATES: WV, MD, VA ND

Requirements for Processor who do Maryland loans - processor is not required to be licensed therefore we can use any indivudual or any company and they can be paid 1099 and fee collected on HUD per Betty McBride MD Licensing Division

Virginia - processor must be W2'd through the mortgage broker company they are processing for unless they or their company are licensed as a mortgage broker on their own, only then can they can be 1099'd and/or W2'd

West Virginia - processor must be licensed as an orginator through the mortgage broker company you are processing for however that means you can only process for 1 (one) company in the state of WV at a time since the license number is proprietary to the Mortgage Broker or you can be paid 1099 if your company or indiividually you are licesed as a Mortgage Broker per Tracy Hudson, WV div of Banking

North Dakota - processor does not have to be licensed and can be 1099'd

Hope this helps someone. You don't want to get caught in this mishap during an audit.

Thanks,
Robyn