Processors working for multiple companies

Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies..

Anyone hear of this? is there a way around this?

Laura in Fort Myers, Florida said: Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies..

Anyone hear of this? is there a way around this?

You must be a licensed loan originator but you can act solely as a loan processor and process for whoever you want. You must file form OFR-494-13 with the Office of Financial Regulation stating the you will be a loan processor and not an originator. Just google the form name and it will take you to the site.

Laura in Fort Myers, Florida said: Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies..

Anyone hear of this? is there a way around this?

My understanding is this...HUD does not allow you to work as an Employee for one company and also process as an Employee for another. However, as an Independent Contract Processor, you would be self employed and not held in the employee capacity. In CA you are required to have a DRE Brokers license and NMLS in order to process for more than 3 loan orginators (companies). I hope this helps!

Laura in Fort Myers, Florida said: Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies..

Anyone hear of this? is there a way around this?

Yes this is true, if you are a loan processor being paid as a w2 employee you cannot work for another co. If you are a contract processor being paid 1099 you can work for more than 1 company