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    MJULIAN's Avatar
    MJULIAN Posts: 2, Reputation: 1
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    #1

    Nov 19, 2008, 01:27 PM
    Both 1099 and W-2?
    Hi! I am a mortgage broker and we just became FHA approved. FHA requires that I pay commissions on FHA loans as W-2 which isn't a problem.

    Can I pay my loan officers 1099 on Non-FHA loan commissions and pay them W-2 when they close a FHA Loan or do I have to pay W-2 on all loans that are closed no matter if it's a FHA or Conventional loan?

    Do you know anyplace where I can confirm this information?

    Thanks!

    MJULIAN
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 19, 2008, 02:37 PM

    You should be able to do both, but you will have to write their contracts in that manner or perhaps have two separate contracts with them.

    I am sure you are aware on the W2 you will have to pay the matching social security payments plus as an employee you have issues of unemployment and other factors since a W2 makes them an employee.
    MJULIAN's Avatar
    MJULIAN Posts: 2, Reputation: 1
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    #3

    Nov 19, 2008, 02:52 PM
    Thank you.
    Yes I am aware about the additional employer taxes.
    Do you know a good reference where I can find more information on this item?
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