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This question was originally posted in our Compliance Master Group forum by tstrait.
We are considering hiring a broker. He is currently registered with the NMLS and state. I called the NMLS helpline, but no one was able to advise me on how to transition him.
If he has loans that have been started in July and/or August, but aren’t quite finished processing, what are his restrictions for registering with us? For example:
He takes an application 8/1 (under his Mortgage Company’s name), but it won’t close till 9/15/2013 (funded by another financial institution other than us). We want him to start 9/3/2013. Is there a problem with the 8/1(application) loan closing with him registered to us?
All I can see (in my research) is that once the process originates, it has to close with the same COMPANY, not necessarily the same MLO. . . . Would it make a difference if he was a sole propietor (broker), and once he leaves there would be no other MLOs?
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