A Florida loan originator is offered part-time work with a second mortgage lender at weekends, alongside her existing full-time role. What does Chapter 494 permit?
Correct Answer
C) Neither; an originator may not be employed by, or contract with, more than one broker or lender
Section 494.00331(1) requires a loan originator to be an employee of, or independent contractor for, a mortgage broker or mortgage lender, and forbids being employed by or contracting with more than one, or either simultaneously. Recasting the second role as a contract does not get around it. Source: Fla. Stat. § 494.00331(1)
Why This Is the Correct Answer
Section 494.00331(1) requires a loan originator to be an employee of, or independent contractor for, a mortgage broker or mortgage lender, and forbids being employed by or contracting with more than one, or either simultaneously. Recasting the second role as a contract does not get around it. Source: Fla. Stat. § 494.00331(1)
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