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Mortgage Net Branch Mississippi
How do I know my mortgage net branch in Mississippi is in compliance with HUD regulations?
You can familiarize yourself with the United States Department of Housing and Urban Development (HUD) guidelines before ever starting your MS mortgage net branch business. You can find resources which will state some or all of them in simple terms that can be easily understood.
A few of the guidelines that explain how a net branch in Mississippi may be considered not in compliance with HUD regulations are listed here. This is not an all-inclusive list, but it does cover some of the more "sneaky" ways in which some people, unfortunately, try to sneak in under the radar.
For example, HUD requires that all mortgage net branches operate out of a physical location, and this cannot be a person's residence. It must be another location. If a net branch is being operated from someone's home in MS, that's not a branch, it's a home office, and that is a violation of HUD regulations.
Your employees must also be paid in a manner which requires that a W-2 form be filed on each one. You cannot submit 1099 forms, not even for partial payments, because that is against HUD regulations.
You can't "play" with words or terms in an effort to hide the fact that you are operating a net branch in Mississippi that is not in compliance with HUD regulations. In fact, some terms automatically raise "red flags" at HUD. Unfortunately, in some cases the term "mortgage net branch" can be one of those terms.
If you are running a truly legitimate net branch, and you continue to have problems with HUD, ask them what legal terms should you use to describe the services your mortgage net branch in Mississippi offers. They'll appreciate the fact that you are trying to be in compliance.