Pros:
No withholding
Cons:
If you are 1099 and never paid on closed loan files, how can you file a complaint with your state department of labor?
How would you be covered under an E&O policy as a 1099 Independent Contractor?
Auto Insurance on LO's you hire, how are you protected if they are underinsured?
How would you be covered if a Lo or other employee makes a claim against you?
If states decide to prohibit 1099, the net branch provider may elect to leave the state, leaving the branch manager without a home. Considering your own investment, signs, business cards, loan files that might not close ETC, how much money could you lose if the company exits from your state?
Do companies that pay 1099 lower the bar on experience requirements of a branch manager more than do companies that hire strictly W2 employees?
Assuming they do, what effect does this have on you as a branch?
Are lenders more or less inclined to terminate a company that hires rookies to manage branch offices?
Would you be proud to represent a company that hires rookies to manage their branches?
The public might expect someone holding the title of branch manager to be experienced, is this reasonable expectation?
Someone running a branch with no experience is more likely to subject the public to a "bad broker experience" thus harming the public’s perception of the industry as a whole. Do you care?
For information on Net Branch opportunities
Call Bob at 630-724-1470
http://www.1003s.com Net Branch Opportunities.
