Tuesday, February 16, 2010

Home Offices for Loan Originators - Are They Allowed?

Many of us would like to work from home for many reasons - to save on rent, you like the short commute, or maybe you need to take care of your children. But are you allowed to work from home?

As with most of the questions that come up, the answer is it depends on the state in which you wish to originate or broker loans. Some states absolutely prohibit home offices. Other states permit home offices, so long as certain requirements are met. The usual requirement is that zoning laws permit home offices. If your local ordinance prohibits home offices, then your banking department will not permit you to have a home office. Some states allow a home office if it has a separate entrance and you maintain an office separate from the rest of your house.

If your state does allow home offices, remember that regardless of whether the office is the main office or just one person working from his house, that office location must be licensed. Also remember that anyone working from his home who is originating or brokering loans must be licensed as a loan originator.

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