IPC Regulation

01 Mar 2017 9:36 PM | John McCully (Administrator)

To Presidents and Founders


Recently, two Independent Processing Companies (IPC for this email).  ​gave their interpretation of the IPC regulation to mean that as long as the company was licensed and they had one senior processor that held a MLO license and was sponsored by the IPC, then many other processors can work on a W2 basis for that IPC without a license as long as they were directed by the MLO that was licensed there.


The SML has carefully considered the matter and given the opinion that ALL processors working for an IPC must be licensed and sponsored by the IPC.  The appropriate individual license is an MLO license.


​Please announce this at your meetings as they occur.  You will have processing companies that are not in compliance with this rule.


I have asked the Commissioner consider putting out an announcement and perhaps notify all the processing companies. 


​Thank you for all you do.


Everett​




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Everett Ives

www.everettives.com



“Professional’s Dedicated to Consumer Choices”


email: info@ctamp.org


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