Class Code 8743
Mortgage Brokers
Class Code 8743 covers mortgage brokers and the office and field activities they perform when arranging loans for borrowers. This classification applies to loan originators, processors, underwriters and administrative staff whose duties are brokerage-related. The approved pure premium rate effective Sept 1, 2026 is $0.111 per $100 of payroll.
What Class Code 8743 Covers
8743 is assigned to businesses whose primary operation is brokering mortgage loans rather than lending funds directly. That includes firms that take loan applications, package borrower information, shop terms with multiple lenders, submit packages for approval, coordinate closings, and provide compliance and disclosure services tied to mortgage transactions. Employees covered under 8743 typically perform duties in a brokerage or office environment, via phone and electronic communications, and during occasional in-person closings or borrower meetings. Roles that routinely perform different technical tasks—such as appraisers, home inspectors, or field property repair contractors—are normally classed separately. Remote or work-from-home mortgage brokers doing the same brokerage tasks are still included under this classification when their payroll is reported to the employer.
Who It Applies To
- Independent mortgage brokerage firms and mortgage broker branches
- Mortgage loan originators / mortgage brokers employed by the brokerage
- Loan processors, closers, and mortgage underwriters working for a broker
- Administrative support staff and compliance officers in mortgage broker offices
- Customer-facing loan officers who solicit borrowers and arrange financing
Common Job Duties
- Interviewing borrowers and taking mortgage applications
- Running credit checks and collecting financial documentation
- Preparing and packaging loan files to submit to lenders
- Communicating loan terms and disclosures to clients and lenders
- Coordinating closings, title, escrow and borrower signings
- Performing regulatory compliance checks and maintaining loan records
- Occasional in-person meetings at offices, escrow/title companies, or borrower homes
Common Injury Risks
Understanding the $0.111 Rate
The pure premium rate of $0.111 per $100 of payroll represents the insurer's expected loss cost for claims before adding expense loads, premium taxes, and any company-specific adjustments. To estimate premium, multiply payroll by the rate (payroll/100 × 0.111) and then apply your insurer's loss cost multiplier, experience modification, and state assessments. Final premium is affected by total payroll, claims history (experience mod), audit results, and whether workers are correctly classified or reported as employees versus contractors.
Cal/OSHA Compliance Requirements
California employers are required to maintain an Injury and Illness Prevention Program (IIPP) under Cal/OSHA (8 CCR 3203) and to assess office and field hazards relevant to mortgage brokerage work. Common compliance items include ergonomic workstation setups and training, safe driving policies for employees who travel, procedures for handling confrontational clients, and recordkeeping of workplace injuries. Regular new-hire safety training and documented hazard assessments help meet Cal/OSHA expectations for this low‑hazard, customer-facing industry.
How Key HR Helps Employers Under Class Code 8743
A PEO like Key HR can lower administrative burden and improve loss outcomes by centralizing payroll reporting, managing claims and workers' comp filings, and implementing tailored loss-control programs (ergonomics assessments, driver monitoring and workplace-visitor safety protocols). Key HR also tracks experience modification and offers return-to-work programs and compliance support specific to California laws and Cal/OSHA requirements to help control premiums for mortgage broker operations.
Get a QuoteFrequently Asked Questions
Are commissioned loan officers and originators covered under class code 8743?
Yes — loan originators and commissioned mortgage brokers employed by a mortgage brokerage are typically reported under 8743 when performing brokerage duties. Whether a worker should be reported on payroll or as an independent contractor depends on employment status under California law (including the ABC test), so employers should confirm classification with legal or HR counsel.
How does telecommuting affect workers' comp classification and premium for mortgage brokers?
Work-from-home mortgage brokers who perform the same brokerage tasks remain subject to class code 8743 and their payroll counts toward that classification. Telecommuting can reduce certain exposure elements (commuting risks), but employers must still address ergonomics, home-office safety guidance, and maintain injury reporting and IIPP documentation.
If staff conduct property visits, appraisals, or home inspections, do those activities stay in 8743?
No — specialized field work such as property appraisals or inspections is usually assigned to separate, higher-risk class codes specific to those trades. Employers should separately track payroll and duties; mixing duties without correct reporting can lead to audits, premium adjustments, or coverage disputes.
Quick Facts
- Class Code
- 8743
- Classification
- Mortgage Brokers
- Pure Premium Rate
- $0.111 / $100 payroll
- Effective Date
- September 1, 2026
- Source
- WCIRB Approved Filing
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