Loan Officer Licenses

When you create a user whose persona contains loan officer responsibilities, you can specify the states in which the user is licensed to originate loans. The user can start a loan only if the subject property is in a state in which the user is licensed.

To Specify Loan Officer Licensing:

  1. On the User Details window, click the Edit icon in the Loan Officer Active Licenses section.

  2. On the Loan Officer Licenses window, select the Active checkboxes for the states in which the loan officer is licensed to originate loans.

  3. Use the Deselect All and Select All buttons to deselect and select all of the states.

  4. To enter the license number and other data in a license table column (or to select a value to populate to a column from the dropdown list or calendars provided), double-click the desired cell in the column. A text entry field, dropdown list, or date field will display.

    • Enter the License # (number), Issue Date, Start Date, and End Date license information. To enter data, click the row in the column and enter data in the text box provided.

    • The Issue Date is the date the license is issued to the loan officer.

    • The Start Date is the date that the loan officer’s license becomes associated with the company and they can start taking loan applications on behalf of the company. In most states this is referred to as the Sponsorship Date (not required in all states). Note that even if a loan officer has been issued a valid license, in many cases they can’t legally represent a new company until their license sponsorship transfers to their new employer.

    • To specify an expiration date, type the expiration date (MM/DD/YYYY) or click the dropdown arrow and click a date on the calendar in the End Date column.

    • When a state license expires, loan team members will not be able to assign loans in that state to the loan officer. If a loan has already been assigned to the loan officer and their license subsequently expires (or if the loan officer tries to originate a new loan after their license expires) they will not be able to enter the Subject Property State in the loan file. If the End Date field is left blank, Encompass assumes the license never expires.

    • To enter the license status, click the row in the Status column, and then select an option from the dropdown list provided.

    • To specify the Status Date (date that the status is in effect) and/or the Last Checked date (date that the status was last reviewed), type the status and/or last checked date (MM/DD/YYYY) or click the dropdown arrow and click a date on the calendar in the End Date and/or Last Checked column.

  5. Click OK.