Compliance Memo C2021-01 Reminder – Transferring Loan to Another Loan Officer
This memo is a Gold Star policy and procedure reminder when transferring a loan already in process to a different Loan Officer.
Under certain circumstances, it may be necessary to transfer a loan already in process to a different Loan Officer. Gold Star’s policy is that in order to effect this change, the attached “Change of LO Request form” needs to be completed and submitted to the Help Desk for processing. This form can also be found in ConnectGS under Knowledge Center; Documents; Branch support. Only fully completed forms will be accepted.
Once received and approved, the Help Desk will upload the document in an Efolder and make the necessary adjustment in the loan file.
Due to various Encompass updates and Mavent, in some instances this transfer will produce an NMLS fail. Unfortunately, we do not have the ability to override this fail. However, we will allow a loan to proceed with accurate documentation, the completed Change of LO Request Form, that can clearly show the chain of events and that the transfer dates align within the NMLS requirements and applicable federal regulations.
If you have any questions or need additional clarification, please reach out to the Help Desk