Go Back To Search Results Question Can the broker hold a loan officers license while a commercial loan is in the pipeline.? Can the broker hold a loan officers license while a commercial loan is in the pipeline. When the loan officer does not want to close with the current company? also, can i move the loan to my new company? By pakijr786 Posted on 07/25/07 Total Answers 1 Answers- No One can HOLD possession of your license. However, if you placed a loan (submitted it to a lender) under a Brokers license (your being under that one as an individual) and the lender approved the loan, ethically, morally and maybe even legally depending on what you signed when you joined the broker, the loan should close UNDER that broker. Again, ethically, morally and legally depending on what you signed at the time of employment/contract the broker SHOULD pay you the earned commission. If the client refuses to take the loan with the OLD broker - that is the client's right. However, the client would then need to reapply through your new broker and get approved from preferably a different lender. You may even need to get a new appraisal since the broker that originally ordered the appraisal will not allow the appraisal to be released. Sticky situation. My advice, always do the RIGHT thing. If the client will move forward with the deal, trust the broker to pay you and let the deal close. What goes around comes around. I know on commercial deals, commissions are great, proceed with caution. Your license is public record and if you get a complaint - that will follow you in the future. Hope this helps Answer by : valstpatrick On Date 2007-07-25 18:37:08 They can't hold your license, however, if you have a non-compete clause in your contract or new-hire paperwork which most loan companies have, you can't take the loan with you. They can even legally bar you from contacting clients that you have contacted through your current employer...and again, this is a very common non-compete clause...that means if you change jobs, you have to start all over again. Remember, it's not up to you who the loan closes with, it's up to the client...the loan was not originated with you, it was originated with the supervising broker. Answer by : Mary B On Date 2007-07-25 18:56:18   Go Back To Search Results