Can you use an LOS program to process commercial loans that are not under the NMLS?
Crestico Funding (CresticoFunding)
#316 ranked lender in California - 340 contributions
Yes Patty, if you want to keep track and have your application filled out neatly but we never use an LOS because its needed.
John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions
I don't fully understand the question. Are you asking if you can use something like Calyx or EllieMae for a commercial loan application?
Here's what we're trying to do. We want to use Encompass as a way of tracking the commercial loans to see where we are at, which allows our manager to run progress reports, and being able to process these loans by putting the 1003 together and ordering the credit. We just need to know if there is a way to be able to use Encompass on these Non-NMLS loans without them showing up on the NMLS Call Report. That's the quandary we have. Thank you for your responses and I hope this helps you to understand what we want. Thanks again.
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
Sure you can use any program you like for your loans. That isn't regulated by the NMLS.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
I guess If you were to load them into Encompass, and then archive them once you close, it should not show in your call report.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions
Sounds reasonable, but I would ask Encompass/EllieMae if loans that are uploaded are scrubbed for HMDA data. If so I wouldn't do that. Maybe you can find an old version of Point and use it as a stand-alone program for tracking only. Just a thought.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Yes you can if you are using it only for tracking purposes, have you tried to keep them in the leads tab?
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