I just responded to your Facebook post and then came over to the forum and noticed you’d posted your question here too, so I figured I’d share my answer here for anyone else who might be interested. While I’m at it, I’ll highlight that this forum is generally a better place to ask template-related questions since Facebook doesn’t offer any way of formatting code. Just be sure to use backticks around your code to make it shows up right. I’ve edited your original post to make it display correctly.
It looks like someone on our team reorganized the docs about query parameters available on post loops which has obscured how to work with multiple taxonomies. Basically, your issue here is that you’ve got multiple instances of the same attribute, which isn’t syntax that L&L can understand. Just like HTML. The solution (which is the thing that’s kinda hidden on the docs) is to use taxonomy_2 and terms_2 along with taxonomy_relation to specify whether you want and or or logic for these two taxonomies. So in the end, your loop might look something like this (you’ll need to test this with your own data structure since I’m just eyeballing it without testing).
<Loop post_type=loan-officer
taxonomy=licensed-state
taxonomy_compare=not
terms="{Field choose_state}"
taxonomy_relation=and
taxonomy_2=physical-location
terms_2="{Field choose_state}"
orderby=title>