Concern with Renewals Raised

bloglogoQuicken Loans raised concerns with the renewal process during the NMLS Ombudsman meeting.  This year, Quicken had some loan originators who lost their licenses when they had to take a leave of absence, and as a result missed the renewal period.  A leave of absence can occur for a number of reasons, such as medical leave or a military deployment.

Quicken indicated some states worked with them to place the loan originators on an “inactive” status, while other states terminated the license.

State regulators responded that it is difficult to guarantee consistency on this issue, as it is often impossible to verify that a leave of absence is legitimate.  However, many states will be able to accommodate a lender if they communicate the situation to the state regulator.

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