Some loan originators that needed to take time off last year from Quicken Loans Inc. had their originator licenses terminated.
Multiple originators employed by the Detroit-based lender had to take leaves of absence. Such events can occur for a number of reasons including medical leave or a military deployment.
Mortgage regulators in some of the states placed the Quicken Loan originators on inactive status.
But other states terminated their licenses as a result of missing the renewal period, Quicken said at the NMLS Annual Conference, according to a blog of the event.
“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,” the report said. “However, many states will be able to accommodate a lender if they communicate the situation to the state regulator.”
