What is the best term to describe the status of a mortgage loan originator's license if they do not renew it or fail to maintain eligibility?

The term that best describes the status of a mortgage loan originator's license when it is not renewed or when the individual fails to maintain eligibility is "Expired." When a license is expired, it indicates that the holder has not completed the necessary steps to keep the license active, such as renewing it within the required time frame or meeting ongoing eligibility criteria.

An expired license signifies that the licensee can no longer legally operate in the capacity permitted by that license until they take corrective action, such as renewing the license. This outcome emphasizes the importance of timely renewal and adherence to licensing requirements, which are critical for maintaining legal standing in the industry.

The other terms describe different situations: a suspended license occurs due to disciplinary action, a revoked license means it has been permanently taken away due to violations, and a surrendered license indicates that the holder has voluntarily given up the license. Therefore, the correct answer accurately reflects the situation concerning a lapse in renewal or eligibility.