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Financial Services Law Insights and Observations

Minnesota Commerce Department provides “work from home” guidance to regulated institutions

State Issues Covid-19 Minnesota Mortgages Licensing MLO

State Issues

On March 17, the Minnesota Commerce Department issued guidance to mortgage originators and servicers outlining the process for temporarily or permanently closing branch offices in Minnesota. For permanent closures, a licensee should file a surrender through NMLS. For temporary closures, the licensee should notify the Department. In addition, if the licensee has individual MLOs working from a home office, they must not have consumers come to the unlicensed location, and the company’s data security standards should be maintained. No physical records should be maintained at the unlicensed location.

Similar “work from home” guidance was provided to industrial loan and thrift companies, licensed non-depository financial institutions, and regulated lenders.

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