Mississippi Dept. of Banking and Consumer Finance issues Covid-19 guidance

State Issues Licensing Mortgages Covid-19 Mississippi

On March 14, the Mississippi Department of Banking and Consumer Finance (DBCF) issued memoranda to Consumer Finance Licensees and Mortgage Licensees that includes general guidance to the industry and “outline[s] flexibility in DBCF processes in response to the COVID-19 event.” Among other things, the guidance advises licensees to periodically review related risk management plans (specifically continuity and pandemic plans) to ensure continuity of products and services with minimal disruption. It also advises that, if “necessary and appropriate,” licensees may relocate offices or have employees work from home. Additionally, effective March 13, the DBCF will discontinue onsite examinations. During this time, DBCF will be available to assist the industry and consumers via telephone and email communication.

On March 16, the DBCF issued interim guidance allowing mortgage loan originators to temporarily work from home, whether located in Mississippi or another state, even if the home is not a licensed branch provided certain requirements are met.