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Financial Services Law Insights and Observations

Massachusetts DOB reminds licensees of requirement for pandemic planning

State Issues Massachusetts MLO State Regulation Business Continuity Licensing Covid-19 Mortgages

State Issues

On March 11, the Massachusetts Division of Banks issued a reminder to licensees to have business continuity plans that address the circumstances of a pandemic outbreak. The Division further advised licensees that it does not require an MLO’s home to be licensed as a branch so long as they do not advertise it as an office or meet consumers there and that it would permit other licensees to work from home, if feasible, subject to the same requirements.

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