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Financial Services Law Insights and Observations

District of Columbia permits mortgage brokers and originators to work from home, delays reporting deadlines

State Issues Covid-19 District of Columbia Mortgages Mortgage Broker Mortgage Origination Privacy/Cyber Risk & Data Security Foreclosure

State Issues

On March 27, the District of Columbia Department of Insurance, Securities and Banking issued guidance to mortgage lenders, mortgage brokers and mortgage loan originators permitting them to work from non-licensed branches or locations during the Covid-19 outbreak. The guidance requires the maintenance of appropriate data protection and cybersecurity measures when working remotely. The department also extended the deadline for filing annual reports from March 31 to June 1. Finally, the guidance notes that all evictions of tenants and foreclosed homeowners on or before May 1 are stayed, and required mediation hearings are extended from 90 days to 120 days following the date of mailing of the notice of default.

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