Louisiana Office of Financial Institutions declares emergency for residential mortgage entities

State Issues Covid-19 Louisiana Mortgages Broker-Dealer Mortgage Origination

On April 9, Louisiana Office of Financial Institutions (OFI) Commissioner John Ducrest declared a state of emergency and issued guidance for Louisiana-licensed residential mortgage brokers, lenders, and originators in response to the Covid-19 crisis. The order: (i) granted the authority to temporarily close or relocate operations, services, and products; (ii) permitted mortgage loan originators to work remotely from home, even if their home isn’t registered with OFI; (iii) waived the standard prior notification requirements pertaining to closures or relocations of operations, services, and products; and (iv) provided guidance for reporting operational changes and temporary relocations. The declaration expires April 30, unless otherwise extended or renewed.