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Financial Services Law Insights and Observations

Pennsylvania amends remote work definition

Licensing State Issues Pennsylvania State Legislation Mortgages Mortgage Origination

On November 3, the Pennsylvania governor signed HB 2667, which amends the definition of “remote location” in the Pennsylvania Consolidated Statutes. In order for a mortgage loan originator sponsored by a licensee to be permitted to work from a “remote location,” the location must meet certain criteria. The amended definition includes a prohibition against “in-person consumer interaction” that is limited to “in-person consumer interaction” at a mortgage loan originator’s personal residence. It also removes a requirement for a “remote location” to maintain “physical records regarding the licensee’s mortgage loan business . . . at the location.” The bill is effective immediately.