Covid-19 News & Analysis
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News items updated weekly; inclusive posting of state issuances suspended June 30, 2021, due to declining volume
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Nebraska Dept. of Banking and Finance issues MLO guidance
On March 12, the Nebraska Department of Banking and Finance (NBFD) issued guidance on temporary branch locations outside of the NMLS upon notification . Pursuant to the guidance, licensed and sponsored mortgage loan originators may temporarily work from an unlicensed branch, including a home office...
InfoBytesMontana Division of Banking and Financial Institutions issues work from home guidance
The Montana Division of Banking and Financial Institutions has issued guidance temporarily allowing licensed mortgage loan originators to work from home, whether located in Montana or another state, even if the home is not a licensed branch with some conditions.
InfoBytesMississippi Dept. of Banking and Consumer Finance issues Covid-19 guidance
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,...
InfoBytesMaryland Commissioner of Financial Regulation issues Covid-19 guidance
On March 13, the Maryland Commissioner of Financial Regulation issued a bulletin advising that regulated entities should have a comprehensive disaster recovery plan in place that identifies how they will respond to various disasters and emergencies. The bulletin also identifies questions received...
InfoBytesMassachusetts Division of Banks reminds businesses about continuity plans
On March 11, the Massachusetts Division of Banks issued a reminder that licensees should have in place business continuity plans in relation to Covid-19 and its potential impact on the delivery of financial services. During a period of quarantine or social distancing in homes due to Covid-19, the...
InfoBytesKansas Office of the State Bank Commissioner issues work from home guidance
On March 16, the Kansas Office of the State Bank Commissioner (OSBC) issued temporary guidance allowing licensed mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, credit notification registrants and their employees to work...
InfoBytesConnecticut Dept. of Banking issues work from home guidance
On March 9, the Connecticut Department of Banking issued a memorandum indicating that individuals who work for Consumer Credit Licensees currently licensed in Connecticut may temporarily work from home even though such home location is not currently licensed by as a branch office, so long as...
InfoBytesArkansas Securities Dept. issues work from home guidance
On March 13, the Arkansas Securities Department issued interim regulatory guidance temporarily allowing licensed mortgage loan officers to work from home even if the home is not a licensed branch location provided that the MLO working from home is in compliance with all state and federal data...
InfoBytesAlabama State Banking Dept. reminds businesses on continuity planning
On March 12, the Alabama State Banking Department issued a reminder that business continuity planning should be reviewed and updated because the Department plans to maintain normal operations regarding licensure and examination amid the Covid-19 outbreak. Licensees should immediately notify the...
InfoBytesAlaska Dept. of Commerce communicates to NMLS on MLOs
The Alaska Department of Commerce, Community & Economic Development communicated to NMLS that an Alaska mortgage loan originators’ (MLO) license is issued for a calendar year (being quarantined for 14-30 days would not be considered the “majority” of their time over the course of a year) and...
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