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Prometric closes testing centers
On March 17, Prometric announced that, effective March 18, Prometric Test Centers in the U.S. and Canada will be closed for 30 days. This directly impacts state MLO license applicants as the SAFE MLO test, which individuals must pass to obtain an MLO license, is administered by Prometric.
Idaho amends requirements for mortgage lenders
On March 11, the Idaho governor signed HB 401, which, among other things, amends the definition of “mortgage lending activities” to include residential mortgage servicing and grants temporary authority to unlicensed individuals to originate loans if they are employed by a licensed broker or lender and meet additional criteria. HB 401 also eliminates certain prohibited practices. The amendments take effect July 1.
New Mexico issues work from home guidance
On March 17, the New Mexico Regulation and Licensing Department issued temporary regulatory guidance regarding working from home due to Covid-19 concerns. The guidance permits New Mexico mortgage licensees and their staff to work from their home residence, which may not be licensed as a branch, provided certain requirements are met.
Pennsylvania issues work from home guidance
The Pennsylvania Department of Banking and Securities states on its website that it will not take exception to licensees and registrants working from alternate site locations, whether licensed or not, only while the Commonwealth of Pennsylvania is under a Proclamation of Disaster Emergency.
Idaho regulator issues remote work guidance to escrow licensees
On March 18, the Idaho Department of Finance issued guidance to entities licensed under the Idaho Escrow Act permitting licensed activities to be conducted from unlicensed residences. The Department stated it will not take action against a licensee so long as the licensable activities meet specified data security and privacy requirements, and the licensee avoids advertising the unlicensed address or phone number, meeting consumers at the residence, or otherwise holding out or suggesting that the residence is a licensed location. The guidance is effective until June 30.
Wisconsin Dept. of Financial Institutions issues Covid-19 guidance; allows MLOs to work from home
The Wisconsin Department of Financial Institutions, Division of Banking published a website providing regulated entities with Covid-19 information and resources. The Division also noted that it will take a no-action position concerning a licensed mortgage loan originator working from a location that is not the licensed or registered office or branch office upon compliance with certain criteria.
Washington Dept. of Financial Institutions issues work from home guidance
On March 5, the Washington Department of Financial Institutions, Division of Consumer Services issued interim regulatory guidance expressing the Department’s intent to temporarily allow licensed mortgage loan originators to work from home, whether located in Washington State or another state, even if the home is not a licensed branch provided certain conditions are met. The Department also published a website providing Covid-19 resources for DFI licensees.
Vermont Dept. of Financial Regulation allows MLOs to work from home
On March 13, the Vermont Department of Financial Regulation issued a memorandum advising licensees and sponsoring companies that the Department will not take action against licensed mortgage loan originators and their sponsoring company if the MLO works from home so long as certain requirements are met.
South Dakota Division of Banking issues work from home guidance
On March 12, the South Dakota Division of Banking issued Memorandum 11-003 providing interim regulatory guidance allowing licensed mortgage loan originators to work from home, whether located in South Dakota or another state, even if the home is not a previously authorized location, so long as certain conditions are met.
Rhode Island Dept. of Business Regulation issues work from home guidance
On March 13, the Rhode Island Department of Business Regulation, Banking Division issued Banking Bulletin 2020-1 providing interim regulatory guidance allowing licensed mortgage loan originations to work from home, whether located in Rhode Island or another state, even if the home is not a licensed branch subject to certain conditions.