In This Section
Overview: During the COVID-19 coronavirus pandemic, independent mortgage banker (IMB) members of MBA have received permission from state regulators for their licensed staff to work from home temporarily in states that require members of their teams to operate from a licensed location. These guidance documents and "no action" letters allowed the real estate finance industry, a vital engine of the American economy, to continue to function and serve consumers during this time of national crisis.
In states where this regulatory flexibility was provided, MBA believes it should be uncoupled from all time frames in state or national shelter-in-place declarations or emergency executive orders and it should be extended without sunset dates, but at least through 2021. Additionally, MBA believes states should provide IMBs with 120-days notice when the time is right to return to offices. Providing such a transition period would allow adequate time to prepare staff, update operations, policies and procedures and ensure the protection of the health and safety of consumers and staff.
The pandemic has also tested both industry and regulators to rethink and change their operational models. Given this experience, MBA believes the time is right for state policy makers and the IMBs they supervise to review and reconsider the future of state licensing and apply lessons learned, particularly as it relates to branch licensing.
Recent Activity Related to State Licensing Flexibility
- October 15, 2020: MBA Campaign Message to State and Local Assocaitions to Seek Work from Home Policy Extentions
- August 25, 2020: Conference of State Bank Supervisors Non-Depository Supervisory Committee Memorandum Urging Licensing Flexibiliity
- July 24, 2020: MBA Letter to CSBS on Remote Work Flexibility for State Licensees