The Division of Consumer Services is currently working on a rulemaking under the Consumer Loan Act and Mortgage Broker Practices Act. Last year, the Legislature amended both statutes to allow mortgage loan originators to work from home without requiring the company they work for to license the home as a branch location.
Prior to the statutory amendments, the division issued interim regulatory guidance to temporarily allow mortgage loan originators to work from home as long as they complied with specific requirements. The rulemaking will implement the statutory changes, incorporate the interim regulatory guidance, and provide additional guidance to the industry.
The division recently hosted a work session with the industry where more than 100 industry members attended and provided valuable feedback that will assist the division in their rulemaking efforts.
The division plans to have a draft of the rules by the end of August and will host another meeting to receive feedback in the early fall. If you want to follow our rulemaking, please take a look at our rulemaking page.