Question:
Are states making any changes to their licensing requirements in the wake of COVID-19?
Answer:
In recent days, many state agencies have issued communications/guidance to licensees regarding temporary changes or adjustments to licensing requirements in response to the COVID-19 situation. For example, some states are temporarily waiving requirements for licensed entities to have a physical office open to the public during posted business hours. Others have suspended requirements that would prevent licensed loan originators from working from home or out of another remote location. However, not all state agencies have made or communicated changes, and the changes that have been made vary from state to state and may be subject to change, depending on how the current situation unfolds.
To help lenders stay informed the NMLS has begun tracking these changes as part of its COVID-19 resource page. The document, which is being updated on an on-going basis, can be found here.
