Interim Regulatory Guidance for Mortgage Loan Originators Temporarily Working from Home

MAINE BUREAU OF CONSUMER CREDIT PROTECTION

35 SHS, Augusta, Maine 04333

Interim Regulatory Guidance for Mortgage Loan Originators Temporarily Working from Home

March 17, 2022

To: Licensed Mortgage Loan Originators and the Companies that Sponsor Them

From: Kristine Fournier, Principal Examiner, Maine Bureau of Consumer Credit Protection

Re: Updated Interim Regulatory Guidance - Temporarily Working from Home Effective date extended to December 31, 2022

Date: March 31, 2022

Purpose. In response to the COVID-19 outbreak, state agencies have been directed to use all resources necessary to prepare for and respond to the outbreak.

Because the presence of COVID-19 cases has been confirmed in Maine, licensed mortgage origination companies may wish to take precautions to further avoid the risk of exposure by having employees work at home. This includes mortgage loan originators, who are otherwise required to work only from licensed locations.

This Interim Guidance expresses the Bureau's intent to allow licensed mortgage loan originators to temporarily work from home, whether located in Maine or another state, even if the home is not a licensed branch.

This Interim Guidance does not amend any provisions of Maine statutes or rules not specifically addressed herein. All state and federal data security requirements remain in place. This Updated Interim Guidance extends the effective dates of the original order and is effective through December 31, 2022 subject to withdrawal or extension by further guidance posted by the Bureau.

The Bureaus Guidance Effective through December 31, 2022. If the data security provisions set forth below are met, the Bureau will not take administrative or other punitive action against a licensed mortgage loan originator or the sponsoring licensed company if the mortgage loan originator conducts activities from home that would ordinarily require licensure.

Data security provisions:

1) The licensed mortgage loan originator must be able to access the companys secure origination system (including a cloud-based system) directly from any out-of-office device the mortgage loan originator uses (e.g., laptop, phone, desktop computer or tablet) using a virtual private network (VPN) or similar system that requires passwords or other forms of authentication to access. 2) All security updates, patches, or other alterations to the devices security must be maintained. 3) The licensed mortgage loan originator must not store any physical business records at any location other than the licensed main office.

While it is up to the company and the MLO to decide whether consumers go to MLO licensed branch homes, if MLOs work from an unlicensed branch home, they must not have consumers come to the home.

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The Maine Bureau of Consumer Credit Protection was established in 1975 to enforce a variety of credit-related consumer laws. The Office licenses lenders, creditors and collectors; conducts periodic examinations of creditors to determine compliance with state laws; and responds to consumer complaints and inquiries. The Office also conducts educational seminars and provides speakers to advise consumers and creditors of their legal rights and responsibilities.