WBK Industry News - State Regulatory Developments

New Jersey Issues No Action Letter Regarding Remote Work for Mortgage Lenders

The New Jersey Department of Banking and Insurance issued a notice on March 19, 2020, in response to the COVID-19 crisis, regarding remote work for employees of financial institutions subject to its jurisdiction.  The notice states the department’s “no action position” with regard to the requirement of licensees to operate from a licensed branch location.  The no action position is effective immediately, and valid through April 30, 2020.  The notice subject to specific requirements set forth in the notice, including a submission by licensees to the department including specific information and certifications.    

The notice is available here.