Provides remote work flexibilities for licensed mortgage loan originators and staff and employees of licensed mortgage bankers…

◆ The sponsor's argument

Why Jeremy Zellner says this is needed

During the COVID-19 pandemic, the financial services industry, including licensed mortgage loan originators, licensed mortgage lenders, regis- tered mortgage brokers and mortgage loan servicers faced unprecedented times requiring state regulators, including the Department of Financial Services, to issue guidance allowing licensed mortgage loan originators and other mortgage professionals to safely work remotely to serve the needs of their customers. During and after that period, the mortgage industry and State regulators developed best practices to ensure that staff working remotely or with a hybrid work schedule are appropriately supervised, that company systems remain secure when being accessed by remote workers and that customer information remains secure. Since that time, the workforce has come to expect remote or hybrid work flexibilities. The ability for New York licensed mortgage bankers, registered mortgage brokers and mortgage loan servicers to provide remote flexibilities is becoming increasingly important for the mortgage companies operating in New York to continue to recruit and retain talented mortgage professionals. Presently, New York is one of only nine States that have not expressly authorized remote work flexibilities for mortgage professionals. Mortgage bankers, mortgage brokers and mortgage loan servicers continue to operate successfully in other States that have chosen to make perma- nent pandemic-era remote work authorizations. As workplace practices continue to evolve, this legislation will allow New York to modernize its requirements to allow mortgage professionals to work from locations other than a designated licensed or registered office, provided the remote locations from which the mortgage professionals work, the employ- ees and the mortgage bankers, mortgage brokers and mortgage loan servi- cers for whom they work, satisfy clear supervision and security require- ments, which ensures safe and sound operations from remote locations and that customer information is protected. The Act also benefits consumers and communities in all parts of the State, including rural and underserved communities. By allowing mortgage professionals to work from remote locations in a safe and sound manner, the legislation will promote greater competition and allow mortgage professionals to live in additional parts of the state that do not currently support opening a branch location.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.