Regulators should temporarily maintain flexibility in the approval rules for mortgage professionals, a committee chairman of the state bank's conference of regulators said in a letter on Friday.
"If you have made a public notice of flexibility or no action, check whether this notice is planned or likely to expire in the coming weeks or months, and if possible, extend the expiry," said Deborah Hagen, Chair of the CSBS Non- Depository oversight committee, recommended in writing.
Hagen said in her letter that the entire NDSC committee voted in favor of the recommendation based on several considerations, including the time it takes companies to minimize the risk of coronavirus infections for their employees. The letter also recommends that states consider allowing more permanent flexibility in situations where data security can be maintained.
Many states currently have temporary work from home guidelines for licensed mortgage professionals that last until December 31st, as recommended by the Mortgage Bankers Association.
Hawaii and West Virginia, for example, have met September 30th and October 1st, respectively, though other states like Arkansas and Kansas have postponed the shorter-term expiration dates to year-end.
Many companies have invested heavily in digital mortgage lending to address coronavirus-related risks and have asked states to make their labor policies more flexible.
According to a recent Arizent survey, uncertainty about plans to return to office is a major concern for many financial and service companies.