Remote Work Policies

As the industry continues to modernize and accept the premise of remote work, states are actively issuing guidance and codifying remote work in their statutes or promulgating regulations. During the COVID-19 pandemic, MBA’s independent mortgage bank (IMB) members received permission from state regulators for their licensed staff to work outside of a licensed location in states that require members of their teams to operate from a licensed branch. These guidance documents and "no action" letters allowed the real estate finance industry to continue to function and serve consumers during a time of national crisis.

The pandemic also forced both the industry and regulators to rethink and change their operational models. Given this experience, MBA believes the time is right for state policymakers and the IMBs they supervise to review and reconsider the future of state licensing and apply lessons learned. While the broader movement to enact the allowance of remote work was ignited by the response to the pandemic, these changes help prepare the industry and regulators for future uncertainties, such as regional natural disasters or national emergencies, and allow for greater flexibility which translates to increased availability for consumers.

To help facilitate these changes, MBA has released proposed model language to permit flexibility in statute and rules while maintaining all consumer and data protection standards. So far, the model language has been adopted by 31 states + DC, and MBA continues to work on modernizing the remaining state statutes and codes. In addition to the model language, MBA’s talking points, FAQs and issue brief are also available.

The map below provides insight into which states allow a form of remote work, including those who adopted MBA’s model language. Some states have enacted statute to allow remote work, but may be awaiting regulations.