COVID 19 Mortgage Update – May 28, 2020
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Michelle Lujan Grisham
New Mexico Regulation and Licensing Department
Financial Institutions Division
Toney Anaya Building ▪ 2550 Cerril los Road ▪ Santa Fe, New Mexico 87505
Direct (505) 476-4885 ▪ Fax (505) 476-4670
M E M O R A N D U M
TO: All New Mexico Licensed Mortgage Loan Company and Mortgage
Loan Originator Licensees
FROM: Christopher Moya, Director
DATE: May 28, 2020
RE: Updated Temporary Regulatory Guidance Regarding Work from Home
Due to COVID-19 Concerns
In light of the historic and tragic ongoing COVID-19 national emergency, and the clear and present need to do everything reasonable and prudent to prevent the spread of the virus, the Financial Institutions Division (FID) provides the following guidance for all New Mexico mortgage licensees in regard to their ability to work temporarily from their home residence,
which may not be a licensed New Mexico Branch Location.
On March 17, 2020, temporary guidance was issued to assist mortgage licensees by giving them the ability to practice social distancing and take precautionary steps that are necessary to avoid the risk of exposure or to comply with voluntary or mandated restrictions. This guidance will be extended and will remain in place until August 31, 2020, unless otherwise
modified or withdrawn.
The FID will allow New Mexico mortgage licensees and their staff to work from their home residence, which may not be licensed as a branch, as long as the following requirements are met:
1. The company has established security protocols in place for employees
to securely access systems through a VPN or other secure systems;
2. Security protocols are in place to protect consumer information;
3. Companies and employees do not advertise or hold their residence out as a place of business;
4. Employees shall not meet consumers at, or have consumers come to, an
employee’s unlicensed residence; and
5. Companies and employees must exercise due diligence in the safeguarding of company and customer data, information, and records, whether in paper or electronic format, and to protect them against unauthorized or accidental access, use, modification, duplication, destruction, or disclosure.
Any questions or concerns can be directed to Christopher.firstname.lastname@example.org.
Click here to download the original Memorandum![/vc_column_text][/vc_column][/vc_row][/vc_section]