September 2023

A Quick Update On Work-From-Home Requirements for Oregon MLOs


In the May edition of Licensing Link, we discussed the growing trend of states issuing guidance or amending their licensing laws to permit mortgage loan originators and consumer lenders to engage in remote work since the onset of the COVID-19 pandemic. In October 2022, the Oregon Department of Financial Regulation issued regulations under its Mortgage Lending Act that permitted licensed mortgage bankers and mortgage brokers to allow their licensed mortgage loan originators to originate loans from the MLO’s personal residence, provided that the licensed mortgage banker or broker has appropriate policies and procedures in place to supervise the activities of MLOs and employees working from home.1 These policies and procedures include, but are not limited to, data security measures to protect consumers’ personal information. The regulations also require a licensee to upload a copy of their remote work policies and procedures to the NMLS as part of the required “Company Staffing and Internal Policies.” Now that NMLS renewal season is upon us, we understand that Oregon regulators are implementing the regulation and requiring each licensed entity to upload their remote work policies and procedures to the NMLS in connection with the renewal process. Companies that are licensed in Oregon and allow employees to work remotely should review their remote work policies and procedures to avoid regulators raising a deficiency that could delay timely renewal of a license—and, more broadly, companies that permit their employees to work from home should be prepared to provide their remote work policies and procedures to state regulators.

1Or. Admin. R. 441-860-0030.

Related Services & Industries

Stay Up To Date With Our Insights

See how we use a multidisciplinary, integrated approach to meet our clients' needs.