Mortgage brokers and lenders; authorize to perform organization activities at a remote location.
What changed between versions
New security requirements for remote work including mandatory VPN access, regular security updates, remote device locking capabilities, annual security certifications, and annual penetration testing of information systems
New requirement that mortgage loan originators working remotely must be within 125 miles of their licensed location and cannot have in-person customer interactions at their residence
Updated physical office requirements to explicitly prohibit maintaining physical records at remote locations
Added requirement for mortgage loan originators to complete continuing education including specific hours on ethics, federal law, and nontraditional mortgage products
Added definitions for 'employee,' 'exclusive agent,' 'independent contractor,' and 'remote location' to clarify regulatory relationships and work arrangements
Clarified that 'branch' does not include remote locations and expanded definition of 'mortgage loan originator' to exclude certain exempt categories
Increased mortgage broker and lender license fees from $1,500 to $2,000, annual renewal fees from $1,000 to $1,500, and branch office application fees from $300 to $500
Increased mortgage loan originator initial license fees from $200 to $300 and annual renewal fees from $100 to $150
Increased surety bond requirements from $25,000 to $50,000 for brokers and from $150,000 to $250,000 for lenders
Increased examination fees from $300 to $400 per day with maximums of $2,400 to $3,200 for in-state locations
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