Sign In
Free Newsletter
State bill allows PA mortgage lenders to continue remote work
Ioannis Pashakis//February 4, 2022
Mortgage lenders can now permanently conduct business remotely following the passing of a bill this week that updated a temporary waiver granted to the industry early in the pandemic.
Gov. Tom Wolf announced on Thursday that he had signed House Bill 1588 into law following its passage in the House and Senate.
The new legislation gives mortgage lenders the flexibility to originate mortgage loans from traditional brick and mortar locations. They can also conduct business from remote locations if they comply with specific consumer protection requirements.
Mortgage Lenders were previously required to work out of a licensed location prior to the pandemic. Under Wolf’s emergency orders in early 2020, that requirement was waved.
In the memorandum introducing the bill last year, the bill’s prime sponsor, Rep. Robert Mercuri, R-Allegheny, wrote that the bill would make that temporary waiver permanent.
“Pennsylvania’s mortgage brokers have been working remotely and originating mortgages in places other than their licensed place of business,” Mercuri wrote. “[The legislation would] allow for remote mortgage origination to continue and allow PA’s mortgage brokers to continue working as they are now, whether remotely or in a licensed location.”
