News & Updates

NYAMB & Covid 19 Q&A for Broker & Affiliate Members

24 Mar 2020 5:24 PM | Edith Tella (Administrator)

Attention all Members and Affiliates of the New York Association of Mortgage Brokers:

As a follow up to my message earlier today this letter is to inform the membership that your association is currently working carefully with your regulators and other industry partners in response to the current world health crisis and the effect that this may be having on your businesses to date and in the unforeseeable future.

I have received calls and emails from many of you asking for advice and or input on a number of areas that are a concern to all of us so I will attempt to address the most immediate concerns of New York Mortgage Brokers in this letter and then follow up later this week with additional information as necessary. 

Please stay tuned to these Important Notices so that you can stay on top of the direction of your industry as we all move through this together.

Question : Are NYS Mortgage Brokers considered essential Businesses?Answer : Yes, according correspondence received today from the NYSDFS, Mortgage Brokerage is an Essential Financial Service. 

For Consideration : NY Mortgage Brokers must carefully consider the risks to the public when operating their business and the recommendation from the CDC to work from home should be the current standard of practice for most mortgage brokers. If you are a (1) person operation the current law exempts you from the stay at home provision. NYSDFS has issued emergency guidelines for working at home. Employees may NOT conduct any “face to face” business with consumers from any property other than the licensed location. However, employees will be allowed to take mortgage applications from a secure, remote location such as their own home. You are required to adhere to the regulation regarding the safety of all consumer data. Remote users will be required to implement the same standard for operation as would be expected in the office and should follow all policies and procedures. 

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New York Association of Mortgage Brokers
501 East Boston Post Rd., Suite 6 | Mamaroneck, New York 10543
P (914) 315-6644 | F (888) 900-1602 | 

NMLS Provider # 1400060