The proposal would permit the originators to work from home and eliminate the need to work within a specified proximity to a licensed branch office. This would effectively eliminate the need for companies to maintain costly licensed branch office locations solely to meet these proximity requirements.
The proposal would ensure the security of a consumer’s information through the required use of company equipment only and by prohibiting MLO’s from having paper records on site. And all conversations and other communications would require complete privacy.
A special designation for virtual MLOs (VMLO) is also being considered. An hour or two of additional CE might be considered to deal with training related to security issues. And the fee charged for the designation could help offset any loss of revenue from branch offices by the states .
This will be a costly effort to pursue across the country and MBANJ is looking for Platinum Members and Corporate Sponsors as well as other new members who would like to help in this effort and to have their voices heard.