TRENTON, N.J. — Legislation sponsored by state Sen. Anthony M. Bucco (R-Morris, Passaic) that would allow certain mortgage professionals in New Jersey to work remotely has advanced out of the Senate Commerce Committee.
The bill would permit mortgage loan originators and qualified individual licensees licensed under the New Jersey Residential Mortgage Lending Act to perform certain licensed activities from their residence or another remote location, provided specific requirements are met.
“Buying a home is already expensive and confusing enough and obtaining a mortgage shouldn’t be made more complicated by outdated rules and unnecessary red tape,” said Sen. Bucco. “New Jersey should be doing everything it can to streamline the homebuying process, give mortgage professionals the flexibility to efficiently serve their customers, and make it as affordable and straightforward as possible for families. This is a commonsense bill that clears up confusion and helps more New Jerseyans achieve the American Dream of homeownership and build generational wealth.”
Under the legislation, mortgage professionals working remotely would be required to operate under written supervisory policies and procedures.
Access to company platforms and customer information would also have to comply with a comprehensive written information security plan.
The bill would prohibit in-person customer interactions at a residence unless the residence is a licensed location. Physical records also could not be maintained at a remote location.
The legislation now advances following its approval by the Senate Commerce Committee.
