Virginia Passes Legislation Allowing Remote Work

Virginia recently enacted legislation allowing employees and exclusive agents of mortgage lender and mortgage broker licensees to work remotely.  

The new law permits licensees to work remotely only if certain requirements are met.  These requirements include, but are not limited to, the licensee: (i) having written policies and procedures for supervising employees in remote locations, and a comprehensive information security plan controlling remote worker access to the licensee’s systems; (ii) permitting remote worker access to licensee’s systems only through a VPN or other authentication system that allows the licensee to remotely lock or erase company content, or limit remote worker access to its secure systems; (iii) prohibiting customer in-person meetings at the remote location; (iv) forbidding the maintenance of any physical records at the remote location; and (v) designating the licensee’s principal place of business, or a licensed branch office, as the NMLS registered location of each remote originator, not the remote location.

These changes become effective on July 1, 2023.  Virginia’s bill follows the model language developed by the Mortgage Bankers Association.  Remote work bills have also been introduced in Florida, Illinois, Nebraska, and Nevada.