Mortgage Brokers Deemed Essential in NY State
March 23, 2020 4:06 PM
Keith Griffin

Mortgage brokers don’t have to work from home – at least in New York state. An official with the New York State Department of Financial Services (NYS DFS) says they are considered essential.

According to an email message from Mark Favaloro, president of the New York Association of Mortgage Brokers, his association has been told by Gayathri Nair, Financial Services Manager of the NYS DFS, "Based on Governor’s Executive Order 202.6, ‘Essential Business,’ includes financial institutions and services related to financial markets. Therefore, brokers are considered essential business."

Favaloro said in his email that NYAMB’s leadership is working closely with the NYS DFS and the governor’s office for guidance and assistance as it continues “to navigate these uncharted waters together as a result of the current COVID-19 pandemic.”

Here is the NY State Guideline to Essential Businesses. It does not state mortgage brokers but it Nair’s correspondence with NYAMB apparently overrides it.

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