NY Tracking Mortgage Industry Response To Coronavirus
March 11, 2020 2:21 PM
Keith Griffin

The New York Department of Financial Services has reached out to regulated financial institutions, including mortgage bankers, with a demand for their planned responses to the coronavirus outbreak.

New York has been hard hit by the virus, which is now classified as a global pandemic by the World Health Organization. New Rochelle, located north of New York City, has seen part of the city under state-mandated containment, according to NPR.

New York is now collecting info from the mortgage industry. The state wants to know, among other issues, what businesses are doing to:

  • Mitigate the risk of operational disruption, which should include identifying the impact on customers, and counterparts;
  • Assess all facilities, systems, policies and procedures necessary to continue critical operations and services if members of the staff are unavailable for longer periods or are working off-site, including the effectiveness and security of remote access;
  • Assess potential increased risk of cyber-attacks and fraud due to an outbreak; and,
  • Create employee protection strategies, critical to sustaining an adequate workforce during the outbreak, including employee awareness and steps that employees can take to reduce the likelihood of contracting the coronavirus.

Read the complete NY State memo on coronavirus assessments

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