Identifying Call Report Mistakes (STATE)

To help companies identify mistakes that can occur in the Call Report, NMLS has posted a set of Examples of MCR Data Quality Issues. The examples correspond to the following list of five commonly seen data quality issues:

1. Reversing an Amount field with a Count field – For example, entering an Amount of $1 and a Count of 250,000.
2. Closed loan sections not equal – Closed loans broken out by Loan Type should equal closed loans broken out by Property Type, Purpose and Lien Status.
3. Providing a loan Count but no loan Amount.
4. Loans Originated are not consistent – The amount and count of Loans Originated from the Application Data section (AC070, Directly received) should equal the loans listed in the MLO section, which should also equal Brokered and Closed-Retail loans in the Closed Loan section (Wholesale are excluded from this calculation).
5. Exceedingly high or low average loan size – Average loans sizes over $1,500,000 and below $5,000 are often an indication of a data entry error. However, some companies may have legitimate loans outside of these thresholds.

For directions on how to submit an amended MCR filing, take a look at Quick Guide: Amending an MCR Filing.

When is your Fiscal Year End? (STATE)

The Financial Condition (FC) component of the Mortgage Call Report is due annually, 90 days after the company’s fiscal year end. Over 700 state-licensed companies in NMLS have a fiscal year end in the first half of the year, which means their FC due dates are beginning to hit. Be sure to put your MCR due dates (both the quarterly RMLA and the annual FC) on your calendar. (NOTE: Companies required to complete the Expanded MCR have different FC requirements.)

MCR Round 2 is Due August 14 (STATE)

The second quarter has come to an end and NMLS is now accepting Mortgage Call Report filings for Q2 activity. The due date for the Q2 RMLA filing (loan activity data) is August 14.

MCR Deficiencies Coming June 16 (STATE)

On June 16 a license deficiency will be placed on companies who have not submitted their Q1 Mortgage Call Report. Over 11,000 companies have successfully completed their Q1 MCR in NMLS. If you haven’t yet, get started on the NMLS MCR Page.

Q1 MCR Update (STATE)

Over 7,500 companies have successfully submitted their Q1 Mortgage Call Report in NMLS. Field definitions and FAQs on the Resource Center continue to be updated based on questions submitted by users. Companies who missed the deadline of May 15 should be working to get their MCR submitted soon to maintain compliance and avoid license deficiencies.