Archive for April, 2011

Federal Registration’s Initial Transition Ends July 29 (FEDERAL)

April 26, 2011

MLOs employed by federally regulated institutions have until July 29 to become actively registered on NMLS. Even though the individual MLO is responsible to register, the employing institution must also complete a number of steps in order for the MLO to become actively registered. These steps include creating the institution’s account, submitting the Form MU1R, and confirming each MLO’s employment within NMLS.

How far along is your institution? To get more information about the federal registration process for institutions, see Getting Started: Institution.

Breaking Down the Mortgage Call Report (STATE)

April 19, 2011

It will be important for companies to have a good handle on several characteristics of the NMLS Mortgage Call Report (MCR).

The first distinguishing feature is that the MCR comes in two varieties: Standard and Expanded. The Expanded version of the MCR is for companies that are a Fannie Mae or Freddie Mac Seller/Servicer or Ginnie Mae Issuer.  All other companies will submit a Standard MCR.  The vast majority (90%) of state-licensed companies in NMLS will complete the Standard MCR.

The other important feature is that the MCR contains two components: RMLA and FC.

  1. Residential Mortgage Loan Activity (RMLA) – This section collects application, closed loan, individual MLO, Line of Credit and repurchase data by state. This is always due 45 days from the end of each calendar quarter.
  2. Financial Condition (FC) – This section collects financial information at the company level. It does not have to be completed by state. For companies completing the Standard MCR , it is due ONCE A YEAR 90 days from the end of the company’s fiscal year end. For companies completing the Expanded MCR, it is due QUARTERLY 45 days from the end of each calendar quarter.

MCR goes live in NMLS on May 2nd. Companies will need to submit their Q1 2011 data sometime between May 2 and May 15. Companies can start gathering the information for their first MCR submission using the Standard MCR Practice Worksheet.

Federal Registry “How To” Series On Demand (FEDERAL)

April 15, 2011

NMLS has posted recordings of the 4-part “How To” series of training webinars, which you can stream or download.

A new Federal Registry Review Workshop is also going to be offered in April and May for institutions who have outstanding questions about the registration process. Users are encouraged to have either attended or watched the recordings of the How To series before joining a Review Workshop.

Getting Ready for the Mortgage Call Report (STATE)

April 14, 2011

Approximately 90% of companies in NMLS are required to complete the Standard version of the NMLS Mortgage Call Report (MCR). (Companies who marked Fannie, Freddie or Ginnie on their Form MU1 will have to complete the Expanded version.)

To help these companies prepare for the Standard MCR, NMLS has created a Practice Worksheet. This packet will help you gather everything you need for the first Standard MCR submission, which needs to be done sometime between May 2 and May 15.

New Mortgage Call Report Forum (STATE)

April 13, 2011

A new online forum has been started by The Compliance Group and The Mortgage Licensing Group to provide a place for users to discuss NMLS MCR issues, and specifically technical questions surrounding the XML upload option. The forum has been created by the industry and is not sponsored by NMLS, but the forum administrators intend to consult regularly with NMLS staff to help the forum provide useful and accurate information to users. The forum is found at