Archive for August, 2011

Identifying Call Report Mistakes (STATE)

August 23, 2011

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.