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.

Federal Registration Deadline is July 29 (FEDERAL)

July 19, 2011

MLOs employed by federally regulated institutions have until July 29 to comply with the SAFE Act’s federal registration requirement. The NMLS Call Center is staying open later to field calls leading up to the deadline.

Starting August 1st, consumers will be able to view a federally regulated MLO’s registration status in NMLS Consumer Access.

Institutions who still need to register their MLOs should visit the Resource Center’s Getting Started: Institutions. Individual mortgage loan originators should visit Getting Started: Mortgage Loan Originators.

When is your Fiscal Year End? (STATE)

July 5, 2011

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)

July 5, 2011

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)

June 9, 2011

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.