Tuesday, May 3, 2011

Mortgage Call Reports–FREE Information Kit!

As a courtesy to you, we want you to have a helpful FREE Information Kit to assist in preparation for filing the Mortgage Call Report (MCR).
Filing Deadline: 1st Quarter 2011 - May 15, 2011.
See Below For FREE Information Kit! 
Draft and implement policies and procedures to:
(a) prepare and submit MCRs for an entity, and
(b) prepare and submit MCRs for individual MLOs.

1. Review NMLS requirements and forms for the MCR.
2. Prepare MCR data requirements for 1/1/11 to 3/31/11.
3. Submit the MCR by May 15, 2011.

NMLS moderated conference call and webinars:
  • Thursday, May 5, 2011 from 3:30 - 5:00 pm ET
  • Monday, May 9, 2011 from 1:30 - 3:00 pm ET
  • Tuesday, May 10, 2011 from 1:30 - 3:00 pm ET 
    All state-licensed companies or all state-registered companies that employ licensed mortgage loan originators.
     Who files? All state licensed companies or companies employing state licensed mortgage loan originators.
    Entities or Individual MLOs? Some states are still not licensing via the NMLS; consequently, MLOs must submit Mortgage Call Reports if licensed in those states.
    Annual and Quarterly Reports? Many State Banking Departments have indicated that they will accept the NMLS Mortgage Call Report as satisfaction of their state specific reporting requirements.
    How do multiple state licensees file? Only one NMLS Mortgage Call Report is filed per company per quarter, including break out data for each state in which the company is licensed and/or has licensed mortgage loan originators.
    Timeframe? Information must be submitted within 45 days of the end of a calendar quarter. The information must reflect the data from that calendar quarter. 

    Free Information Kit
    • NMLS Users Forum - Website - Sponsored by Lenders Compliance Group
    • FAQs - Mortgage Call Reports - Article - Authored by Jonathan Foxx
    • NMLS Library Section of Lenders Compliance Group
    • NMLS Mortgage Call Report Basics - NMLSR
    • Privacy Guidelines of NMLS - Synopsis - Authored by Jonathan Foxx
    • Mortgage Call Report Requirements by Jurisdiction - NMLSR
    • Practice Worksheet - Standard - May 2011 - NMLSR
    • NMLS Field Definitions - NMLSR
    • Expanded Section - Instructions - NMLSR
    • Examples: Wholesale Lender, Retail Lender, Reverses Lender, Broker
    • Suite of Services - Lenders Compliance Group