As of June 16, 2011, license deficiencies will be placed on any state-licensed mortgage company that has failed to submit a Mortgage Call Report (MCR) for the first quarter of 2011 (Q1).
As per the requirements of the federal S.A.F.E. Act, state mortgage licensees are required to submit a report of condition to the NMLS. The MCR consists of two components, the Residential Mortgage Loan Activity (RMLA) and the Financial Condition (FC). The RMLA contains data relating to applications, closed loans, individual Mortgage Loan Originators (MLOs), Line(s) of Credit, and state repurchase information. The FC contains information that relates to the company.
The MCR is due each quarter, within 45 days of the end of said quarter. The schedule is as follows:
- Q1 (Jan. 1 – Mar. 31): May 15
- Q2 (Apr. 1 – Jun. 30): Aug. 14
- Q3 (Jul. 1 – Sep. 30): Nov. 15
- Q4 (Oct. 1 – Dec. 31): Feb. 14
- Annually, within 90 days of the company’s Fiscal year End
If the MCR is not submitted by the due date, a deficiency will be placed on the license. The consequences of a deficiency vary by state and can range from fines per day and other civil monetary penalties to prohibiting the conducting of mortgage business until the deficiency is remedied. For specific terms of a deficiency, licensees should contact their state regulator. The deficiency period for Q1 of 2011 begins June 16, 2011 because of “truncated time period between the launch of functionality and the deadline for Q1 MCR filing.“
For more information on the MCR, please visit the NMLS Resource Center Mortgage Call Report Page. Here, users may browse the application, review frequently asked questions, and view specific state requirements related to the MCR.