The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires all state mortgage licensees to submit a report of financial condition and loan activity to the NMLS. The California Finance Lenders Law (CFLL) and the California Residential Mortgage Lending Act (CRMLA) both contain provisions related to reporting requirements for licensees, including rules related to Mortgage Call Reports, annual reports, special reports detailing servicing activity, and audit reports. Fannie Mae or Freddie Mac Sellers/Services or Ginnie Mae Issuers must submit an Expanded Mortgage Call Report.
Companies that hold a state license or state registration through the Nationwide Multistate Licensing System & Registry (NMLS) are required to complete a Mortgage Call Report. All CFLL and CRMLA licensees are required to file a Mortgage Call Report with the NMLS. Mortgage loan originators are required, under both the CFLL and the CRMLA, to ensure that all residential mortgage loans they process to closing are included in the Mortgage Call Reports submitted to the NMLS.
There are two different types of Mortgage Call Report (MCR) Filings in NMLS. The Expanded Mortgage Call Report (E-MCR) and the Standard Mortgage Call Report (S-MCR). The E-MCR is required for a company that indicates on its Company Form (MU1) that it is a Fannie Mae or Freddie Mac Approved Seller/Servicer or Ginnie Mae Issuer. A company required to only file an S-MCR may choose to file an E-MCR.
Mortgage Call Reports have two components – the Financial Condition (FC) and the Residential Mortgage Loan Activity (RMLA) Report. The FC contains the company’s financial data and, for Standard filers, is required to be filed annually, no later than 90 days after the end of the fiscal year. Expanded filers must file the Financial Condition Report every calendar quarter. The RMLA Report includes information about the company’s mortgage activities and its’ Mortgage Loan Originators.
Standard MCRs must be submitted as follows:
- RMLA is due quarterly, within 45 days of the end of the calendar quarter.
- Q1 data (January 1 – March 31) is due May 15
- Q2 data (April 1 – June 30) is due August 14
- Q3 data (July 1 – September 30) is due November 14
- Q4 data (October 1 – December 31) is due February 14
- FC is due annually, within 90 days of a business enterp[rise’s Fiscal Year End as reported in the Company (MU1) Form.
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