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NMLS Delays Changes To Mortgage Call Reports – Glass & Goldberg | Financing, Property & Bankruptcy Law
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NMLS Delays Changes To Mortgage Call Reports

In February of 2018, the State Regulatory Registry, LLC (the “Registry”) reached out seeking public comment on proposed changes to the NMLS Mortgage Call Report, which provide information about a licensed mortgage business enterprise’s financial condition, loan activities, and loan origins. However, the Registry issued a notice in June stating that the implementation of planned changes to reporting requirements for the Nationwide Multi-state Licensing System has been delayed.

At first, any proposed revisions were scheduled to be implemented for the first quarter of 2019 reporting period. But the Registry’s notice indicated that it was postponing the implementation for a year until the first quarter of 2020. Originally, comments to Proposal 2018-1 were due by April 13, 2018.

“The delayed implementation will allow for industry users to be better acquainted with the use of NMLS 2.0 and allow additional time to prepare for the first filing in the new system,” the notice stated.

The NMLS had requested comments to the proposed changes to the Mortgage Call Report (MCR) contained in Proposal 2018-1. Some of the proposed changes include the following:

  • The requirement that licensed companies would only have to complete those fields of the MCR directly relevant to the business enterprise.
  • Updating of the MCR definitions and instructions to provide clarity and uniformity.
  • The addition of a Supplemental State-Specific Form (SSSF) to allow states to request filers provide certain state-specific information that would satisfy requirements of their jurisdiction.

The attorneys at Glass & Goldberg in California provide high quality, cost-effective legal services, and advice for clients in all aspects of commercial compliance, business litigation, and transactional law. Call us at (818) 888-2220, send an email inquiry to info@glassgoldberg.com or visit us online at glassgoldberg.com to learn more about the firm and to sign up for future newsletters.

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