MORTGAGE CALL REPORTS

Recently we have received several inquiries from financial institutions regarding the new Mortgage Call Reports (MCRs) required by the Nationwide Mortgage Licensing System (NMLS). A MCR is required of a company that holds a state license or registration through the NMLS.

Remember the SAFE Act requires all mortgage loan originators, both financial institutions and other mortgage lenders, to register with the NMLS. Financial institution MLOs merely have to register. Non-banks MLOs have to both get licensed under state law and register with the NMLS. Other mortgage lenders, such as mortgage companies, also have the additional burden of filing periodic MCRs with the NMLS. Financial institutions do not have to file MCRs with the NMLS because they are federally registered.  But financial institutions still must file regular call reports with their federal regulator, just as they have done for decades.

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