April 1, 2021 Audrey Acquisti

Mortgage Call Reports and annual Financial Condition Reports

Important Deadlines for NMLS reports:  Call reports are due 45 days after the last day of the quarter.  Best practice is to submit these reports as soon as possible.  If MSource will be handling your Quarterly Call Reports, we must have them at minimum, 2 weeks prior to the deadline.

Note:  We’re starting to see states implementing daily fines if reports are submitted after the due date.

If you are newly licensed, whether or not a call report is due will be based upon the date of your license approval (in the first state you were licensed in). Example:  If your NMLS record shows you were officially approved on 3/31/21, you would be required to file a call report (whether or not you had any loan applications).

 

 

Deadlines for Submitting the Mortgage Call Report

Residential Mortgage Loan Activity (MCRs) – due quarterly, within 45 days after every calendar quarter:

  • Quarter 1 data (January 1-March 31) is due May 15
  • Quarter 2 data (April 1- June 30) is due August 14
  • Quarter 3 data (July 1-September 30) is due November 14
  • Quarter 4 data (October 1-December 31) is due February 14

Financial Condition – due annually, within 90 days of company’s Fiscal Year End. (If your year end is 12/31, the deadline is Marc 31st).

Many states also require you to submit a quarterly or annual report directly to them (in addition to NMLS filings).  It is imperative that you know if a separate report is due.  Examples>  CA-DFPI requires a separate annual report due on March 15th.  NC & SC both require an annual report due March 15th.  This list is NOT inclusive.  The state will start sending out reminder notices every month so please read all emails sent by your state regulator.  Failure to meet these deadlines will, in many cases, subject you to fines and/or penalties.

To reitterate an earlier post: to continue to operate your business, all companies must file an annual renewal through Secrestry State.  If filings are not renewed each year, you could jeopardize your ability to apply for licensing in another state. (you must be able to prove that your company is in good standing with the State Corporations Division.

 

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