Mortgage Call Report (MCR): An Overview
The Mortgage Call Report (MCR) is a comprehensive report that collects data on mortgage loan activity and financial condition from licensed mortgage broker companies. The MCR is a critical tool for regulators to monitor the mortgage industry and ensure compliance with applicable laws and regulations.
Components of the MCR
The MCR consists of two components:
Key Facts
- Components of the MCR: The MCR consists of two components:
- Residential Mortgage Loan Activity (RMLA): This component collects information on application, closed loan, individual mortgage loan originator (MLO), Line of Credit, servicing, and repurchase by state.
- Financial Condition (FC): This component collects financial information at the company level.
- Required Submission: Companies that hold a state license or state registration through the Nationwide Multistate Licensing System & Registry (NMLS) are required to submit the MCR.
- Submission Frequency:
- RMLA: The RMLA component of the MCR needs to be submitted quarterly, within 45 days of the end of each calendar quarter.
- FC: For standard filers, the FC component is due annually within 90 days of the company’s Fiscal Year End. For expanded filers, it is due quarterly along with the RMLA.
- Preparation: To prepare for filing the MCR, companies can download an MCR Sample and Field Definitions to review all the required fields in the RMLA and FC components.
- Residential Mortgage Loan Activity (RMLA): This component collects information on application, closed loan, individual mortgage loan originator (MLO), Line of Credit, servicing, and repurchase by state.
- Financial Condition (FC): This component collects financial information at the company level.
Required Submission
Companies that hold a state license or state registration through the Nationwide Multistate Licensing System & Registry (NMLS) are required to submit the MCR.
Submission Frequency
The submission frequency for the MCR is as follows:
- RMLA: The RMLA component of the MCR needs to be submitted quarterly, within 45 days of the end of each calendar quarter.
- FC: For standard filers, the FC component is due annually within 90 days of the company’s Fiscal Year End. For expanded filers, it is due quarterly along with the RMLA.
Preparation
To prepare for filing the MCR, companies can download an MCR Sample and Field Definitions to review all the required fields in the RMLA and FC components.
Sources
- Washington State Department of Financial Institutions: Mortgage Call Reports
- NMLS Resource Center: Mortgage Call Report
- LendingPad: How to File a NMLS Call Report (MCR)
FAQs
What is the purpose of the MCR?
The MCR is a comprehensive report that collects data on mortgage loan activity and financial condition from licensed mortgage broker companies. The MCR is a critical tool for regulators to monitor the mortgage industry and ensure compliance with applicable laws and regulations.
Who is required to submit the MCR?
Companies that hold a state license or state registration through the Nationwide Multistate Licensing System & Registry (NMLS) are required to submit the MCR.
What are the components of the MCR?
The MCR consists of two components:
- Residential Mortgage Loan Activity (RMLA)
- Financial Condition (FC)
What information does the RMLA component collect?
The RMLA component collects information on application, closed loan, individual mortgage loan originator (MLO), Line of Credit, servicing, and repurchase by state.
What information does the FC component collect?
The FC component collects financial information at the company level.
How often is the MCR submitted?
The RMLA component of the MCR is submitted quarterly, within 45 days of the end of each calendar quarter. The FC component is submitted annually for standard filers, within 90 days of the company’s Fiscal Year End. For expanded filers, the FC component is submitted quarterly along with the RML
How can companies prepare for filing the MCR?
Companies can download an MCR Sample and Field Definitions to review all the required fields in the RMLA and FC components.
Where can I get more information about the MCR?
More information about the MCR can be found on the NMLS Resource Center website: https://mortgage.nationwidelicensingsystem.org/slr/common/mcr/pages/default.aspx