Monday, May 2, 2011

The Mortgage Call Report – Are You Ready to File Your First One?

The Nationwide Mortgage Licensing System has just opened up the Mortgage Call Report for the first filing. I just finished filing New Jersey Annual Reports on Friday so I know my clients are not going to be happy to be putting together the information needed for this new requirement. What is a Mortgage Call Report and what does it require?

All mortgage broker and mortgage lender/banker state licensees must file quarterly reports regarding their loan applications and their closed loans. I have clients that are licensed in multiple states and both originate and broker loans. For this type of licensee, there are about 38 questions to answer, for each state report. That’s a lot of information to compile and submit. You even have to file a report if you had no loan activity.

If you cannot submit your Mortgage Call Report because you are too busy closing loans, I will be happy to help you file your Report. Don’t forget, this is a quarterly obligation.