The Nationwide Mortgage Licensing System opened up the Mortgage Call Report for the first filing in May, 2011. All mortgage broker and mortgage lender/banker 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 was a lot of information to compile and submit. You even had to file a report if you had no loan activity. What are the consequences of not filing a Mortgage Call Report?
Starting June 16, 2011, your state regulator will place a deficiency on your license if you did not file the Mortgage Call Report. Although it has not been spelled out as to the exact issues that you will face, it is possible that you will not be able to originate loans until you clear the deficiency. If you did not file your first Mortgage Call Report because you were too busy closing loans, I would be happy to help you file your Report. Don’t forget, this is a quarterly obligation and the next Mortgage Call Report is due August 14, 2011 for data from April 1, 2011 through June 30, 2011.
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