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VT Mortgage Bankers Association Mortgage Compliance Conference

VT Mortgage Bankers Association Mortgage Compliance Conference. Friday, March 4, 2011  Lake Morey Resort, Fairlee, VT. NMLS Mortgage Call Report (MCR). Purpose Timely and uniform company mortgage activity and financial condition reporting through the NMLS

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VT Mortgage Bankers Association Mortgage Compliance Conference

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  1. VT Mortgage Bankers AssociationMortgage Compliance Conference Friday, March 4, 2011 Lake Morey Resort, Fairlee, VT

  2. NMLS Mortgage Call Report (MCR) Purpose • Timely and uniform company mortgage activity and financial condition reporting through the NMLS • Mortgage Call Report will provide state mortgage regulators with the data necessary for effective monitoring of their licensees and mortgage activities in their state • The NMLS Mortgage Call Report will also provide companies with uniform reporting requirements across state lines

  3. The Basics • Standard Section • All companies • Expanded Section • Companies that are approved Fannie Mae or Freddie Mac Sellers/Servicers or are Ginnie Mae Issuers

  4. Standard Section • Production activity submitted on a calendar quarterly basis • Activity segregated by each state • Financial information submitted on annual fiscal basis

  5. Expanded Section • Includes data elements of Standard Section • Information collected on the Mortgage Bankers’ Financial Reporting Form (MBFRF) • Production activity submitted on a calendar quarterly basis • Activity segregated by each state • Financial information submitted on a calendar quarterly basis

  6. General Information • Terms and instructions are same as HMDA and MBFRF • Must reflect the complete residential mortgage activity of the company by state • Must include all data for the MLOs employed by a company • Information is reflective of quarter and is not cumulative • Due within 45 days of end of quarter

  7. General Information • Financial condition report of the Standard Section is due annually 90 days from company’s fiscal year • Not all information on forms is applicable to every company, can provide a N/A or 0 (zero) value • Text box is available for company to provide explanatory notes

  8. Standard - RMLA Section I • Application Data Categories • Directly received from borrower • Received from 3rd party • Closed Loan Data Categories • Brokered • Closed – Retail Application • Closed – Wholesale Application • Mortgage Loan Originator Data • Name & NMLS ID # • Amount & count

  9. Standard - RMLA Section I • Application Data • Applications In Process at the Beginning of the Period • Applications Received • Applications Approved but not Accepted • Applications Denied • Applications Withdrawn • File Closed for Incompleteness • Loans Originated • Applications in Process at the End of the Period

  10. Standard - RMLA Section I • Closed Loan Data • Loan Type • Property Type • Purpose of Loan or Application • HOEPA • Lien Status • Fee Information

  11. Standard - RMLA Section I • Reverse Mortgages • Loan Type • Purpose of Reverse Mortgage • Fee Information • Repurchase Information • Lines of Credit

  12. Expanded - RMLA Section II • Residential First Mortgage (1-4 Unit Residential ONLY) • Other Mortgages

  13. Expanded - RMLA Section II • First Residential Mortgages • Retail, Wholesale Correspondent, Wholesale Broker • Fixed Rate, ARM • Jumbo, Non-Jumbo • Interest Only • Option ARMS • Loans with Prepayment Penalties

  14. Expanded - RMLA Section II • First Residential Mortgages (cont.) • Purchase, Refi, Cash Out, Restructure • Owner-Occupied • Loans with PMI • Loans with Piggyback Seconds • Borrowers with FICO Scores • LTV ratios • Investors

  15. Expanded - RMLA Section III • Modifications • Contracted for by Lienholder/Servicer • Delinquency Status • Foreclosure Status

  16. Important Reminders • All licenses must submit on or before April 1, 2010, the Annual Report of Licensee for Year Ending December 31, 2010 to the Vermont Banking Division • Complete MCR within 45 days of end of calendar quarter • Submit financial reports within 90 days of end of licensee’s fiscal year in addition to reporting requirements of MCR

  17. Important Links • Vermont Banking Division www.vermontbanking.info • NMLS Resource Center www.mortgage.nationwidelicensingsystem.org

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