The Conference of State Bank Supervisors announced upcoming enhancements to the Nationwide Multistate Licensing System & Registry related to the Mortgage Call Report. To standardize mortgage company data at the state level, and with the hope of minimizing the amount of reporting outside the system, NMLS will launch an updated version of the MCR, Version 6 (FV6).
This summary can help you prepare your company — and the vendors you work with — for the upcoming changes.
What to expect with MCR, Version 6 (FV6)
All data collected on transactions starting Jan. 1, 2024, and beyond is subject to FV6. CSBS has indicated that this date will not change. Licensees can find a comprehensive, red-lined version of Version 5 to Version 6 here.
Licensees will see three main improvements in Version 6:
- FV6 eliminates standard and expanded forms and consolidates them into one form. This allows the company to quickly identify sections of the form not applicable to be filed.
- Servicers and lenders will have their own section to complete, helping states eliminate reporting outside of NMLS and creating consistency across companies.
- Lenders and servicers must submit quarterly financial filings.
- Brokers-only licensees must submit annual financial filings.
- Commercial and consumer lending licensees will complete a separate state-specific form, removing the obligation to report mortgage information.
- The revision of line-item definitions will improve the overall quality of the data and will help implement more completeness and accuracy checks.
What can you do to prepare before the Jan. 1, 2024 deadline?
- Review the red-lined version of the changes and identify the impact on your company.
- Begin communicating with your team(s) and/or vendors responsible for MCR data to ensure all necessary changes are made to file your Q1-2024 report successfully.
- Communicate the applicable changes to the team(s) responsible for financial filings.
- Review line items for definition changes and determine how they may affect your company’s reporting data.
- Review the sample MCR worksheet corresponding to your company’s reported business activities.
- Take part in available MCR trainings and Q&A sessions provided by NMLS via the MCR page.
Additional resources and key dates
You can find materials and additional updates in the NMLS Resource Center:
Key dates include:
- Oct. 19, 2023 – CSBS publishes the specification for XML submission of FV6
- Jan. 1, 2024 – FV6 goes into effect for all transaction data collected
- Jan. 2024 – Test submission option available for companies that want to test their XML submission in NMLS
- Mar. 16, 2024 – FV6 release
APPROVED can help
Do you have questions or need assistance with the upcoming Mortgage Call Report filing? Contact APPROVED.