The Conference of State Bank Supervisors (CSBS) announced months ago that NMLS will launch an updated version of the Mortgage Call Report (MCR), Version 6 (FV6). The goal is to standardize mortgage company data at the state level and minimize the amount of reporting outside the system.
Here are six things to keep in mind as companies prepare to submit the first reports with the new version:
1. The system changes for FV6 will only impact companies that file the MCR.
- It will not impact companies that file the Money Services Businesses (MSB) Call Report.
- The FV6 is effective for the 2024 Q1 filing and after.
- Any MCR created for a reporting period prior to 2024 Q1 will continue to use form version 5.
- A summary of the MCR FV6 changes can be viewed in the release notes for NMLS Release 2024.3.
- There will no longer be separate standard and expanded versions of the MCR.
2. Companies should know about key dates.
- April 1, 2024: Company users will be able to submit the Q1 MCR using the new MCR FV6.
- May 15, 2024: Q1 data (January 1–March 31) is due.
3. Some states allow a grace period.
- As of February 28, 2024, 29 state agencies indicated they will allow a grace period for the Q1 2024 filing. Please see further details here.
- We also recommend reaching out to agencies directly if a state is not on the list.
4. Training is available.
- The next training offered by CSBS will be held on March 27, 2024, at 2:30 p.m. ET. A recording will be posted to the NMLS Resource Center.
- CSBS is also offering a bi-weekly Office Hours Call to answer questions. The next scheduled Office Hours Call is March 25, 2024.
- No prior registration is required. Click here for more information and Zoom meeting credentials.
- CSBS confirmed there will not be a separate testing environment for FV6. Beginning April 1, 2024, company users can create an FV6 filing to test data and/or uploads. However, companies should not submit the filing until they confirm and finalize all data.
5. It’s important to accurately reflect business activities on the MU1 form.
- The business activities selected in the MU1 form in NMLS will determine the required sections and data fields within FV6.
- When completing the new form, the system will only present the user with the MCR sections relevant to the company’s indicated business activities.
- The system checks business activities at the beginning and end of the reporting period, filling in zeros for irrelevant fields based on these activities.
6. The MCR now includes a State-Specific Supplemental Form (SSSF).
- The new form seeks to minimize additional reports required outside of NMLS.
- The SSSF component will only be shown if the system determines the company meets the criteria of a state agency and the license type that requires the SSSF.
- As of March 1, 2024, five states will require state-specific data via the SSSF. Click here and then select “State MCR Requirements Chart” for the most recent list.
- Licensees may need to reach out to states on an individual basis to confirm which SSSF fields are required, if the agency has not previously issued such guidance. APPROVED can assist with outreach efforts upon request.
Additional resources
You can find materials and additional updates in the NMLS Resource Center:
- Mortgage Call Report Form Version 6
- Summary of MCR Version 6 Changes
- Mortgage Call Report Form Version 6 FAQs (last updated 3/8/2024)
- Review the red-lined version of the changes and identify the impact on your company.
APPROVED can help
Do you have questions or need assistance with the upcoming MCR filing? Contact APPROVED.