NMLS Call Report - First notice
ORS 86A.239(2) was enacted on August 1, 2010, in order to bring the mortgage
licensing laws of the State of Oregon into compliance with the federal Secure and Fair Enforcement
for Mortgage Licensing Act of 2008 ("SAFE Act"). This new Oregon law requires all mortgage
licensees to submit a NMLS Mortgage Call Report in such form and containing such information
as required by the Nationwide Mortgage Licensing System and Registry (NMLS). The NMLS Mortgage
Call Report is a single report that reflects the entire mortgage activity and financial information
of a company. Please note that this is different than the annual report that must be filed directly
with the Division.
After months of discussion and public comment at the national level, the NMLS
Mortgage Call Report is now being implemented. The functionality should be available in the NMLS
by the end of April 2011 to allow companies to report 1st quarter 2011 data. Your company will
be able to report this data either manually or through an upload option.
What you need to know:
All companies holding Oregon Mortgage Banker/Broker or companies employing Oregon licensed mortgage
loan originators must complete the NMLS Mortgage Call Report on a calendar quarter basis and
submit it through the NMLS. Reports must be filed within 45 days following the end of the quarter.
Therefore, the first report will be due by May 15, 2011.
While Oregon does not charge for the filing of this report, NMLS may charge
a NMLS processing fee for submitting the NMLS Mortgage Call Report.
If you do not file this report by the deadline each quarter, Oregon will place
a deficiency on your company's license. If you do not cure the deficiency before a renewal period,
your company will not be allowed to renew its license. In addition, ORS 86A.224(3) allows the
Department to assess a civil penalty against your company of up to $5,000 per instance and up
to $20,000 for a continuing violation of this requirement.
What you need to do:
You should begin preparing now to file the report by collecting loan level information. Begin
by visiting the NMLS Resource Center's page on the NMLS Mortgage Call Report at http://mortgage.nationwidelicensingsystem.org/slr/common/mcr/Pages/default.aspx
to see what information your company will need to submit. This information will be reported through
NMLS starting in the second calendar quarter of 2011 for first calendar quarter activity and
financial information. This means you should be collecting this data now.
In addition, your company must ensure that the "Other Business" section
of your MU1 Record is accurate. All companies that are Fannie Mae or Freddie Mac Approved Seller/Servicers
or Ginnie Mae Issuers are required to submit more comprehensive information. The report for such
lenders is substantially similar to information currently submitted as part of the Mortgage Bankers'
Financial Reporting Form. If your company's MU-1 "Other Business" section indicates
that you are a Fannie Mae or Freddie Mac Approved Seller/Servicer or Ginnie Mae Issuer, you are
required to file this more comprehensive report even if you mistakenly selected the box, so it
is imperative that you verify that the correct boxes are checked on the "Other Business"
section of your MU1 before you must file the report.
Should you have any questions, please contact the Division. Your questions will
be handled by one of our examiners, who are assigned to licensees based upon the company name.
