NMLS Mortgage Call Report Version 6
Coming March 16, 2024
NMLS will be enhanced to include the new Mortgage Call Report (MCR) Form
Version 6 (FV6). Please know that after thorough consideration of industry
concerns with the implementation schedule (noted below), we wish to
conrm there will be no change to our existing implementation plans, and
your company will be required to collect appropriate data for transactions on
and after Jan. 1, 2024.
The release is scheduled for March 16, 2024, ahead of the MCR Quarter 1
ling period. NMLS will provide companies with the XML specications no
later than Oct. 23. There will be several changes that are identied below
that companies and their vendors should begin to prepare for. The full
background on the importance of the MCR and the development of Version 6
is provided in Attachment A below.
Mortgage Industry Concerns
The mortgage industry has expressed concern about the timing of the
release, and their potential inability to satisfy the new reporting
requirements by the Q1 reporting deadline. This concern was considered
and evaluated through the full NMLS governance process. This process
included reviews and recommendations from the MCR Subcommittee, the
NMLS Policy Committee, and the SRR Board of Managers. Ultimately, every
level of governance recommended that the release and use of Version 6
remain in the announced timeline of Q1 2024. To address industry concerns,
the NMLS Policy Committee and the SRR Board are working with agencies to
recommend providing leniency for companies unable to meet the rst
quarter ling deadline. Details on the recommendation for leniency to the
ling deadline will be provided in future communications.
What Mortgage Companies Can Expect
Scope of the changes:
• An estimated 900 approved seller/servicers and issuers will have
minimal changes (limited to denitional changes).
• Approximately 24,000 broker/lender/servicers will experience reduced
requirements.
• Approximately 3,100 lenders will have additional ling requirements.
Changes to Form Version 6 provide three main improvements:
• Eliminates standard/expanded forms and consolidates them into one
form - allowing MCR lers to use business activities on the Company
Form (MU1) to drive zero-lling of irrelevant form sections.
o This switch will require all servicers to complete the servicer
schedule and all lenders to complete the lender schedule,
allowing more states to eliminate state-specic reporting
outside NMLS. Consistency and comparability across licensees
o Lenders and servicers will le nancials quarterly.
o Broker-only licensees will le annual nancials.
• Eliminates commercial and consumer lending from mortgage
reporting by creating a separate State-Specic Supplemental Form.
• Revised line-item denitions to allow implementation of more
completeness and accuracy checks.
o These xes will improve data quality by forcing internal
consistency between dierent sections of the call report prior to
data submission.
Resources to Help Your Company Comply with and File
To identify how your company may be impacted, a full summary of MCR
Version 6 changes is available on the Mortgage Call Report page of the NMLS
Resource Center. Additional resources are also available on the page:
• MCR Business Activity Mapping Table [Excel]
• Redline Comparison of V5 to V6 Field Denitions [Excel]
• MCR Version 6 Sample [Excel]
Training and XML File Specications Coming Soon
As the MCR FV6 implementation approaches, NMLS will provide regular
updates via the Mortgage Call Report page, targeted learning opportunities
and Q&A sessions.
NMLS will be providing support options for companies that have questions
about implementing the new report version and will address those support
options in a separate communication. Those support options will include
specic training opportunities, direct communication options, updated
frequently asked questions and opportunities to discuss technical issues with
NMLS subject matter experts.
If you have questions, please submit them to [email protected].
