Pennsylvania Banking Department Reminds Mortgage Licensees to File New Call Report with Nationwide Mortgage Licensing System
Pennsylvania deadline is June 16, 2011
HARRISBURG, Pa., May 2, 2011 /PRNewswire-USNewswire/ -- The Department of Banking reminds mortgage professionals licensed in Pennsylvania that the new NMLS Mortgage Call Report will be made available May 2 and due back on June 16.
The Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) specifically requires mortgage licensees to submit these reports.
The "report of condition," also known as the NMLS Mortgage Call Report, is a quarterly report of mortgage activity and company information. All state-licensed mortgage companies and all state-registered companies that employ licensed mortgage loan originators must complete the report. These NMLS Mortgage Call Reports will replace the current requirement for an annual report.
The NMLS Mortgage Call Report will provide regulators with the data necessary for effective monitoring of their licensees and mortgage activities in their state as well as provide companies with uniform reporting requirements across state lines.
Demonstration call reports are currently available on the NMLS website (http://mortgage.nationwidelicensingsystem.org/slr/common/mcr).
Licensees should check their MU1 data regarding "other business" to ensure they receive the correct call report. If you check off that you are approved by Fannie Mae, Ginnie Mae, or Freddie Mac you will need to fill out the longer, more detailed call report.
Licensees with questions can contact the department's Compliance Division at e-mail email@example.com or call 717-772-3889.
The Department of Banking urges consumers to "do their homework" before entering into business with any financial company. Consumers can learn about companies licensed or chartered by the Department of Banking at www.banking.state.pa.us and 1-800-PA-BANKS.
Media contact: Ed Novak, 717-783-4721
SOURCE Pennsylvania Department of Banking