Lenders who hold a state license though the National Mortgage Licensing System (NMLS) are required to file a quarterly Mortgage Call Report (MCR). QuestSoft, a provider of Home Mortgage Disclosure Act (HMDA) and mortgage compliance software, has released Call Report RELIEF, a module of their proven HMDA RELIEF software that assists in the compilation, validation and reporting of the MCR.
The MCR is required from any lender that holds a state license or registration through NMLS. The report, which includes both mortgage loan activity and financial information about the company, must be submitted quarterly. The deadlines each year are Feb. 14, May 15, Aug. 14 and Nov. 14. NMLS has issued a statement that they will not post a deficiency notice for late filers unless the initial report is submitted on or after June 16.
“Lenders who do not file their MCR will be posted on the NMLS’ public website, and multiple violations could result in fines,” said Leonard Ryan, president of QuestSoft. “Call Report RELIEF ensures that lenders will be able to avoid the penalties of non-compliance without requiring a significant investment of additional time or staff resources.”
HMDA RELIEF, which provides lenders a simple system to collect, analyze, report and submit annual HMDA data to the Federal Financial Institutions Examination Council (FFIEC), will now include new fields relating to credit score, prepayment penalties, NMLS License numbers and new amortization and loan channel information.
“Lenders need the assurance that their compliance software is always up-to-date with the newest regulatory revisions,” Ryan said. “Call Report RELIEF and HMDA RELIEF keep our customers on the cutting edge of compliance, ensuring that they meet all the expected standards well in advance of their deadlines.”
In response to the announced revisions to HMDA submissions required by the Dodd-Frank Act, Ryan attended several of the HMDA hearings conducted by the Federal Reserve and met with the Conference of State Bank Supervisors (CSBS) regarding these reports, licensing issues and the new multi-state exam process. As a result, HMDA RELIEF provides its users with an 18-month head start on the revised regulations.
