Category Archives: florida office of financial regulation

03.08.12
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Mortgage Call Reports due for Florida Mortgage Brokers

IMPORTANT INFORMATION
Mortgage Call Reports

ALL…I repeat…ALL Florida licensed mortgage companies (Mortgage Brokers and Mortgage Lenders), MUST file a very important piece of financial information through the NMLS –

The Mortgage Call Report or MCR

The MCR is broken up into 2 components:
1.    the Residential Mortgage Loan Activity (RMLA) and 
2.    the Financial Condition (FC) 

Failure to submit the MCR will result in administrative fines of $1,000 and possible license revocation by the Florida Office of Financial Regulation (FLOFR).

Here are some FAQs regarding the Mortgage Call Report….

FREQUENTLY ASKED QUESTIONS

Who needs to submit the Mortgage Call Report (MCR)?
NMLS and the Florida Office of Financial Regulation (FLOFR) requires the following License holders to submit the MCR:
  • Mortgage Broker 
  • Mortgage Lender
  • Mortgage Lender Servicer
Individual Mortgage Loan Originators (MLOs) are not required to submit the MCR because the Mortgage Broker will file it for the whole company.
When does the Mortgage Call Report (MCR) need to be submitted?
The Standard Mortgage Call Report is broken up into 2 components: 
  1. the Residential Mortgage Loan Activity (RMLA) and 
  2. the Financial Condition (FC) 
The RMLA is due within 45 days of the end of every fiscal quarter. Most companies will have the following schedule:
  • Q1 data (January 1 – March 31) is due May 15
  • Q2 data (April 1 – June 30) is due August 14
  • Q3 data (July 1 – September 30) is due November 14
  • Q4 data (October 1 – December 31) is due February 14
The Financial Condition (FC) is due annually within 90 days of the company’s Fiscal Year End. For example, if the company’s Fiscal Year End was December 31, 2011 that means the FC is due by March 30, 2012 (22 days from now – no exceptions).
How do I submit the Mortgage Call Report?
The Mortgage Call Report (MCR) is submitted through the NMLS website. You must first log-in to your account and then go to the “Filing Tab” to begin. 
Here is a User Guide to see how to submit the RMLA – View User Guide
Here is a User Guide to see how to submit the FC – View User Guide
I have begun working on the Mortgage Call Report, but I am unsure how to categorize my business within the MCR?
NMLS has provided the following definitions when submitting the MCR:
Wholesale – Closed wholesale refers to loans that have legally binding agreements establishing a residential mortgage loan with an application taken by one party but funded by another
Broker –  Any fee collected in conjunction with brokering a loan not including pass through fees (i.e. Appraisal, credit report, flood cert., etc…)
Retail – Closed retail refers to loans that have legally binding agreements establishing a residential mortgage loan and have been originated/funded by the institution who took the application
Click this link – http://freepdfhosting.com/38e493252a.pdf – to view a detailed list of Glossary Terms and Definitions found on the MCR.
How can I contact the Nationwide Mortgage Licensing System (NMLS) with questions?
NMLS can be contacted at (240) 386-4444. If you have specific questions about the Mortgage Call Report, you can also send an email to NMLS at NMLSMCR@csbs.org
CLICK HERE to view more renewal requirements and other FAQs.


Brad Larson
General Manager
Larson Educational Services
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
(239) 344-7510

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12.03.10
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Deadline for MLO applications extended to December 15, 2010

The deadline for Florida Mortgage Loan Originators to submit their MU4 Application has been extended from November 30 to December 15, 2010.

View the notice provided by FAMP below:

“The Florida Office of Financial Regulation has recently been informed that the deadline for testing and education certification has been extended.

In order to be eligible for certification, an individual must successfully submit an MU4 application for a Florida loan originator license no later than December 15, 2010. If the individual qualifies for the certification, the Office of Financial Regulation will submit the necessary information to NMLS. The individual does not need to request that Florida certify to NMLS as this will happen automatically. Once NMLS has processed a certification file from Florida, a certification invoice is generated on each NMLS record and an e-mail is sent to the e-mail address on file with NMLS. Loan originators will not receive the benefits of certification until the NMLS invoice has been paid.

To qualify for education certification, an individual must hold an active mortgage broker license issued prior to October 1, 2010. To qualify for testing certification, an individual must hold an active mortgage broker license issued prior to October 1, 2010and passed the old Florida mortgage broker test on or after January 1, 2004.

The deadline to pay for a certification invoice is December 31, 2010. All outstanding certification invoices not paid by December 31, 2010 will be deleted by NMLS and the individual will not receive the benefits of certification.

In addition to the testing and education certification process, please remember to provide the Office of Financial Regulation information concerning the high school education requirement. You must provide the name of the high school and date the diploma or its equivalent was received. This information may be provided to the OFR by emailing them at flnmls@flofr.com.

More information about the license requirements can be found in the Florida jurisdiction specific documents located on the NMLS Resource Center website at http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=FL

Individuals and companies that currently hold licenses issued prior to October 1, 2010 must file for a new license through NMLS and be in an “Pending – Review” status by December 31, 2010 or cease business. The jurisdiction specific documents explain in detail what is required to be in a “Pending – Review” status. “

If you have any further questions about the application itself, you can contact NMLS customer service at (240) 386-4444.

If you have questions about the licensing requirements, you can contact us at (239) 344-7510.

Larson Educational Services
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
www.LarsonEd.com
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