FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Mortgage call Reports View next topic
View previous topic



Post new topicReply to topic
Author Message
chrispic88
Dud?


Joined: 06 Apr 2011
Posts: 11
Location: Long Island, NY

Mortgage call Reports
PostPosted: Mon May 02, 2011 4:29 pm Reply with quoteBack to top

Logging into NMLS today to get cracking on the mortgage call report. I am a registered wholesale broker in NY state. One section that we are required to complete is entitled the Expanded Financial Condition filing. It has several different sections to fill out that I do not see in any shape or form how it relates to a small broker shop. NMLS does not have the answers, NYS does not have the answers. I feel like I am reading Chinese trying to fill this thing out. Has anyone else looked at this thing? If so, anyone have any explanation as to how this thing is supposed to be completed?
View user's profileSend private message
syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: Mortgage call Reports
PostPosted: Mon May 02, 2011 5:39 pm Reply with quoteBack to top

generally if there is no way to do it, you can do it anyway you want.

ditch the whole program ?

hey I always said, if the mortgage business was my girlfriend, I'd leave her at the mall or something.

hope this helps.

Make it a Great Day.

_________________
Rule Numero Uno: Don't Kill Yourself, Kill Somebody Else.
View user's profileSend private messageSend e-mail
klifffy
Cherry Bomb


Joined: 03 Aug 2007
Posts: 185

Re: Mortgage call Reports
PostPosted: Mon May 02, 2011 6:22 pm Reply with quoteBack to top

The financial portion is due within 90 days of your company's fiscal year end. The practice worksheet has the information that will help you.
View user's profileSend private message
FairwayMortgage
Flash in the pan


Joined: 01 Apr 2009
Posts: 37

Re: Mortgage call Reports
PostPosted: Fri May 06, 2011 2:13 pm Reply with quoteBack to top

I just completed my NMLS Call Report for NY on Wednesday. The only sections applicable for a broker are the ones shaded below.

Image
View user's profileSend private message
Mortgagepower
Flash in the pan


Joined: 27 Aug 2009
Posts: 87

Re: Mortgage call Reports
PostPosted: Fri May 06, 2011 5:28 pm Reply with quoteBack to top

So the financial report is not due every quarter? As a broker we only submit financials once a year? Thanks for the help.
View user's profileSend private message
FairwayMortgage
Flash in the pan


Joined: 01 Apr 2009
Posts: 37

Re: Mortgage call Reports
PostPosted: Fri May 06, 2011 5:49 pm Reply with quoteBack to top

Mortgagepower wrote:
So the financial report is not due every quarter? As a broker we only submit financials once a year? Thanks for the help.


The NMLS Mortgage Call Report (MCR) is due every quarter. This is now in addition to the VOOR (Volume of Operations Report) required by the NYS Banking Department, if you're in NY.
View user's profileSend private message
chrispic88
Dud?


Joined: 06 Apr 2011
Posts: 11
Location: Long Island, NY

Re: Mortgage call Reports
PostPosted: Mon May 09, 2011 4:32 pm Reply with quoteBack to top

Faiway, question for you......you said the shaded areas are the only ones that need to be completed. I am a NY broker as well. I was told by NMLS that if we did any Fannie or Freddie loans that the Financial Condition form had to completed as well, which is seperate from the actual call report itself?
View user's profileSend private message
FairwayMortgage
Flash in the pan


Joined: 01 Apr 2009
Posts: 37

Re: Mortgage call Reports
PostPosted: Mon May 09, 2011 5:15 pm Reply with quoteBack to top

chrispic88 wrote:
Faiway, question for you......you said the shaded areas are the only ones that need to be completed. I am a NY broker as well. I was told by NMLS that if we did any Fannie or Freddie loans that the Financial Condition form had to completed as well, which is seperate from the actual call report itself?


I'll call NMLS to confirm, but I think that would be referring to if you sold any loans direct to Fannie and/or Freddie. All of my loans close in the lenders name.
View user's profileSend private message
chrispic88
Dud?


Joined: 06 Apr 2011
Posts: 11
Location: Long Island, NY

Re: Mortgage call Reports
PostPosted: Mon May 09, 2011 6:21 pm Reply with quoteBack to top

See that would make more sense to me, as I'm filling out the Financial Condition Form and thinking to myself that this in no way, shape or form relates to a broker. So i kept asking them if this has to be completed and they said if you DID any Fannie or Freddie that it has to be completed.
View user's profileSend private message
Mortgagepower
Flash in the pan


Joined: 27 Aug 2009
Posts: 87

Re: Mortgage call Reports
PostPosted: Fri May 13, 2011 6:17 pm Reply with quoteBack to top

We just completed our call reports, we created a process and changed the way we keep track of our data using our origination software to create more efficient reports in the future. It took me 5 hours to plan everything out and complete the call reports this time. Next quarter it should take one hour at the most since we documented a process we will follow in the future. I found out that financial condition component only need to be completed once per year, 90 days from the fiscal year end. We submitted our year end 2010 data. Back to whats important... originating more loans!!!!
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT