Posted on in Mortgage Regulation
Welcome to the new world of lending. As the industry is trying to catch it’s breath from the December 31st, 2010 deadline for registration & testing, the next bureaucratic landmine is already waiting to further confuse & occupy the licensed originator community. The NMLS has created the NMLS Call Report, which requires companies to produce production data from any mortgage activity by any mortgage licensee working for the company, every 90 days. Additional financial reporting requirements are incumbent upon larger lending institutions. Keep in mind, federal and state chartered banks have no compliance obligation to NMLS. Take a look at a few of the field IDs that NMLS asks for in the report. Every lead and application generated by any licensed originator must be measured, every 90 days. Inquiries amongst my colleagues suggests that few are aware of the NMLS Call Report and fewer still have systems in place that are capable of tracking and reporting all of the information […]
by jberman