NMLS will be enhanced to include the new Mortgage Call Report (MCR) Form Version 6 (FV6). Please know that after thorough consideration of industry concerns with the implementation schedule (noted below), we wish to confirm there will be no change to our existing implementation plans, and your company will be required to collect appropriate data for transactions on and after Jan. 1, 2024.

The release is scheduled for March 16, 2024, ahead of the MCR Quarter 1 filing period. NMLS will provide companies with the XML specifications no later than Oct. 23. There will be several changes that are identified below that companies and their vendors should begin to prepare for. The full background on the importance of the MCR and the development of Version 6 is provided in Attachment A below.  
 

Mortgage Industry Concerns 

The mortgage industry has expressed concern about the timing of the release, and their potential inability to satisfy the new reporting requirements by the Q1 reporting deadline. This concern was considered and evaluated through the full NMLS governance process. This process included reviews and recommendations from the MCR Subcommittee, the NMLS Policy Committee, and the SRR Board of Managers. Ultimately, every level of governance recommended that the release and use of Version 6 remain in the announced timeline of Q1 2024. To address industry concerns, the NMLS Policy Committee and the SRR Board are working with agencies to recommend providing leniency for companies unable to meet the first quarter filing deadline. Details on the recommendation for leniency to the filing deadline will be provided in future communications. 

What Mortgage Companies Can Expect 

Scope of the changes: 

• An estimated 900 approved seller/servicers and issuers will have minimal changes (limited to definitional changes). 
• Approximately 24,000 broker/lender/servicers will experience reduced requirements. 
• Approximately 3,100 lenders will have additional filing requirements. 

Changes to Form Version 6 provide three main improvements:  

• Eliminates standard/expanded forms and consolidates them into one form - allowing MCR filers to use business activities on the Company Form (MU1) to drive zero-filling of irrelevant form sections.  
  • This switch will require all servicers to complete the servicer schedule and all lenders to complete the lender schedule, allowing more states to eliminate state-specific reporting outside NMLS. Consistency and comparability across licensees 
  • Lenders and servicers will file financials quarterly.  
  • Broker-only licensees will file annual financials.  
• Eliminates commercial and consumer lending from mortgage reporting by creating a separate State-Specific Supplemental Form.  
• Revised line-item definitions to allow implementation of more completeness and accuracy checks.  
  • These fixes will improve data quality by forcing internal consistency between different sections of the call report prior to data submission.  

Resources to Help Your Company Comply with and File 

To identify how your company may be impacted, a full summary of MCR Version 6 changes is available on the Mortgage Call Report page of the NMLS Resource Center. Additional resources are also available on the page: 

• MCR Business Activity Mapping Table [Excel]
• Redline Comparison of V5 to V6 Field Definitions [Excel]
• MCR Version 6 Sample [Excel]

Training and XML File Specifications Coming Soon 

As the MCR FV6 implementation approaches, NMLS will provide regular updates via the Mortgage Call Report page, targeted learning opportunities and Q&A sessions.   

NMLS will be providing support options for companies that have questions about implementing the new report version and will address those support options in a separate communication. Those support options will include specific training opportunities, direct communication options, updated frequently asked questions and opportunities to discuss technical issues with NMLS subject matter experts.   

If you have questions, please submit them to NMLSMCR@csbs.org.   

The MCR collects standardized mortgage company data at the state and nationwide level for all state-licensed mortgage companies. The MCR makes the following activities possible:   

• Compare data across states 
• Aggregate nationwide data  
• Eliminate duplicative reporting outside of NMLS 
  

The changes in Form Version 6 (FV6) are meant to advance these goals. Specifically, the changes in reporting requirements will allow state regulators to:   

• Aggregate nationwide data on the entire mortgage industry for data points that were previously required only of Government Sponsored Entity (GSE) seller/servicers or Ginnie Mae issuers.
• Eliminate reporting outside of NMLS for companies not approved by the GSEs or Ginnie Mae.
  

The NMLS Policy Committee, with input from the MCR Subcommittee, created the MCR in 2010. MCR data collection began in 2011 through NMLS. From 2011 to 2016, new versions of the MCR were created and implemented annually to collect additional data, resolve conflicting definitions, and clarify reporting instructions.  
 

In 2017 and 2018, the MCR Subcommittee developed Form Version 6 (FV6), intended for implementation in a modernized NMLS.  

• At the 2017 American Association of Residential Mortgage Regulators (AARMR) Conference, regulators from the MCR Subcommittee met with representatives from mortgage companies, mortgage tech providers, to plan FV6.  
• Following a regulator-only comment period in late 2017, CSBS issued a request for public comment in February 2018. Responses were published in December 2018.  
• The NMLS Policy Committee approved FV6 in 2018 for implementation in 2019, but system development was paused at that time. 
• At the 2022 AARMR Conference, regulators asked CSBS to implement the MCR FV6.   
• In response, CSBS investigated the feasibility of implementing FV6 on the existing NMLS architecture.   
• Development was deemed feasible and was put on the development calendar.  
• At the 2023 NMLS Annual Conference & Training in April, the MCR Subcommittee announced MCR FV6 would be implemented for the 2024 Q1 reporting period.  
• High-level requirements for MCR FV6 were completed in May 2023, and development began in June 2023.  

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