Important Changes to the
Mortgage Broker Annual Report
In an effort to eliminate duplicate filings, DFI will accept fourth quarter Mortgage Call Report data in lieu of the 2011 Mortgage Broker Annual Report.
The Mortgage Broker Annual Report was the one page form which licensees filed with DFI by March 31 of each year, reporting loan volume for the prior year. The rules implementing this requirement found at WAC 208-660-400(1) will be amended to reflect this change.
You must still file all quarterly Mortgage Call Reports through the NMLS. The Q4 filing deadline is quickly approaching. The deadline to file is February 14, 2012. While 2011 was a transition year for the Mortgage Call Report filings, DFI expects licenses to file each quarterly report on or before the deadline.
What does the elimination of the Mortgage Broker Annual Report mean to me?
The change noted above means two things:
- You no longer need to file the Mortgage Broker Annual Report with DFI, but you will need to file all quarterly Mortgage Call Report filings on the NMLS.
- The deadline of March 31 for the Mortgage Broker Annual Report is now replaced with a February 14 deadline for filing the Q4 Mortgage Call Report.
Once I file the Q4 Mortgage Call Report in the NMLS, what else do I need to do?
You will need to determine your loan origination volume for all of 2011 and use that number to determine if the amount of your surety bond is adequate.
You can review DFI’s Bond Requirements for required bonding amounts related to origination volume. If an adjustment must be made to your surety bond, you must submit an original surety bond rider to DFI as soon as possible.
When are the 2012 Mortgage Call Reports due?
The filing deadlines for the Mortgage Call Report are as follows:
- Q4 for 2011 - February 14, 2012
- Q1 for 2012 - May 15, 2012
- Q2 for 2012 - August 14, 2012
- Q3 for 2012 - November 14, 2012
What happens if I do not file my Q4 Mortgage Call Report by February 14?
Failure to file the Q4 Mortgage Call Report by February 14 or any other quarterly Mortgage Call Report filing by the deadline noted above will result in you being referred to our Enforcement Unit and could result in Enforcement Action.
Have questions? Contact the NMLS
If you have questions about how to file the Mortgage Call Report, you can contact the NMLS Call Center at (240) 386-4444. You can also review the information posted on the NMLS website about the Mortgage Call Report.
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