Mortgage Banker Quarterly Reporting
Licensed mortgage bankers file quarterly financial reports electronically in the vast majority of the country, but currently file in paper in New York, creating an unnecessary burden. Our September 2014 industry letter explains the Department's decision to allow for electronic submission of quarterly reports by accepting the Mortgage Call Report as a quarterly report as follows:
Part 410.7(m) of the Superintendent’s Regulations requires that mortgage bankers (Licensees) licensed by the New York State Department of Financial Services file unaudited financial statements with DFS within 45 days of the close of each fiscal quarter.
The Quarterly Reports are required to include, among other things, certain information with respect to mortgage loans for which the Licensee has issued commitments but which have not yet been closed and funded (Quarterly Commitment Data). Apart from Part 410.7(m), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) requires that all mortgage bankers file mortgage call reports (Mortgage Call Reports) with the Nationwide Mortgage Licensing System and Registry (NMLS). The Mortgage Call Reports include, among other things, information similar to the Quarterly Commitment Data. The Mortgage Call Reports are uploaded electronically to a database maintained by NMLS.
Currently, Licensees manually submit Quarterly Commitment Data to DFS as part of their Quarterly Reports. However, the Superintendent has now authorized Licensees to use their Mortgage Call Reports in lieu of manually submitting Quarterly Commitment Data in Quarterly Reports. By authorizing the use of the Mortgage Call Reports in lieu of manually submitting Quarterly Commitment Data, the Superintendent intends to eliminate a burden to Licensees, NYSDFS and the environment.