Industry Letter

March 18, 2005

To the institution addressed:

Re: 2004 Volume of Operations Report - Failure to File

The Volume of Operations Report for 2004 was mailed to all licensed mortgage bankers and registered mortgage brokers with a return date of February 28, 2005. A number of mortgage brokers and mortgage bankers have failed to return this report to the Department.

The information from this report will be used to compute your next quarterly assessment bill. Should we not receive the 2004 report by March 31, 2005 the calculation of this bill will be based upon your 2003 data. Until March 31 the report may be submitted electronically using the identification number and pass word that we provided. After that date the only option will be to submit the report in paper form. Any company that fails to file a 2004 VOOR by the close of business on March 31st will be subject to a fine and may face disciplinary action that can result in the revocation of the license or registration.

Since 2003 was such a banner year for the industry, we are concerned that basing your assessment on that year’s Volume of Operations may result in your receiving a higher bill than you would have if the 2004 data were considered. Once the calculations are complete, no adjustments will be made for reports received after March 31.

Very truly yours,

Kenneth Bielemeier
Deputy Superintendent of Banks