Industry Letter

Filing of Quarterly Mortgage Call Report
Nationwide Mortgage Licensing System and Registry (NMLS)

March 17, 2011

To Institution Addressed:

On July 11, 2009, Article 12-E of the New York Banking Law was repealed and a new Article 12-E was introduced to bring the mortgage licensing laws of the State of New York into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”). Section 1505(e) of the SAFE Act requires all mortgage licensees to submit a report of condition, a Mortgage Call Report (“Call Report”), through the Nationwide Mortgage Licensing System and Registry (NMLS) in such form and containing such information as the NMLS may require.

This requirement is implemented in New York by Section 599-h of the New York Banking Law. Section 599-h requires all “originating entities “ in New York State, essentially, any licensed mortgage banker, registered mortgage broker, or other entity employing mortgage loan originators licensed in the State of New York, to complete and submit the Call Report quarterly as required by the NMLS. This reporting starts in the second calendar quarter of 2011. The Call Report should contain all activity and financial information reflective of the preceding quarter. Thus, the first Call Report should contain all activity and financial information relating to the first quarter of 2011.

The instructions for completing the Call Report may be obtained from the NMLS Resource Center at The report must be filed within forty-five days of the end of the calendar quarter.

Failure to submit the Call Report may result in a deficiency placed on your license status in NMLS, and failure to timely cure the deficiency may result in disciplinary action by the Department.

In addition, please note that the quarterly NMLS Call Report filings do not replace the New York Banking Department’s requirements for entities to file the annual Volume of Operations Reports, the quarterly MLO Certification of Origination Volume], notification of felons employed by the entity, or any other quarterly reports required by Parts 410 and 420 of the Superintendent’s Regulations. The New York State Banking Department is currently reviewing the filing requirements for regulated entities and working toward amending regulations where necessary to reduce regulatory burden.

If you have questions regarding this Industry Letter, please contact Supervising Bank Examiner Martin A. McDonnough at 212-709-5542 or Assistant Deputy Vincent Anyamene at 212-709-5541.

Very truly yours,


Rholda L. Ricketts
Deputy Superintendent of Banks