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Mortgage Call Reports (MCRs)

Mortgage Call Reports (MCRs) are required quarterly reports submitted to NMLS (Nationwide Multistate Licensing System) for mortgage companies. This guide explains how to generate MCR reports in ReversePilot.

Overview

MCR reporting in ReversePilot:

  • Collects loan data for the reporting quarter
  • Organizes data into required MCR sections
  • Generates Excel or JSON format reports
  • Exports data for NMLS submission

MCR Report Sections

Application Data

  • Loan applications received during the quarter
  • Application dates and statuses
  • Borrower and property information

Closed Loan Data

  • Loans closed during the quarter
  • Closing dates and amounts
  • Loan product information

Purpose of Reverse Mortgage

  • Borrower's stated purpose for the loan
  • Cash-out amounts
  • Payoff information

Fee Information

  • Origination fees
  • Third-party fees
  • Fee breakdowns

Forward and Reverse Mortgage Loans

  • Loan type breakdown
  • Product information
  • Loan amounts

Revenue Data

  • Revenue from loan origination
  • Fee revenue
  • Other revenue sources

MLO Data

  • Mortgage Loan Originator information
  • Loan officer licensing
  • Activity by MLO

Loan List

  • Detailed list of all loans
  • Loan identifiers
  • Status information

Generating MCR Reports

Step 1: Access MCR Reporting

  1. Navigate to Reports section
  2. Select Mortgage Call Report
  3. Enter reporting parameters:
  4. Quarter: 1, 2, 3, or 4
  5. Year: Reporting year
  6. State: State for which to generate report
  7. Click "Generate Report"

Step 2: Select Report Format

Choose report format:

  • Excel Format: For manual review and NMLS upload
  • JSON Format: For programmatic processing

Step 3: Generate Report

  1. System collects data for the specified quarter
  2. Validates data completeness
  3. Organizes data into MCR sections
  4. Generates report file
  5. File is downloaded

Step 4: Review Report

Review generated report:

  • Verify data accuracy
  • Check all sections are complete
  • Review loan list
  • Validate totals

MCR Data Requirements

Required Information

Ensure the following is complete:

  • Loan Applications: All applications during quarter
  • Closed Loans: All loans closed during quarter
  • Loan Officers: MLO information and licensing
  • Fees: Complete fee information
  • Revenue: Revenue data

Data Validation

System validates:

  • Data completeness
  • Required fields present
  • Data format compliance
  • Calculation accuracy

Quarterly Reporting

Reporting Quarters

  • Q1: January 1 - March 31
  • Q2: April 1 - June 30
  • Q3: July 1 - September 30
  • Q4: October 1 - December 31

Reporting Deadlines

  • Reports due within 45 days of quarter end
  • Check NMLS for specific deadlines
  • Submit well before deadline

Report Formats

Excel Format

  • Multiple worksheets
  • One worksheet per MCR section
  • Formatted for easy review
  • Ready for NMLS upload

JSON Format

  • Machine-readable format
  • Structured data
  • For programmatic processing
  • API integration

Submitting MCR Reports

NMLS Submission

  1. Generate Report: Generate MCR report in ReversePilot
  2. Review Data: Verify all data is accurate
  3. Upload to NMLS: Upload to NMLS system
  4. Verify Submission: Confirm successful submission
  5. Retain Records: Keep copies of submitted reports

Submission Process

  • Log in to NMLS
  • Navigate to MCR section
  • Upload generated report file
  • Verify submission status
  • Address any errors

Common MCR Issues

Missing Loan Data

Issue: Loans not included in report

Solution: 1. Verify loan dates are within quarter 2. Check loan status 3. Ensure loans are not deleted 4. Verify user permissions

Incomplete Fee Information

Issue: Fee data missing or incomplete

Solution: 1. Complete fee information for all loans 2. Verify fee amounts 3. Ensure all fees are entered 4. Review fee calculations

MLO Data Issues

Issue: Loan officer information missing

Solution: 1. Verify loan officer is assigned 2. Check MLO licensing information 3. Ensure NMLS ID is entered 4. Verify licensing is current

Best Practices

  1. Generate Early: Generate reports well before deadline
  2. Review Thoroughly: Review all sections before submission
  3. Validate Data: Use system validation features
  4. Maintain Records: Keep copies of all reports
  5. Stay Current: Keep up with NMLS requirements

MCR Resources

NMLS Resources

  • NMLS Resource Center: NMLS documentation and guides
  • MCR Instructions: NMLS MCR filing instructions
  • NMLS Support: Contact NMLS for assistance

Internal Resources

  • Data Collection: Ensure data is collected during loan process
  • Report Generation: Generate reports quarterly
  • Validation: Use system validation before submission

Troubleshooting

Report Won't Generate

  • Verify you have permission to generate reports
  • Check that quarter, year, and state parameters are valid
  • Ensure loans exist for the specified period
  • Contact administrator if issues persist

Data Validation Errors

  • Review validation error messages
  • Complete missing required fields
  • Verify data accuracy
  • Regenerate report after corrections

Submission Issues

  • Verify file format is correct
  • Check NMLS platform requirements
  • Review submission instructions
  • Contact NMLS support if needed

Next Steps

For questions about MCR reporting, contact your administrator or refer to NMLS resources.