Mortgage Brokers Reporting Requirements and Due Dates

Mortgage Brokers Reporting Requirements and Due Dates
1. North Carolina Annual Report QuestionnaireNC SAFE Act Annual Report Questionnaire (“ARQ”) should be submitted electronically via the
OCOB website and is due annually by March 31st. The ARQ collects only North Carolina loan
data from January 1 through December 31. Reference 04 NCAC 03M. 0401(a).
2. Verification of DepositBrokers must provide certification (Verification of Deposit form (MLA-17) from a FDIC-insured
financial institution confirming that your company has maintained a demand deposit account
with an average daily balance of $10,000 or more from January 1 through December 31. The
form must be completed and signed by both the Qualifying Individual and an authorized
employee of the financial institution at which the demand deposit account is held. Once
completed, the MLA-17 should be emailed to [email protected] Reference NCGS § 53244.104(a)(3); 04 NCAC 03M .0205(a)(2).
2. Financial StatementMortgage brokers are required to upload to the Nationwide Mortgage Licensing System
(“NMLS”) a certified statement of financial condition that demonstrates a net worth of at least
twenty-five thousand dollars ($25,000). This report is due within 90 days after the company’s
fiscal year end. Reference NCGS § 53-244.104(a)(3); 04 NCAC 03M .0401(b).
3. Mortgage Call ReportAll licensees must submit the NMLS Mortgage Call Reports (MCR) on a quarterly basis (based
upon a calendar year). The information is due within 45 days of the end of each quarter. The
MCR is designed to collect mortgage origination volume and financial information from the
company. Reference NCGS § 53-244.115(d); 04 NCAC 03M .0401(d).
1st Qtr end
March 31st
REPORT DUE
May 15th
2nd Qtr end
June 30th
REPORT DUE
Aug 14th
3rd Qtr end
Sept 30th
REPORT DUE
Nov 14th
4th Qtr end
Dec 31st
REPORT DUE
Feb 14th
Revised: February 24, 2014
4. Quarterly Loan Level DataIn addition to the NMLS Mortgage Call Report, North Carolina also collects loan level data from
mortgage brokers. The licensee will submit information on the characteristics of loan
originations in an electronic format, on a quarterly basis (based upon a calendar year), within
45 days after the close of each quarter. This information will be submitted through the NCCOB
Online website. Reference 04 NCAC 03M .0401(c).
Step-by-step instructions for you to successfully capture and upload quarterly NC mortgage
loan level data are available upon logging into the NCCOB Online website. This quarterly loan
level data is used for monitoring licensee compliance with state and federal laws and
regulations on an ongoing basis with a focus on working with licensees to correct identified
issues before they become severe.
Title 04 NCAC 03M .0401(c) requires mortgage brokers to provide loan level data if such
information is prepared or known by the mortgage broker and the mortgage broker has
reasonable access to the information in an electronic format. Mortgage brokers that do not
meet these requirements are to submit a detailed written request for waiver to Vannessa Clark
at [email protected], on an annual basis. For mortgage brokers that are granted a waiver from
the requirements of 04 NCAC 03M .0401(c), the NCCOB will assess state and federal law
compliance through our normal examination process.
If you have any questions regarding this matter please contact us at [email protected]
(“MARS” is the acronym we use here at NCCOB to refer to our Mortgage Automated Review
System).
1st Qtr end
March 31st
REPORT DUE
May 15th
2nd Qtr end
June 30th
REPORT DUE
Aug 14th
3rd Qtr end
Sept 30th
REPORT DUE
Nov 14th
4th Qtr end
Dec 31st
REPORT DUE
Feb 14th
Revised: February 24, 2014