All companies holding a Minnesota license must submit the NMLS Mortgage Call Report on a calendar quarterly basis. The NMLS Mortgage Call Report is a single report of condition. Companies must complete the appropriate sections of the report as determined by the types of business they engage in during a reporting period. The NMLS Mortgage Call Report will be required beginning the second calendar quarter of 2011 for activity and financial information reflective of the first quarter of 2011.
The activity information submitted on the NMLS Mortgage Call Report must reflect the complete residential mortgage activity of the company by state. This must include all data for the MLOs a company is employing. The information is to be reflective of that quarter specified in the report and is not cumulative. It is due within 45 days of the end of the quarter. Functionality is expected to be available in the NMLS by the end of April 2011. Failure to submit the NMLS Mortgage Call Report may result in the suspension of a license in the state of Minnesota.
Additional information regarding the NMLS Mortgage Call Report can be found on the NMLS website.