By Guest Blogger Ted Hicks, Director of Product Management
As many of you know, you must provide a NMLS Mortgage Call Report to the Nationwide Mortgage Licensing System and Registry if you are a state licensed company. You will need to review your loans from the past quarter to make sure that they have the data required by the May 15th report.
Many of the Mortgage Call Report fields are similar if not identical to fields that you use to prepare your HMDA report. Point has a tracking screen for the HMDA report where you will find these fields. It is conveniently located under the Track > HMDA Reporting. Pay attention to the following fields:
- Checkbox for Report the Purpose of this loan as Home Improvement
- Lien Status
- Property Type
- Checkbox for Report as a HOEPA loan
- Action Taken
Also, if you haven’t been using Track>Status, you may want start. The NMLS asks you to keep track of applications that are in progress and loans that have closed. By utilizing the status dates for Application Status to Closed Status under the Track>Status menu, it will be easy for a report to pick up those loans and properly aggregate the information.
Finally, you must ensure that your NMLS number is populating that NMLS field on page 4 of the Loan Application. Go to the utilities menu>dropdown lists>originator to add your originators. When you open a loan, be sure to use the dropdown list for the originator, and your NMLS field will already be populated.
The NMLS Call Report function will be available soon in Point SP3 via MyCalyx.