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Everything You Need to Know About Your Mortgage Call Report—With Fewer Headaches and More Peace of Mind
If you’re a mortgage broker, you’ve probably had the joy of filing an MCR report—also known as the Mortgage Call Report. And by “joy,” we mean the exact opposite. The MCR isn’t exactly cocktail party conversation, but it’s essential for staying compliant, avoiding penalties, and showing regulators that your business is in good standing.
Whether you’re a new broker confused about what goes where, or a seasoned pro who still dreads quarterly filings, we’ve got you covered. Let’s break down what the MCR is, why it matters, and how you can streamline your filing process so it doesn’t eat up your sanity (or your Saturdays).
What Is the MCR, Anyway?
The Mortgage Call Report is a quarterly and annual filing requirement for companies licensed through the Nationwide Multistate Licensing System (NMLS). If you’re a state-licensed mortgage company, you’re required to submit it—even if you didn’t originate a single loan this quarter.
Your MCR helps regulators keep tabs on the financial condition and loan activity of mortgage companies across the U.S. There are two parts:
- Residential Mortgage Loan Activity (RMLA): Think of this as your operational report card—volume, types of loans, and sources of business.
- Financial Condition (FC): This is your balance sheet and income statement snapshot, usually submitted annually unless required quarterly based on your business activities. Non-Delegated Correspondent Lenders are required to file the FC quarterly. Whether the filing is annual or quarterly depends on the nature of the company’s operations, not state regulations.
Who Needs to File It?
If you hold a company license through the NMLS and conduct mortgage lending or brokering activities in any state that requires MCR filings, you’re on the hook. And yes, that includes:
- Mortgage Brokers
- Non-delegated Correspondents
- Lenders
- Servicers
Pro tip: Even if your business is dead silent for a quarter—no loans, no activity—you still need to file a report showing zero activity. Skipping a filing = non-compliance = potential fines.
Filing Deadlines (Mark Your Calendar!)
MCRs are due within 45 days of the end of each calendar quarter, and if you’re not submitting financial condition info quarterly, it’s due within 90 days of year-end.
- Q1: Due May 15
- Q2: Due August 14
- Q3: Due November 14
- Q4: Due February 14
- Annual FC: Due March 31
Don’t be the broker scrambling at 11:59 p.m. on deadline day. We’ve seen it. It’s not pretty.
Common Mistakes (and How to Avoid Them)
Let’s be real—most brokers aren’t excited to log into NMLS, click 400 dropdowns, and pray the form saves properly. So here’s where it can go wrong (and how to fix it):
- Misreporting loan volume
Double-check that loans reported match your LOS (Loan Origination Software). Regulators will spot the inconsistencies. - Missing zero filings
If you had no business activity, you still need to file. Skipping it could lead to escalated audits or penalties. - Wrong reporting type
Are you a mortgage broker, non-delegated correspondent, or both? Make sure you’re completing the correct sections: Section I if you’re a broker only, or Sections I and II if you’re both a broker and non-delegated correspondent. Failing to complete Section II for non-delegated loans or not correctly marking and reporting broker and non-delegated loans can lead to serious issues with regulators. - Forgetting license-specific requirements
Some states (we’re looking at you, California and New York) have their own extra reporting expectations. Make sure you’re checking per-state rules. - Not keeping financials updated
Your Financial Condition report needs to match your actual books. If you’re still using spreadsheets, it’s time for a software (or professional) upgrade.
How to Prepare for Your MCR Like a Pro
Here’s the good news: This doesn’t have to be painful. You just need a system (or a partner like SCP—more on that in a sec). Here’s how to make it easier:
Keep your LOS and accounting systems tidy
Don’t wait until filing week to untangle your numbers. Set a calendar reminder to do a light audit monthly.
Review your license requirements quarterly
States love surprises. Make it a habit to review your NMLS license items to catch any changes early. Don’t forget to regularly check your company’s business activities, as these determine the sections and fields you’ll need to complete.
Track your originators
MLOs come and go, and your MCR needs to reflect exactly who worked that quarter, and how much they originated.
Use the NMLS call report guides
Yes, they’re dry—but they’re also your best defense against mistakes (or use SCP)
Automate where you can
Software tools and services (like SCP) can help pull data from your LOS and accounting platforms so you don’t have to hand-enter every digit.
How SCP Makes MCR Filing Easy
Strategic Compliance Partners was built to take this weight off your plate.
We work with brokers, lenders, and NDCs across the country to handle everything from compliance onboarding to MCR filing, audit readiness, and licensing. When it comes to your Mortgage Call Report, we can:
- Analyze your pipeline and loan data for accurate submission
- Double-check your license-specific filing needs
- Handle quarterly and annual MCR filings
- Help you avoid fines and regulatory trouble
- Provide audit-ready documentation anytime
Oh—and we speak fluent NMLS. So you don’t have to.
Want Peace of Mind Every Quarter?
The MCR might not be glamorous, but it’s 100% necessary if you want to keep your licenses, stay audit-ready, and run a clean shop. Whether you’re struggling with the math, missing filings, or just too busy selling loans to worry about quarterly reports—SCP can help.
Reach out to Strategic Compliance Partners to learn how we can take MCR filing (and the rest of your compliance worries) off your plate. Because you didn’t start a brokerage to get buried in NMLS reports—you started it to grow.
Need Help with Your MCR?
Let SCP handle it for you.
Call us at (301) 578-6015
Or visit: www.strategiccompliancepartners.com
