Mortgage Licensee Reporting Requirements
Company licensees must file a quarterly Mortgage Call Report (MCR) through the NMLS. There are two components of the MCR filing - the Residential Mortgage Loan Activity (RMLA) and the Financial Condition (FC).
- RMLA is due quarterly, within 45 days of the end of every calendar quarter
- Q1 data (January 1 - March 31) is due May 15
- Q2 data (April 1 - June 30) is due August 14
- Q3 data (July 1 - September 30) is due November 14
- Q4 data (October 1 - December 31) is due February 14
- FC – Due annually, within 90 days of your company’s Fiscal Year End
- For mortgage lenders and servicers, the FC is due quarterly at the same time as the RMLA.
- For mortgage brokers, the FC is due annually, within 90 days of the calendar year end.
Read more about the MCR requirements on the NMLS website at: http://mortgage.nationwidelicensingsystem.org/slr/common/mcr/Pages/default.aspx
The Mortgage Call Report (MCR) requires a Financial Condition (FC) component be submitted through NMLS.
- For mortgage lenders and servicers, the FC is due quarterly at the same time as the RMLA.
- For mortgage brokers, the FC is due annually, within 90 days of the calendar year end.
To comply with financial statement requirements at initial application and within 90 days after a company’s fiscal year end, the company must submit financial statements and key financial data, as applicable, through NMLS.
Financial Statements Required for Montana Licenses:
| License Type | New Applicants | Annual | Net Worth |
| Independent Contractor Entity License | Not Required | Not Required | $0 |
| Mortgage Broker License | Not Required | Not Required | $0 |
| Mortgage Lender License | Unaudited (reviewed) | Unaudited (reviewed) | A minimum net worth of $250,000 is required for a Montana Mortgage Lender License, pursuant to 32-9-172, MCA. |
| Mortgage Servicer License | Audited | Audited | If servicing FNMA, FHLMC, or GNMA loans, must meet the highest agency standard for the agency or agencies for which you service. A mortgage servicer with a portfolio of only nongovernment-sponsored enterprise loans shall maintain a minimum tangible net worth of $1 million or maintain a $1 million surety bond. |
A mortgage servicer who does not meet the net worth requirements may apply for a waiver with the Department by emailing a request to mortgagelicensing@mt.gov.
32-9-171 (4), MCA: A mortgage servicer with 25 or fewer loans, a mortgage servicer that is wholly owned and controlled by one or more depository institutions regulated by a state or federal banking agency, or a mortgage servicer that is also licensed as an escrow business may apply to the department to waive or adjust one or more of the capital requirements in subsections (2) and (3). In considering such a request, the department will consider whether the mortgage servicer has a positive net worth and adequate operating reserves.