Version 6 Questions

Questions about MCR V6.

1. When will the Mortgage Call Report Form Version 6 (MCR FV6) changes go into effect?
Beginning on April 1, 2024, company users will be able to submit the Q1 MCR using the new MCR Form Version 6. On March 16, 2024, NMLS will be enhanced to include the new MCR Form Version 6 (FV6). Companies will be required to collect appropriate data for transactions on and after Jan. 1, 2024.
2. What type of changes will go into effect with the Mortgage Call Report Form Version 6?
Form Version 6 contains many changes. In sum, the changes create three main improvements:
  1. Eliminate standard/expanded forms and consolidate to one form; use business activities on the company form to drive zero-filling of irrelevant form sections and determine whether users submit an annual or quarterly financial condition.
  2. Eliminate commercial and consumer lending elements from mortgage reporting by creating a separate State-Specific Supplemental Form.
  3. Edit line-item definitions based on feedback, bring more clarity to definitions and allow the implementation of more completeness checks.
4. When should I update my business activities to make sure my filing requirements are correct for the quarter?
The system will examine your company's business activities at both the start and end of the reporting period. This aims to generate a comprehensive overview of your company and identify the necessary data fields. It's crucial to maintain up to-date records of your business activities throughout the reporting period to ensure accuracy in the generated snapshot. Additionally, the system will automatically fill in irrelevant fields with zeros based on this information.
5. How should companies prepare now for the upcoming changes?
Keep an eye open for communications surrounding training and resources. Review the relevant resources, such as:
  1. Overview of MCR V6 Changes (PDF)
  2. MCR Business Activity Mapping Table (Excel)
  3. Redline comparison of V5 to V6 field definitions (Excel)
  4. Sample MCR V6 (Excel)
  5. XML Schema for Upload MCR v6 (Zipped XSD)
7. Where can I find the line-item definitions that will be implemented for the Mortgage Call Report Form Version 6?
Download the Definitions and Formatting Requirements for MCR V6 (PDF).
8. What are the reasons for implementing the Mortgage Call Report Form Version 6 in 2024?
The MCR makes it possible for state agencies to compare data across states, aggregate nationwide data, and eliminate duplicative reporting outside of NMLS. The changes made in FV6 are meant to help advance these goals and will allow the state regulator to:
  • Aggregate nationwide data on the entire mortgage industry for data points that were previously required only of Fannie/Freddie/Ginnie-affiliated lenders and servicers.
  • These reporting requirements will also allow state agencies to eliminate reporting outside of NMLS for companies not approved by the GSEs or Ginnie Mae
9. Will I now be required to file a quarterly financial condition?
The Financial Condition requirement will depend on the business activities of the company. Lenders and servicers will file quarterly Financial Conditions whereas companies whose record reflect broker-only business activities will file an annual Financial Condition.
10. How do the company’s business activities influence my MCR filing in FV6?
The system will use business activities on the company form to drive zero-filling of irrelevant form sections. Review the MCR Business Activity Mapping Table (Excel) to identify the business activities associated with MCR FV6 sections.
11. If my company reports brokering as its only business activity in some states, and lending or servicing in other states, what forms will I be required to fill out?
Business Activities are reported per state, the indication of filing as a broker, lender, or servicer is done at the company level. If a company conducts lending in one state and broker activities in another, the form required will be for a lender and broker. The company would be required to file a quarterly Financial Condition.
12. What does zero-filled mean?
Sections on MCR FV6 that are considered irrelevant based on the company’s business activities, for the reporting period, will be automatically populated with zeros, however, you can manually edit them if you need to.
13. Where can specific questions regarding MCR FV6 be submitted?
If you have questions specific to MCR FV6, please email them to MCRV6@csbs.org.
14. Will the State-Specific Supplemental form only be available if the State requires it?
Yes, the State-Specific Supplemental form only displays as a component of the MCR form if the State requires it.
15. Which states will require the State-Specific Supplemental form?
This information is available in the License Requirements and Fees Chart.