A company subject to quarterly NMLS Mortgage Call Report loan-activity reporting originates 41 loans in the first quarter and files no activity report. Does the small number of loans excuse the quarterly filing?
Correct Answer
A) No; it must submit the required quarterly loan-activity report
A. Submit the required quarterly loan-activity report. The stem establishes that this company is subject to quarterly reporting; forty-one loans do not establish an exemption. The current NMLS FV7 guide separates Residential Mortgage Loan Activity from Financial Condition reporting. Scope and exceptions: Check applicable state requirements and report version. Do not infer all financial-condition filings are annual: the guide distinguishes lender/servicer and broker schedules. Source: FV7 User Guide: MCR Components and MCR Submission Dates — https://mortgage.nationwidelicensingsystem.org/knowledge/Products/nmls/pubs/mcr/licensing/mcr/topics/mcrUserGuide_start-1.html
Why This Is the Correct Answer
A. Submit the required quarterly loan-activity report. The stem establishes that this company is subject to quarterly reporting; forty-one loans do not establish an exemption. The current NMLS FV7 guide separates Residential Mortgage Loan Activity from Financial Condition reporting. Scope and exceptions: Check applicable state requirements and report version. Do not infer all financial-condition filings are annual: the guide distinguishes lender/servicer and broker schedules.
Why the Other Options Are Wrong
Option B: Yes; fewer than 50 loans exempts the company
The question and cited guide provide no fewer-than-fifty-loan exemption.
Option C: Yes; a scheduled state examination replaces the quarterly filing
An examination is not the required activity filing.
Option D: Yes; filing an annual financial statement replaces quarterly loan-activity reporting
An annual financial filing is not a substitute for quarterly loan-activity reporting.
Exam Tip
Match the report component and reporting period, not just the company’s size.
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