It has now been about three years since the federal SAFE Act required our mortgage licensees to file a mortgage call report (MCR) each quarter detailing the transactions that occurred during the previous quarter and an annual financial report at the end of the year. Up until now, the Department has not taken action against late filers but we have decided to encourage prompt filings by those companies that seem to file late each quarter.
The first late filing will result in a letter reminding the company to make sure to file on time – 45 days after the end of the quarter. The next late filing will result in an investigative examination which the licensees (both mortgage brokers and consumer loan companies that offer mortgage loans) will be expected to pay for. Any further late filings will result in a referral to enforcement. That could result in fines or suspensions. For those of you licensed in our neighbor to the south, Oregon has been charging $5,000 for MCRs filed late for the past several years.