FAQs – Mortgage Banker Annual Report
- When is this report due?
All Licensees under the California Residential Mortgage Lending Act (CRMLA) must file the report no later than March 1 annually. Failure to file the report timely may result in monetary penalties to the Licensee and/or suspension or revocation of the License.
- What time period does the report cover?
The report covers calendar year. Please report the data in each category by month.
- Should we report all loans made by the company? Or just California?
Only report data for California loans.
- Should we report separately for each branch? Or for the company as a whole?
Each Licensee should file only 1 report. The report should include activity for all California loans at all locations.
- What are the California loans processed and underwritten?
This is a very common error made on the report. These loans are those that the Licensee contracts with another lender to provide processing and underwriting services. This is also called “contract underwriting”. This category is not for Licensees to report the loan applications they received. We do not ask for application data on this report. Very few Licensees actually provide this service.
- What are California loans originated?
The loans originated are those loans that the Licensee makes. These loans are those actually closed by the Licensee in their name with their funds. We also don’t ask for the source of the loan. Both retail (generated by the Licensee’s own locations) and wholesale (generated through brokers) loans must be reported together as loans originated.
- What are California loans brokered?
The loans brokered are those where the Licensee acts as an agent for the borrower and arranges the loan made by another institutional lender.
- What are California loans serviced?
The loans serviced are those loans which have already been made. The Licensee collects the monthly loan payments from the borrowers. The aggregate amount of loans serviced is the total principal balance of all loans outstanding as of the last day of each month for which the Licensee is providing servicing. This column needs to be totaled for all the balances for each month. We will actually need an average of the loans outstanding as of the last day of each month.
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