NMLS Releases XML Submission Specification for Implementation of MCR Form Version 6

NMLS recently announced that the revisions to the mortgage call report (MCR) proposed in Proposal 2018-1 will go into effect on January 1, 2024, and must be used by all filers beginning April 1, 2024.  The new form, Form Version 6 (FV6), eliminates the standardized and expanded forms and is meant to advance the goal of allowing regulators to aggregate nationwide data for the entire mortgage industry.  

CSBS published a summary of the changes describing how a company’s filing will change from Form Version 5 (FV5) to FV6.  The impact of the change from FV5 to FV6 will depend primarily on whether a company has a Fannie Mae, Freddie Mac, or Ginnie Mae affiliation and whether a company is a broker, lender, or servicer.  Although FV6 will be used for data tracking and submission beginning in January, FV5 will still be available for situations in which a state requires edits to previous data, such as may result from an examination.

The specification for XML submission, which was not released at the same time as the announcement of the effective date, can now be found here.  A test submission option will be available in January 2024.