There have been a number of issues on the
Alan Cicchetti, director of agency relations at Lenders Compliance Group and executive director of Brokers Compliance Group, said the list comes from examiner comments.
First, companies need to carefully read the instructions on how to fill out the MCR. They should not make assumptions regarding information that goes into each category on the report.
They need to make sure data is entered for all mortgage loan officers working for the company, even if that MLO originated zero loans during the reporting period.
The figures being entered need to be double-checked for accuracy.
There are separate sections for data for forward mortgages and for reverse mortgages. Do not include reverse mortgages with forward mortgage data on the MCR.
Filers need to use the ACNOTE section to explain anything on the report that might seem strange to their regulator. Cicchetti said regulators are only able to see comments entered into the ACNOTE section.