Hurricane Snafu: No Wiggle Room in Filing Mortgage Call Reports?
Residential lenders must still file their third-quarter call reports with the Nationwide Mortgage Licensing System by Nov. 14 but if damage caused by Hurricane Sandy has impacted a firm’s operations they should to speak to their state regulator, said an official from the Conference of State Bank Supervisors.
Speaking at the New York Association of Mortgage Brokers annual convention in Melville, N.Y., Kevin Finnerty, director of policy for the CSBS State Regulatory Registry LLC, said his agency does not have the ability to wave the requirement.
But he urged affected mortgage bankers to let the NMLS and state regulators know about any Sandy-related problems.
As for the hurricane and commercial property damage, a representative of the New York Department of Financial Services said his unit's offices at 1 State Street Plaza in Lower Manhattan have been closed because of the storm, impacting his agency's ability to operate. (Editorial note: The New York office of National Mortgage News is housed in the same building but NMN has continued to publish in print and digital form from remote locations.)
With limited office space and technology the agency is mostly focusing on mortgage loan officer license and company renewals. The representative encouraged originators to make certain they are in compliance with NMLS requirements and not to wait until the last minute to complete the renewal process.
The agency has temporarily relocated to a smaller space in Brooklyn's MetroTech complex but has only recently been granted limited access to its hardware at 1 State Street. As a result, new mortgage loan originator application approvals that were set for Nov. 1 have been delayed indefinitely, he said.