The Standard Mortgage Call Report (S-MCR) requires a Financial Condition Component be submitted through NMLS on an annual basis, 90 days from the fiscal year end.

Gross Revenue from Operations

All revenue from whatever source received by your company on mortgage loans in this state during the reporting period before any expenses are deducted. Include gross revenue from sales of mortgages at or subsequent to closing and from any other mortgage related activity.

Financial Statements standards

All financial statements must follow a common set of accounting principles, standards and procedures that companies use to compile their financial statements according to Generally Accepted Accounting Principles.  A minimum of a balance sheet and profit and lost statement must be included in your year-end financial activity before QCP Systems can adequately complete your Annual Standard Financial Condition Report.

The Accounting Process

There are several accounting programs that meets the standards required for managing your day-to-day business and accounting functions. There are companies that provide adequate bookkeeping services for a variety of real estate and mortgage operations.

Your accounting must mirror what your mortgage operation is doing in every aspect. This includes the income from all related sources as well as expenses you incur to run your mortgage operation.

Your quarterly gross revenue from operations must be consistent with your year-end Financial Condition report depending on the accounting method you are using. All broker fees on the MCR report must be accounted for in your Gross Revenue section of the MCR and the year-end financial statement. Because of our accounting background, we are able to help companies coordinate with their accounting staff or contract service providers prepare your accounting to meet the NMLS reporting requirement.

In addition, our accounting program is designed to take your chart of accounts figures and merge them to the necessary chart of account for the NMLS system so your financial condition report will balance and in NMLS compliance.

At this time, our service is only available to the Standard Financial Condition Report.