The NMLS mortgage call report is moving to Form Version 7 (MCR FV7), and for most licensed mortgage companies the first filing under the new form covers the first quarter of 2026. If your firm holds a state mortgage license or employs state-licensed mortgage loan originators, this change affects the data you submit, the schema your systems produce, and the reconciliation work your accounting team performs before filing. This article explains what is changing in the NMLS mortgage call report, the filing windows that apply, and how a CPA ties your financial-condition data to the numbers you report.
Quick answer: NMLS Mortgage Call Report Form Version 7 first applies to the Q1 2026 reporting period, with the submission window opening April 1, 2026, and the Residential Mortgage Loan Activity (RMLA) component due May 15, 2026. The report keeps its two-part structure. RMLA is filed quarterly within 45 days of quarter end, while the Financial Condition (FC) component is filed quarterly by lenders and servicers and annually, within 90 days of year end, by broker-only companies. FV7 updates field definitions and the XML upload schema to improve data quality and consistency across states.
What Is the NMLS Mortgage Call Report and Why Does FV7 Matter?
The Mortgage Call Report is the standardized filing that state-licensed mortgage companies submit through the Nationwide Multistate Licensing System (NMLS). It consists of two components: the Residential Mortgage Loan Activity (RMLA) section, which collects application, closed-loan, individual MLO, line-of-credit, servicing, and repurchase information on a state-by-state basis, and the Financial Condition (FC) section, which reports company-level financial information once rather than separately for each state. State regulators use these filings to monitor licensee activity and solvency, so the data has to be both complete and internally consistent.
Form Version 7 is the latest iteration of that filing. According to the NMLS Resource Center, the MCR must be completed by all state-licensed companies and companies employing state-licensed MLOs, and FV7 carries forward that two-component requirement. The version change is significant because it updates field definitions and the underlying data schema, which means firms cannot simply roll forward prior-period templates and assume the mapping is unchanged.
The Conference of State Bank Supervisors, which operates NMLS, released the FV7 field definitions, a sample Excel form, and the XML upload schema in late 2025 to give filers time to adapt. For firms that submit data through an XML upload rather than manual entry, the schema release is the operative trigger: production systems and loan-origination software exports have to be remapped to the FV7 specification before the first filing.
Understanding the purpose behind each component helps frame the work ahead. The RMLA section is fundamentally operational, drawn from loan-level activity your business records every day. The Financial Condition section is an accounting product, derived from the same ledger that produces your financial statements. Treating these as two distinct disciplines, rather than one undifferentiated filing, is the first step toward a clean FV7 submission.
Key Dates and Filing Windows for the 2026 NMLS Mortgage Call Report
The headline timeline is straightforward. The first reporting period under FV7 is the first quarter of 2026, the submission window opens April 1, 2026, and the RMLA component is due May 15, 2026. The Texas Department of Savings and Mortgage Lending confirms these dates in its MCR FV7 guidance announcement and notes that an XML test submission option became available in January 2026 ahead of the April 1 implementation.
For the RMLA component, the quarterly cadence is unchanged. Filings are due within 45 days of each calendar quarter end, which produces the standard schedule: Q1 due May 15, Q2 due August 14, Q3 due November 14, and Q4 due February 14. The Washington State Department of Financial Institutions publishes this same quarterly deadline structure on its mortgage call report page, though filers should always check for state-specific variations because individual regulators occasionally set different windows.
The Financial Condition component runs on a different clock, and its frequency depends on what kind of business your company does. Lenders and servicers file the FC component quarterly, on the same schedule as the RMLA. Companies whose records reflect broker-only activity file the FC component annually, within 90 days of year end. That distinction matters for planning because an annual FC submission usually depends on completed or substantially finalized financial statements, while the RMLA data is operational and can be assembled from loan-level records closer to real time.
One practical note for the transition: some regulators have signaled a measured posture on the first FV7 cycle. Texas SML, for example, has indicated it will not actively pursue enforcement actions for late Q1 2026 filings unless warranted for other reasons, while still requiring a good-faith effort to file accurate data on time and explicitly stating that placeholder filings with inaccurate data are not acceptable. Any forbearance may be considered on a case-by-case basis during examinations, so treat that as limited breathing room for the schema transition, not as permission to file inaccurate numbers.
Because the annual FC deadline keys off a company’s year end rather than a fixed national calendar date, two otherwise similar broker-only firms can have different submission dates. A company with a December 31 year end works toward a deadline roughly 90 days into the new year, while a firm with a non-calendar fiscal year tracks an entirely different date. Mapping your specific filing obligation early, including whether you file the FC quarterly or annually, avoids the assumption that the FC and RMLA dates always move together. For broker-only filers, they do not.
How Does a CPA Reconcile Financial-Condition Data to the Filing?
The Financial Condition component is where accounting precision earns its keep. The values reported in the FC section should tie directly to your general ledger and your financial statements, so a CPA’s first task is to build a clear crosswalk from each FV7 line item to the corresponding ledger account or statement caption. Because FV7 revised field definitions, last year’s crosswalk needs to be rechecked field by field rather than reused on faith.
Reconciliation typically runs in two directions. First, the balance-sheet and income-statement figures in the FC component are reconciled to the audited or reviewed financials, confirming that assets, liabilities, equity, net worth, and the period’s results match what the financials report. Second, the RMLA loan-production and servicing volumes are reconciled to revenue recognized in the books, so that gain-on-sale, servicing income, and related accounts are consistent with the loan activity reported to regulators. When those two views disagree, the difference is usually a timing or classification issue worth resolving before submission.
Net worth and liquidity are frequent points of regulator attention, and several states impose minimum net-worth or surety requirements that key off the FC figures. A CPA should confirm that the net-worth calculation in the filing follows the applicable state methodology, including any required adjustments to remove non-allowable assets. Catching a shortfall during reconciliation, rather than after a regulator flags it, gives the company time to address the gap. Our mortgage banking practice regularly performs this work alongside the audits and reviews that feed the financial-condition numbers.
The version change also raises a documentation point. Whenever field definitions move, prior-period comparatives can shift even if the underlying business did not change, simply because a figure now maps to a different field. Documenting the FV7 mapping decisions, and retaining support for each reported amount, protects the company if a regulator later asks how a number was derived. This is the same disciplined reconciliation and support standard that our mortgage banking advisors apply across financial reporting engagements.
A useful reconciliation habit is to resolve every variance before it reaches the filing, rather than explaining it afterward. If the RMLA servicing volume implies more servicing income than the ledger recognized, the gap points to either an unrecorded entry or a misclassified loan, and either is better corrected now. The objective is a filing where each reported figure traces cleanly back to a supported source, with no open questions left for a regulator to raise.
Getting Your Systems and Schedules Ready
Preparation breaks into three workstreams. The technical workstream remaps your loan-origination or accounting system exports to the FV7 XML schema and runs test submissions through the NMLS test environment before the live window opens. The data workstream validates that RMLA volumes reconcile to the ledger and that the FC figures tie to the financial statements. The calendar workstream locks in the quarterly RMLA due dates and your FC deadline, which means the quarterly schedule if you are a lender or servicer and the 90-day annual deadline if you are a broker-only company.
Assign clear ownership for each component. RMLA is operational and often owned by licensing or compliance staff, while the Financial Condition component is accounting-owned and benefits from CPA review before submission. Coordinating the two early prevents the common problem of an RMLA file that does not agree with the financials the FC section reports.
Finally, build in a review buffer. Because FV7 is new, allow time for at least one test cycle, a reconciliation pass, and a final sign-off before the May 15, 2026 deadline. A few weeks of margin turns a version change from a scramble into a routine filing.
Frequently Asked Questions
When is the first Mortgage Call Report Version 7 filing due?
The first FV7 filing covers the first quarter of 2026. The submission window opens April 1, 2026, and the RMLA component is due May 15, 2026, consistent with the standard 45-day-after-quarter-end deadline.
What is the difference between the RMLA and Financial Condition components?
The RMLA component reports residential mortgage loan activity, including applications, closings, MLO activity, servicing, and repurchases, on a state-by-state basis and is filed quarterly. The Financial Condition component reports company-level financial information once, not per state. Lenders and servicers file it quarterly, while broker-only companies file it annually, within 90 days of year end.
What actually changed in Form Version 7?
FV7 updates the MCR field definitions and the XML upload schema to improve data quality and consistency across jurisdictions. The two-component RMLA and Financial Condition structure remains, but firms should recheck their field mapping and reconfigure any automated XML exports rather than reusing prior-version templates.
Why does a CPA need to be involved in the Mortgage Call Report?
The Financial Condition figures should tie directly to your general ledger and financial statements, and several states test minimum net-worth requirements against those numbers. A CPA reconciles the reported amounts to the financials, confirms the net-worth calculation follows the applicable state method, and documents the FV7 mapping so each figure is supportable if a regulator inquires.
