Question

How often must mortgage companies submit a residential loan origination activity report to the NMLSR?

A) Quarterly
B) Annually
C) Monthly
D) Biannually

Answer 1

Mortgage companies must submit a residential loan origination activity report to the NMLSR quarterly as required by the SAFE Act. They must do this four times a year to remain compliant with regulations.The correct option is A.

Step-by-step explanation:

Mortgage companies are required to submit a residential loan origination activity report to the Nationwide Multistate Licensing System & Registry (NMLS). According to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), these reports must be submitted quarterly. Each mortgage company is responsible for the timely and accurate reporting of their residential mortgage loan activity.

To break it down into steps:

1. Mortgage companies compile data on residential loan origination activity.
2. This data is reported to the NMLS.
3. Submission of this report must occur four times a year, representing each quarter.

Following this submission schedule helps ensure compliance with the SAFE Act and allows for effective oversight and regulation of mortgage origination activities.