CRMLA - 2016 Residential Mortgage Loan Report FAQs
NOTE: The vast majority of CRMLA companies will NOT need to complete the Residential Mortgage Loan Report, they will need to indicate on the reverse side of the cover letter, the reason they are not filing the report. Following are frequently asked questions to assist you in completing the report.
- My company files a report with the appropriate federal agency as required by the Home Mortgage Disclosure Act (HMDA). Do I need to file?
No, please complete the reverse side of the cover page indicating that you file a report as required by HMDA and include the name of the federal agency this report is filed with, sign, scan and submit to Holden.Inquiries@dbo.ca.gov.
- I am a CFLL broker. Do I need to file?
No, the Residential Mortgage Loan Report only applies to residential mortgage lenders; however, please complete the reverse side of the cover page indicating you are a broker, sign, scan and submit to Holden.Inquiries@dbo.ca.gov.
- I did not make any loans in 2016. Do I need to file anything?
Yes, submit the reverse side of the cover page indicating you did not have any activity in 2016.
- When is the report due?
March 31, 2017.
- I just received my CRMLA License in 2017. Do I need to file the report?
- I did not make any loans to purchase residential property. Do I need to complete the report?
Perhaps, the loans which are covered are loans for financial assistance which means a loan or advance of credit secured by property where more than 50 percent of the proceeds are for the purchase, construction, rehabilitation, improvement or cash out refinancing of a housing accommodation. Licensees making residential mortgages should consult with their internal compliance officers regarding whether they are required to file the state report.