Will a correspondent residential mortgage lender be required to file an annual report?
A correspondent residential mortgage lender is required to file an annual report with the Division of Banking. Therefore, if you held an active license at any time during 2016 you are required to file an annual report. The report must be filed for the period of January 1, 2016 through December 31, 2016.
Are any questions on the annual report new to licensees who previously filed annual reports?
Questions are similar to those in previous annual reports. For correspondent residential mortgage lenders, it is important to pay particular attention to
- Net worth requirement
- The dollar volume of NJ loans closed
- Surety Bond requirement
Information must be collected from 1/1/16 through 12/31/16 for New Jersey business and maintained to complete the annual report.
Is there a filing deadline for the annual report?
All annual reports must be filed no later than May 1, 2017 for the January 1, 2016 to December 31, 2016 reporting period. Annual reports are expected to be filed electronically over the Internet through the State's secure web site.
What is the penalty for filing the annual report late?
If the filing of the annual report is late, you may be subject to a late penalty of $100 for each day the annual report filing is late, and are subject to suspension or loss of license. The Division of Banking MUST have report information on ALL licensees in order to properly assess and bill all licensees.
Do the NMLS filing requirements eliminate the DOBI Annual Report filing requirement?
No. The NMLS Mortgage Call Report and Annual Financials must be completed on the NMLS site. This is in addition to the DOBI Annual Report filing requirement.