The Department of Savings and Mortgage Lending (SML) has issued guidance regarding the transition to Mortgage Call Report Form Version 7 (MCR FV7), which will take effect with the first quarter of 2026. The new form aims to improve data quality, regulatory insight, and consistency across jurisdictions in coordination with the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR).
The submission window for Q1 2026 MCR FV7 filings opens on April 1, 2026, with a deadline of May 15, 2026. While AARMR has encouraged state regulators to offer a grace period for these filings, SML will not provide a blanket grace period.
SML stated that it “will not actively pursue enforcement actions for late Q1 2026 MCR filings, unless warranted for other reasons.” The agency added that “forbearance from enforcement actions may be considered on a case-by-case basis during examinations.” SML emphasized that licensees and registrants must make a good faith effort to submit accurate reports on time: “Placeholder” filings with inaccurate data are not acceptable and should not be used to meet the timing requirement. Licensees and registrants should immediately amend MCRs if errors are discovered after filing.
To assist with industry preparation, the Conference of State Bank Supervisors (CSBS) released XML specifications as of October 31, 2025. CSBS will offer a testing option beginning in January 2026 and is hosting “Office Hours” from November 2025 through April 2026. Additional information about MCR FV7 can be found on the NMLS State & Agency News page. The form’s field definitions, sample Excel form, and schema are available on the NMLS Resource Center page.
SML operates under the oversight of the Finance Commission of Texas according to its official website (https://www.sml.texas.gov/about/). The agency oversees state-chartered savings banks holding more than $290 billion in assets, over 42,000 residential mortgage loan originators, and more than 4,600 mortgage-related entities in Texas (https://www.sml.texas.gov/about/). Its mandate includes regulating Texas’s thrift and mortgage sectors to protect depositors, creditors, and borrowers while upholding ethical standards (https://www.sml.texas.gov/about/). SML is responsible for chartering, regulating, and supervising these industries as part of its role as an agency of the State of Texas established in 1961 (https://www.sml.texas.gov/about/).
Questions regarding Mortgage Call Reports can be directed to SML via email.
