Most mortgage lenders are all too familiar with the challenges faced each quarter to ensure accurate and timely completion of the Mortgage Bankers Financial Reporting Form (MBFRF) and the Mortgage Call Report (MCR). From resource allocation to data deciphering and managing deadlines, it can be a cumbersome lift.
Imagine this: you get an Excel file with all your data accurately incorporated and ready for your staff to enter into the MBFRF site in no time. Even better, you can upload this file for the MCR with the few clicks of a button. You’re not dreaming – this can all be done with the help of Richey May Select.
The mortgage industry experts on the Richey May team know the ins and outs of these reports. We know the industry best practices and what the MBA expects to see out of the reports and have aligned our data mapping to easily capture the right data and take the burden off your team.
The Process In Action
Send us a copy of your trial balance, a payroll report, and an export from your loan origination system and we draft a mapping. Then we review the mapping with you and produce a report that takes care of rounding, roll forwards, and other common challenges encountered when filing the MBFRF. All you need is someone to input the report information into the MBFRF website.
We also provide reporting for the financial condition portion of the NMLS Mortgage Call Report which can be uploaded into the NMLS site using the .xml file that we provide. No manual entry required.
Benchmarking Benefits
In addition to the efficiency and accuracy, you’ll also gain access to the Richey May Select Financial Peer Benchmarking metrics to see how you’re performing in comparison to your peers. This data is anonymized, giving you a glimpse into the trends while protecting your identity. Our experts provide in-depth analysis and commentary over the trends in your peer group, giving you the ability to make meaningful business decisions aimed at improving efficiencies, increasing margins, and controlling costs.
Why This Matters
More resources, greater accuracy, and better outcomes. Each quarter your data will be compiled and submitted much quicker, saving time across many departments. Your team will be able to focus on more valuable initiatives and you can focus on driving your business. And you will know that the data is being reported properly, to industry best practices, setting you up for success.
To learn more and streamline your reporting today, email info@richeymay.com.
