Did you know that one of the most common reasons an MCR (Mortgage Call Report) is questioned by a State Agency is because the applications in process do not match between quarters? We do not want to raise eyebrows with any of the state agencies so how do we check that?
The 2nd Thing I Do:
If I am working on 2018 Q4 MCR the second thing I do look at 2018 Q3 MCR and copy the amount and count of 2018 Q3 AC090 and Paste it in 2018 Q4 MCR AC010.
(Psst, Do you want to know the first thing I do? See my blog "Do this 1st when filing an MCR")
Why do I do this?
AC010 is the "Applications in Process at the beginning of the Period. (2018 Q4)
AC080 is the "Applications in Process at the end of the Period. (2018 Q3)
Now if on 09/30/2018 at 12:00 Midnight your applications in process is $573,634 Count 5, then on 10/01/2018 at 12:01 AM that number shouldn't change. It should be $573,634 Count 5. There should be no change at all. However, what if there is a difference?
The next thing I do is figure out where the mistake is. Usually it's an application that was closed for incompleteness. So this is where I put the difference to make the quarter's applications in process match. If it's off by one application for $94,000 I will put that difference in AC060 on either of the quarters depending of which quarter the application was closed for incompleteness.
Now your applications in process will match.
One thing to note here is you do NOT make AC080 match AC010 in the same quarter! I know this is obvious but I just want to be clear that you are matching Q3 AC080 with Q4 AC010.
SITE: www.mortgagelicensinghelp.com
SITE: www.mortgagelicensinghelp.com
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