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Do we have to file a Financial Statement?
Yes, you must file your financial statement no later than 90 days after the close of your fiscal year-end. For example, if your fiscal year-end is December 31, you must file the financial statement on or before March 31. This requirement can be met by filing the Annual Standard Financial Condition component of the NMLS Mortgage Call Report (MCR). Please note that all licensees/registrants are required to complete and file the Annual Standard Financial Condition. Failure to file your financial statement may result in fines and penalties. (Section 7(2) and 8(6) of the Act). Licensees/registrants are not required to submit audited financial statements; however, they must be completed in accordance with GAAP.