The Department of Savings and Mortgage Lending (SML) has announced guidance for the upcoming implementation of Mortgage Call Report Form Version 7 (MCR FV7). The new reporting form will be required starting with the first quarter of 2026. Licensees and registrants will be able to submit their reports beginning April 1, 2026, with a deadline set for May 15, 2026.
According to SML, MCR FV7 is being adopted in line with recommendations from the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR). The agency stated that this update aims to improve data quality, regulatory insight, and consistency across different jurisdictions.
While AARMR suggested that state regulators consider offering a grace period for the first quarter filings under MCR FV7, SML clarified its position: “SML will not be providing a blanket grace period.”
However, SML noted it would take operational challenges into account during this transition. The agency stated:
“SML will not actively pursue enforcement actions for late Q1 2026 MCR filings, unless warranted for other reasons.
Forbearance from enforcement actions may be considered on a case-by-case basis during examinations.
Licensees and registrants must make a good faith effort to submit accurate Q1 2026 MCRs 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 help industry participants prepare for these changes, the Conference of State Bank Supervisors (CSBS) has released XML specifications as of October 31, 2025. CSBS will also offer testing options beginning January 2026 and host “Office Hours” from November 2025 through April 2026. Additional resources such as field definitions, sample forms, and schema are available through NMLS online resources.
SML operates under the oversight of the Finance Commission of Texas (https://www.sml.texas.gov/about/). It oversees state-chartered savings banks holding more than $290 billion in assets as well as over 42,000 residential mortgage loan originators and more than 4,600 mortgage-related entities (https://www.sml.texas.gov/about/). As an agency established in Texas in 1961 (https://www.sml.texas.gov/about/), SML’s role includes regulating thrift and mortgage sectors within Texas to protect depositors, creditors and borrowers while maintaining ethical standards (https://www.sml.texas.gov/about/).
Questions about filing Mortgage Call Reports can be directed to SML via email.
