The Department of Savings and Mortgage Lending (SML) has announced new guidance on the implementation of Mortgage Call Report Form Version 7 (MCR FV7), which will begin with the first quarter of 2026. The submission window for this updated report opens on April 1, 2026, and filings are due by May 15, 2026.
SML is coordinating this transition in line with the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR). According to SML, “In alignment with the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR), SML recognizes the importance of MCR FV7 in enhancing data quality, regulatory insight, and consistency across jurisdictions.”
Although AARMR has encouraged state regulators to consider a grace period for these filings, SML stated that it “will not be providing a blanket grace period.” However, enforcement actions for late Q1 2026 filings will not be actively pursued unless other issues arise. Forbearance may also be considered individually during examinations.
SML clarified its expectations: “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 offer a testing option starting January 2026 and host “Office Hours” from November 2025 through April 2026. Resources including field definitions, sample forms, and schema can be found on the NMLS Resource Center page.
SML operates under the oversight of the Finance Commission of Texas (official website). It serves as an agency responsible for chartering, regulating, and supervising Texas’s thrift and mortgage sectors (official website). The department oversees state-chartered savings banks holding more than $290 billion in assets along with over 42,000 residential mortgage loan originators and more than 4,600 mortgage-related entities (official website). Its main focus is protecting depositors, creditors, and borrowers while maintaining ethical standards within Texas’s thrift and mortgage industries (official website).
Questions about filing Mortgage Call Reports can be directed to SML at their listed contact email.
