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 take effect with the first quarter of 2026 reporting period. The submission window for these reports opens on April 1, 2026, with a deadline of May 15, 2026.
This move aligns SML with the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR), who support MCR FV7 as a step toward improving data quality, regulatory insight, and consistency across states. SML emphasized that while AARMR recommended that state regulators consider offering a grace period for the initial Q1 2026 filings, “SML will not be providing a blanket grace period.”
Instead, SML stated: “SML will not actively pursue enforcement actions for late Q1 2026 MCR filings, unless warranted for other reasons.” The department added: “Forbearance from enforcement actions may be considered on a case-by-case basis during examinations.”
The announcement further clarified expectations for licensees and registrants: “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.” Additionally, they advised: “Licensees and registrants should immediately amend MCRs if errors are discovered after filing.”
To help industry participants prepare for this transition, the Conference of State Bank Supervisors (CSBS) released XML specifications at the end of October 2025. CSBS is also offering a testing option beginning in January 2026 and hosting “Office Hours” from November 2025 through April 2026 to provide support during implementation. Further information about MCR FV7 can be found on the NMLS State & Agency News page. The updated form’s field definitions, sample Excel file, and schema are available through the NMLS Resource Center page.
The Department of Savings and Mortgage Lending serves as an agency of the State of Texas responsible for chartering, regulating and supervising Texas’s thrift and mortgage sectors. It operates under oversight from the Finance Commission of Texas according to its official website. The department 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 [source].
Questions regarding Mortgage Call Reports can be directed to SML via their official contact channels.
