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CRMLA - 2007 RESIDENTIAL MORTGAGE LOAN REPORT FAQs

NOTE: The vast majority of CRMLA companies will NOT need to complete the Residential Mortgage Loan Report, they will need to indicate on the reverse side of the cover letter, the reason they are not filing the report.  Following are frequently asked questions to assist you in completing the report. 

1. My company files a report with the appropriate federal agency as required by the Home Mortgage Disclosure Act (HMDA). Do I need to file?

   No. Please complete the reverse side of the cover page indicating that you file a report as required by HMDA and include the name of the federal agency this report is filed with, sign and submit to the Department of Corporations' Los Angeles office.

2. I am a CRMLA broker. Do I need to file?

   No, the Residential Mortgage Loan Report only applies to residential mortgage lenders; however, please complete the reverse side of the cover page indicating you are a broker, sign and submit to the Department of Corporations' Los Angeles office.

3. I did not make any loans in 2007. Do I need to file anything?
   

   Yes, submit the reverse side of the cover page indicating you did not have any activity in 2007.

4. When is the report due?
   

March 31, 2008

5. I just received my CRMLA license in 2008. Do I need to file the report?

   No.

6. I did not make any loans to purchase residential property. Do I need to complete the report?

   No, just indicate on the back of the cover page the reason you are not required to submit the report, sign and return it to the Department. Only companies that made loans to purchase homes or made home improvement loans will need to file the report. The following are examples of exempt activity that would not require the filing of the Residential Mortgage Loan Report: brokering activity only, auto loans, leasing, only made refinance loans, company files HMDA Report.