On August 23, 2011, the Nationwide Mortgage Licensing System & Registry issued a 6-page outline, entitled MCR Data Quality Samples of Common Issues.
This outline highlights mistakes that can occur in the Mortgage Call Report.
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|Five Common Data Quality Issues|
|1. Reversing an Amount field with a Count field - For example, entering an Amount of $1 and a Count of 250,000.|
2. Closed loan sections not equal - Closed loans broken out by Loan Type should equal closed loans broken out by Property Type, Purpose and Lien Status.
3. Providing a loan Count but no loan Amount.
4. Loans Originated are not consistent - The amount and count of Loans Originated from the Application Data section (AC070, Directly received) should equal the loans listed in the MLO section, which should also equal Brokered and Closed-Retail loans in the Closed Loan section (Wholesale are excluded from this calculation).
5. Exceedingly high or low average loan size - Average loans sizes over $1,500,000 and below $5,000 are often an indication of a data entry error. However, some companies may have legitimate loans outside of these thresholds.
Nationwide Mortgage Licensing System & Registry
MCR Data Quality - Samples of Common Issues
August 23, 2011
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