The Department of Savings and Mortgage Lending (SML) has issued new guidance regarding the implementation of Mortgage Call Report Form Version 7 (MCR FV7), which will be required starting with the first quarter of 2026. The submission window for these reports opens on April 1, 2026, and all filings are due by May 15, 2026.
SML’s announcement aligns with recommendations from the NMLS Policy Committee and the American Association of Residential Mortgage Regulators (AARMR). The agency recognizes that MCR FV7 is intended to improve data quality, regulatory insight, and consistency across different jurisdictions.
While AARMR has suggested that state regulators consider offering a grace period for Q1 2026 MCR filings, SML will not provide 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.
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 this transition, the Conference of State Bank Supervisors (CSBS) has released XML specifications as of October 31, 2025. CSBS will also offer a testing option beginning in January 2026 and host “Office Hours” from November 2025 through April 2026 to assist with implementation. Additional information about MCR FV7 is available on the NMLS State & Agency News page, while field definitions, sample Excel forms, and schema can be found on the NMLS Resource Center page.
SML operates under the oversight of the Finance Commission of Texas and serves as an agency responsible for chartering, regulating, and supervising Texas’s thrift and mortgage sectors. According to its official website, SML oversees state-chartered savings banks with more than $290 billion in assets along with over 42,000 residential mortgage loan originators and more than 4,600 mortgage-related entities. The agency’s regulatory focus covers most residential mortgage lending activities within Texas.
The Department was established as a state agency in Texas in 1961. Its headquarters are located at 2601 N. Lamar, Suite 201 in Austin.[source] SML’s mission is to regulate Texas’s thrift and mortgage sectors to protect depositors, creditors, and borrowers while upholding ethical standards.[source]
Questions regarding Mortgage Call Reports can be directed to SML via email.
