Will a correspondent mortgage banker continue to be required to file an annual report?
As in the past, a correspondent mortgage banker is required to file an annual report with the Division of Banking. Therefore, if you held an active license at any time during 2009 you are required to file an annual report. The report must be filed for the period of January 1, 2009 through December 31, 2009.

Are any questions on the annual report new to licensees who previously filed annual reports?
Questions are similar to those in previous annual reports. For correspondent mortgage bankers, it is important to pay particular attention to

• The dollar volume of NJ loans closed

Information must be collected from 1/1/09 through 12/31/09 and maintained to complete the annual report.

Is there a filing deadline for the annual report?
All annual reports must be filed no later than April 1, 2010 for the January 1, 2009 to December 31, 2009 reporting period. Annual reports are expected to be filed electronically over the Internet through the State's secure web site.

What is the penalty for filing the annual report late?
If the filing of the annual report is late, you may be subject to a late penalty of $50 for each day the annual report filing is late. The Division of Banking MUST have report information on ALL licensees in order to properly assess and bill all licensees. Therefore, the Division may act to suspend or revoke the license(s) of a licensee that continues to fail to file its required report.