01/29/2020: Additional 1098 Statement Information

Here is additional information relating to figures reported on 1098 Statements for both Interim Servicing and Retain Servicing Loans.

VA Loans – The dollar amount customers paid for their VA Funding Fee will appear in the Mortgage Insurance Premiums box  (Box 5) 

Points Paid at Closing – Points are only reported on Year End statements for new purchase originations and are not reported on refinance loans 

Prepaid Interest from Closing – In instances where additional payments or interest were paid at closing, if the buyer prepaid interest it will be reported on the 1098 statement.  If the seller prepaid interest, it will not be reported.  

Please do not confuse the above prepaid interest from closing information with prepaid interest from additional monthly payments after the loan closes (ie: Paying January 2020 payment in December 2019 to claim that interest payment in 2019).  They are different scenarios.

See your manager or lead if you have any questions.