Form 1098

Tax Year field designates the Form 1098 to use for the specified tax year. Years prior to 2015 will use the 2015 Form 1098.

Reporting Points and MIP on 1098 Reports

The 1098 report has fields for the reporting of the dollar value of points paid and of mortgage insurance premiums paid. If you are transactionally tracking these figures, the transaction codes may be configured to update a user-defined statistic (one for each of these two values) and the user-defined statistic may be mapped to the report on the parameter list of the report’s setup.

If you need to backfill this data for a prior period in which you were not tracking these values transactionally, you may set up a custom transaction code that does nothing but increase the value of a user-defined statistic.

To get the value that is present in statistics for the specified date range onto the report, simply set the number of the user-defined statistic in the appropriate field (e.g. Points Paid Stat, Insurance Premiums Stat) in the reports parameter list.

Other Form 1098 Fields

Box 2 – The daily trial balance as of the beginning of the tax year (e.g. for 2016, it is the daily trial balance on 12/31/2015).

Box 3 – The open date of the loan.

changes For 2016

Box 7 – This box is checked if no collateral exists or if a collateral exists and it contains an address that matches the borrower address.
This box is not checked if a collateral exists but does not have an address that matches the borrower address.

Box 8 – The location address entered under the Collateral > Location tab is entered in this box if the address is different than the borrower address.

Box 9 – The data entered in the Notes field under Collateral > Values tab will be used in this box only if no location address is entered in an existing collateral. This box is left blank if a collateral location address exists.

Insurance Premiums Stat parameter is used to obtain the insurance premiums paid.

New fields for 2016: mortgage principal, open date, insurance premiums paid, x property, location address, location city state zip, and property description.

changes For 2017

Report Parameters:
Box 4 Stat - No longer used.
Box 4 Description - No longer used.
Number of Properties - Select the UDF to use to populate Box 10 on Form 1098.
Other Stat - Select the Statistics User Defined field to use to populate Box 11 on Form 1098.

Changes for 2018

Box 8 and Box 9 has been merged into a single Box 8 and will populate with the specified values in collateral Location or Notes fields using the same logic as before.

Changes are included in report packs dated January 02, 2019 and newer.

Changes for 2019

There are no significant changes to Form 1098 for 2019. However, new Selections options in Reports > Loan Portfolio > Forms > Forms 1098 are available that may affect the value in Box 1.

Payment Method

Selected payment methods will be included in the total interest paid (Box 1). Leave this blank unless payment methods were specifically created for this purpose.

Include Late Charges

When selected, all late charges are included in the total interest paid (Box 1).