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How to import tax information?

This part of the documentation discusses how to import tax information.

To import tax forms:

  • Click on Loan Servicing in the left panel of The Mortgage Office®.
  • Scroll to the bottom of the navigation panel and select one of the following:
    • 1098 Mortgage Interest: Only borrowers with the Tax Reporting Blue Check Box_r-1 option selected are imported. See Primary Borrower.
    • 1099-INT Interest Income: Only lenders with the Tax Reporting Blue Check Box_r-1 option selected are imported. See General lender information.
    • 1099-MISC Miscellaneous Income: Only vendors with the Tax Reporting
      Blue Check Box_r-1 option selected are imported. See General lender information.
    • 1099-NEC Nonemployee Compensation. Only vendors with the Tax Reporting 
      Blue Check Box_r-1 option selected are imported. See General lender information.
  • Select the relevant tax year from the drop-down in the top right of the window. 
  • Click Add new PLUS sign w border_r-PNG New. 
  • Enter the following information in the Create New Batch assistant: 
Field:  Description: 
First Name Enter the recipient's first name, or if the recipient is an entity, enter the entity name here. 
Second Name Enter the recipient's second name. 
Street Enter the recipient's street.
City Enter the recipient's city.
State Enter the recipient's state.
Zip Code Enter the recipient's zip code.
Phone Enter the recipient's phone. 
E-mail Address Enter the recipient's e-mail address. 

Federal TIN

 Enter the recipient's Federal TIN. 
State TIN Enter the recipient's State TIN. 
  • Click NEXT blue button without border Next. 
  • Enter a Description for the new batch. 
    • The Batch Number is automatically created by the system. 
  • Click Create. 
  • In the Payers window that opens up, click the action Actions icon. 
  • Click download arrow with button border Import. 
  • In the Import Assistant window, fill out the following information: 
Field: Description:
Reporting for Tax Year

This is a read-only field that reflects that year you choose in the previous steps.
YTD interest Threshold

Enter the minimum amount of reportable interest (income) the record must have for the tax year.

NOTES:

  • What is reported under mortgage interest received from borrower(s)? 
    • The amount reported is the aggregate of Interest, Interest Paid on Charges, Prepayment Penalties, Other Taxable, Late Charges (if selected) for the tax reporting year.
  • How do I report Points paid on purchase of principal residence? To report points the following conditions must be met:
    • The amount to report must be entered in Commissions Received.
    • The loan's Closing Date must be within the reporting tax year.
    • The primary property's Occupancy must be set to Owner.
    • The Loan Purpose must be set to Purchase.

TIP: If you are not a licensed user of the DRE module you can, after importing, edit the individual 1098 tax records as required, and manually enter the points paid by borrower. 
Exclude Records Missing TIN blank check box

 

Select this option to exclude all records with missing or invalid federal tax identification numbers (TINs).

TIP: A TIN is considered invalid if it contains less than 9 numeric characters.
Report Net Interest (Less Fees) blank check box

Select this option to report the amount of interest received by the lender less the sum of all the servicing fees paid during the tax reporting year.

TIP: Applies only to Lender 1099-INT Interest Income.
Report Late Charges as Interest blank check box

Select this option to report as interest all late charges paid by the borrower during the tax reporting year.

TIP: Applies only to Borrower 1098 Mortgage Interest.
Report Points Paid From Use the drop-down menu to select the source of forms paid.
Select Categories to Include or Exclude

If necessary, use the Select Categories to Include or Exclude dialog to include or exclude records based on their categories.

TIP: Categories are keywords or phrases that help you create logical groups. For example, you can create a category named Commercial and assign it to all loans secured by a commercial property. You can then easily include or exclude any loan with the Commercial category. To learn more read How to Use the Categories Window.
  • Click OK OK to continue or  Cancel to abort.
  • Records meeting the criteria previously entered will populate the Payers window.
  • We recommend printing the audit report next, reviewing the report, then making corrections before the final transmittal of the records. Click here to learn more about printing the audit report. 

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