Great question! In some cases, automatic payments may carry over from your previous servicer, but not always. To find out for sure, check your Servicing Transfer Notice – it will let you know if your payments will continue automatically. You can also confirm by registering your account online and reviewing your payment settings. If needed, you can easily set up automatic payments with us to stay on track.

The IRS Form 1098, also known as the Mortgage Interest Statement, is used to report mortgage interest payments totaling $600 or more made on a single mortgage during the calendar year.  

Form 1098 only reports mortgage interest payments that we received during the calendar year.  If you made interest payments to another company, you may receive a separate Form 1098 from them. 

Additionally, any mortgage interest paid using funds from the Homeowner Assistance Fund Program (HAF) is excluded from the total reported on Form 1098.

Real estate taxes disbursed are reported in Box 10 (Other) on the Form 1098 as a courtesy to help you identify potentially tax-deductible amounts. However, this amount is provided for informational purposes only - it is not reported to the IRS and may differ from the amount you're eligible to claim on your tax return.
 

The amount shown in Box 1 - Mortgage Interest Received from Payer(s)/Borrower(s), reflects the mortgage interest amount and late charges received from the payer of record during the tax year. It does not include prepaid interest, or any interest paid using Homeowner Assistance Fund (HAF) resources. It may also include negative amortization (deferred interest) paid. 

If your loan originated during the tax year, Box 1 may include closing interest paid. 

If your loan was paid off during the tax year, Box 1 may also include:

• Shared appreciation amounts
• Default interest paid
• Prepayment penalties
• Balloon payoff fees

Form 1098 is used to report mortgage interest of $600 or more on a single mortgage during the calendar year.