A reminder for 2025 Year-End Tax Processing regarding Mortgage and Property Tax Reporting:
A new automated routine during year-end processing will take the amounts from the member escrow account attached to a loan, take the sum of payments using the insurance payment/tax payment code, and automatically add them to the tax reporting file for use in their respective boxes on the 1098 form. Note that any manual adjustments to PMI or tax disbursements will still need to be adjusted in the member tax file using Tool #899 Update IRS Tax Information.
Maintenance done in Tool #899 prior to beginning-of-year process will append to these records. If an escrow does not have the mortgage suffix attached to it, the new automated routine will bypass the record and mortgage insurance or property tax will need to be manually updated in Tool #899.
