What is a 1098 Tax and Interest Statement?
The 1098 interest statement is a federal tax form that lenders distribute in January for the preceding calendar year. The 1098 is required by the IRS and reports interest and points paid on a mortgage loan. All 1098 statements are mailed by January 31st.
When will I receive my 1098 statement?
All 1098 statements are mailed by January 31st.
Where can I obtain my Form 1098 info?
Form 1098 is mailed by the last business day of January and is also available online if you are enrolled in e-Statements until the tax return deadline each year. If you are enrolled in e-Statements, Form 1098 can be found by selecting e-Documents, then selecting Tax Documents. Please call our Customer Contact Center at (888) 696-4444
to obtain a previous year’s tax statement by mail.
Why does my 1098 statement reflect more interest this year than in a previous year?
If more payments were posted within a given year than a prior year it is possible that the interest paid will be higher than a previous years. Also, if you have an adjustable rate mortgage the interest paid could fluctuate from year to year.
How do I request a new 1098 statement because my property tax or insurance information is not reflected correctly on my statement?
Property tax and insurance information on a 1098 is informational only and is not reported to the IRS. A 1098 statement cannot be "corrected or updated" for tax amounts. Please contact your tax advisor regarding questions on how to claim any amounts listed on your 1098.
How do I request a new 1098 statement to reflect a different primary borrower and their social security number?
The interest reported to the IRS is reported in only the primary borrower's name and social security number as it appeared as of December 31st. A primary and secondary name cannot be switched/altered for prior tax year reporting. If you wish to make a change for the current tax year we require a letter requesting the change signed by all parties on the loan sent to our correspondence mailing address of PO Box 91214, Cleveland, OH 44101. Please consult your tax advisor if you have questions concerning this matter.
I noticed that my social security number is incorrect on my current 1098 statement, how can I request a corrected statement?
You may call our Customer Contact Center at (888) 696-4444
to research the matter.
Why doesn't my 1098 statement reflect the interest or points I paid at closing?
If the loan did not close with NYCB, the closing information will be reported by the origination company.