2519 Completing the 1098 screen

The Tax Information (1098) screen displays origination and discount fees and the first year of interest paid. You can print the form by selecting File > Print. You can also generate a 1098 report for all your client files, please see1505 Creating Custom Report Templates.

Access the form by opening a loan file and from the menu bar, select Forms > Tax Information Form (1098). Enter the basic information, such as borrower's name and social, subject property address, your Federal ID and Account number.

Notice that item numbers 1, 2 and 4 have a lock symbol next to the field. The lock symbol should not be selected and the fields gray so that Point can calculate them for you based from the loan terms and payment dates:

  1. Mtg interest received:
    Calculates the monthly interest received on the loan for the first year. It is based upon the dates you enter in the1st Pmt Date and Date Last Pmt Received fields.

    Enter the first payment date and the date last payment received within the first year and it will calculate the total monthly interest received during that time.

    2519 a

  2. Point Paid:
    Calculates the origination fee and discount points. It includes the Origination Fee field in section 1 of the Fees Worksheet plus any discount fee from section 2 of the Fees Worksheet.

    2519 b

  3. Refund of overpaid interest:
    Enter any refund amount of overpaid interest during the 1st payment date and date last payment received.

  4. Mortgage Insurance Premium:
    Calculates the Up-Front Mortgage Insurance collected. It is populated from the Up-Front Mortgage Insurance field from the Mtg Insurance tab on the Borrower Information Screen.

    2519 c