Your year end statement summarizes your previous twelve months of payment, taxes, and interest. You'll probably want to include a copy of this when you file your taxes.
Typically, your year-end statement will hit your inbox (or mailbox, if you haven't signed up for Paperless yet) by January 13.
If your loan was transferred during the prior year, you'll receive statements from Mr. Cooper and your previous lender no later than January 31st.
If you want to see your year end statement information before your statement is available, just navigate to the Statements section. All available information will display here, as will your statement as soon as it's available.
If you want to see a year-end statement from more than thirteen months ago, please contact us and we'll help get it in your hands.
Should you need it, our tax ID number is 75-2921540.
We surveyed our cheerful and hardworking customer service department to find out what the most common customer questions about year end statements are. Then we put our heads together to come up with the clearest, most comprehensive answers.
The envelope please....
Where is my 1099 INT?
Your 1099-INT summarizes any interest earned and due to you on your mortgage account. If you didn't receive a 1099 INT, it's because you either were paid less than $10.00 in accrued interest in your escrow account or your interest income was paid on January 2nd, so you won't receive one until next year.
Was my interest reported incorrectly?
If you believe your interest was reported incorrectly, here's what to do:
Review your payment history to see how it was applied. Pay special attention to the effective dates of when it was applied for the year. That could explain why the amount is different than you expected.
If you had payoff interest from a short sale, check to see if it's applicable and reportable. It may not be, which could be the reason for the different amount but please discuss with your tax advisor.
Is it a problem if my name or address has changed?
If your name and/or address changed from what's shown on the year-end tax statement, don't sweat it. This doesn't affect the reporting to the IRS, so you don't need a corrected 1098.
Why isn't my name on my year end tax statement?
If you signed the note but your name isn't on the year-end tax statement or 1098, here's why: Only the primary borrower's Social Security number is reported.
To switch the order of the names and the reporting for future statements, you'll need to complete an Affiliation Change Agreement. Or by calling 888-480-2432. The form is short and simple. Please send the signed and notarized form back to Mr. Cooper at:
PO Box 612488
Dallas, TX 75261-2488
After we receive the form, we'll process it within five to seven business days.
Why is my tax or insurance lower than expected?
If you're wondering why the tax and/or insurance amount on your year-end statement is lower than what you expected or what was actually disbursed from your account, here's some useful info:
First off, the word disbursed refers to what was paid out of your escrow account. On your year-end statement, the amount is based on disbursements minus any refunds received.
On our statement, only the gross amount of disbursements is provided. We don't subtract refunds.
You can verify any amounts paid for taxes and or insurance by contacting your tax authority or insurance company, or by looking at the payment history on your year-end statement.
As always, if any answers aren't totally clear, or if there's something here we didn't cover, please contact Customer Service at 888-480-2432. We've got a highly-trained team ready to address your question and do what it takes to find the answer.