Depending on your account activity last year, you may receive the following IRS Form from us:
IRS Form 1098 details interest paid on a loan in the past calendar year. The form includes:
If we serviced your mortgage in 2024 and you are the primary mortgagor, meaning the name of the first Note signer, you will receive a Form 1098 reporting interest paid during that time in accordance with IRS guidance. This includes all mortgages with at least $600 in interest and points combined paid to us during the 2024 calendar year.
Typically, you should receive a statement from each servicer for the time they serviced your account. Mortgages with at least $600 in interest and points combined paid to a servicer during the calendar year should receive a year-end statement from that servicer, in accordance with IRS guidance.
In general, unless you have an adjustable-rate mortgage (ARM), the percentage of your monthly mortgage payment applied as interest decreases as you repay your principal, or the amount initially borrowed to purchase your property. As the amount due in interest decreases, the amount applied to your principal increases. To see how the ratio of principal to interest changes in your monthly payment throughout the life of your loan, check your Amortization Schedule—log into your account via our website or mobile app and go to My Loan.
There are many other reasons the amount you pay in interest may change year-to-year. E.g., if you have an adjustable-rate mortgage (ARM), your interest rate may have increased.
It depends on the reason you received more than one for the same calendar year. A few potential scenarios:
Inaccurate or outdated information was identified in your original 1098, so a corrected statement was provided. This could be a result of an error or the IRS issuing updated guidance that affected your statement.