Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Tuesday, July 8, 2014

ABA Seeks More Compliance Time on Form 1098 Proposal

ABA and three other trade groups urged the Senate Finance Committee to provide adequate compliance time in a proposal for the IRS to collect more information on mortgage servicing on Form 1098.

The proposal — a revenue-generating measure accompanying a federal transportation funding bill — would require servicers to report additional information about mortgage interest to the IRS, including the unpaid principal balance, property address, real estate taxes paid from an escrow account and loan origination date. The groups said:

The IRS will need time to provide the necessary clarity, and to redesign the form, and servicers and their vendors will need time to make the necessary systems changes to adapt to the new requirements.

The groups request that any reporting amendments take effect for statements due after Dec. 31, 2015.

Read the letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.