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.