Update BOY Balances for 1098 Reporting (3)

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UMRGBAL-03 Update BOY Balance for 1098 Reporting 6774

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Access this screen by selecting Tool #923 Update BOY Mortgage Balance for 1098and entering a tax year, then selecting to Edit or Add(F6) a record.

CU*Answers suggests that permissions and access to this tool be given very rarely and only to specialized individuals dealing in this area.

Tool Overview

This tool is intended to update a mortgage that has been converted into CU*BASE in the middle of its life, such as during a conversion or merger, or in some cases where servicing might have started after the beginning of the loan term.  If the balance of the mortgage at the beginning of the first year on CU*BASE had not been recorded, it can be entered here to be included in the 1098 reporting for that tax year.

If the mortgage was already on CU*BASE as of January 1 of the tax reporting year, this information would already be captured by the system and should not be changed. If the mortgage was disbursed after January 1 of the reporting year, no record should be added as the mortgage did not exist on January 1.

Please contact a Client Service and Education Representative for any questions about this tool.