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Year End Mortgage Statement

Frequently Asked Questions

Why is there only one social security number on my annual loan statement?

The IRS reporting requirement is for one social security number, generally the primary borrower.

Why did I pay more interest this year than last?

You may have made more payments this year, or if you have an adjustable rate loan, your interest rate may have increased.

I am a co-borrower.  Will I receive my annual loan statement?

If interest is paid at one cent or greater during the IRS tax reporting year, SunTrust Mortgage sends one annual statement to the primary borrower and to the mailing address on the loan record.

Why is my principal balance higher this year than last year?

Please contact Mortgage Payment Solutions at 800-634-7928 for information on why your principal balance reported is higher than last year's amount. There are reasons such as negative amortization, or capitalization due to a loan modification that can impact the amount of principal balance reported.

Why didn't I earn interest on my escrow account?

The real property securing the mortgage is not located in a state requiring interest to be paid on escrow funds.

Will my escrow balance be refunded?

An annual review of your escrow account is done and SunTrust Mortgage will provide you with an escrow disclosure statement that details activity that includes shortage and overage and gives the next year's projections. If your loan is current, an escrow surplus in excess of $50.00 will be refunded.

Why are all the points I paid at closing not included on my annual statement?

SunTrust Mortgage is required to report points paid on new purchase (not refinanced) owner-occupied loans which were originated through SunTrust Mortgage between January 1 and December 31. If you originated your loan through another lender, you will need to use your HUD-1 statement to claim the proper amount. Please contact a tax advisor for proper treatment of points on refinances and investment properties.

If my loan was assumed during the year, what interest portion can I claim?

SunTrust Mortgage, Inc. recommends that you consult a tax advisor for information and guidance on completing an IRS statement.

Why were my taxes not paid before year end?

The bill date may occur after December 31st. However, SunTrust Mortgage will ensure your tax bill is paid before the bill due date and by any applicable discount date. This applies only for loans with an escrow account. If you prefer to have your loan escrowed for tax and insurance payments contact Mortgage Payment Solutions at 800-634-7928.

When will SunTrust Mortgage mail my annual statement?

SunTrust Mortgage is required to mail annual loan statements by January 31. Statements are generally mailed during the third and fourth weeks of January.

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