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Year End Mortgage Statement

Frequently Asked Questions

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

SunTrust Mortgage, Inc. has a responsibility to report the total amount of interest paid during the calendar year to the Internal Revenue Service (IRS). SunTrust Mortgage does not distinguish between co-borrowers on a loan.  Instead, SunTrust Mortgage reports payment histories for all borrowers. The IRS does not require reporting for each social security number.

Why did I pay more interest this year than last?

You may have paid additional payments this year before year end. For example, if you mailed your January 2013 payment prior to January 1, it may have been posted to your account before December 31, 2013, which would result in 13 payments applied in 2013.

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

SunTrust Mortgage sends one statement to the primary borrower at the current mailing address.

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

If you have a Graduated Payment Mortgage (GPM) loan  or an Adjustable-Rate Mortgage (ARM) loan with a limited payment option, then you may have had negative amortization during the year. SunTrust Mortgage can provide you with a copy of your transaction history that can confirm whether this occurred.

Why did I not earn interest on my escrow account?  Will my escrow balance be refunded?

Only a select number of states require that SunTrust Mortgage pay interest on monies held in escrow. If your statement does not reflect interest earned on your account, then your state does not require interest to be paid on your escrow account. SunTrust Mortgage will notify you of any escrow overage as part of an annual escrow analysis we perform. If your loan is current, overages 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.

I assumed my loan during the year. What portion can I claim?

SunTrust Mortgage reports interest paid by borrowers to the IRS in keeping with applicable requirements.  When a loan is assumed, we will report the interest paid to the IRS for all required borrowers.  For guidance regarding amounts you are eligible to claim as a deduction, you should consult your tax advisor.

Why were my taxes not paid prior to year end?

Some states have tax due dates prior to December 31, but taxes do not become delinquent until later. SunTrust Mortgage is responsible to pay your tax bill before the delinquent date.

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 second or third week of January.

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