Year-End Reporting – Easy as 1-2-3
The end of the year is just around the corner. Most people think of holiday parties and New Year’s Eve soirees, but for those of us in the servicing industry the close of 2015 means something else – Year-End Reporting.
And now, the good news!
Year-End doesn’t mean you have to miss out on any New Year’s Eve festivities. With the right servicing system, you can click a button to close out the current year. Your results are calculated and saved until you’re ready to generate the files and/or forms needed to send to the IRS and your borrowers.
FICS®’ residential mortgage servicing software and commercial loan servicing software make year-end reporting that easy. During the year, FICS’ residential mortgage and commercial loan servicing software systems track and store borrower information in a real-time environment. After you run the year-end program, the results are then viewable for each loan in a year-end inquiry window in Mortgage Servicer and Commercial Servicer. This information is also stored in a permanent history record so that you can look it up at a future date.
It’s January, and you’re ready to send the IRS and borrowers their necessary tax files and/or forms. Your required forms, such as 1098s and various 1099s, are ready to be printed, forwarded to your coupon vendor, or electronically submitted to the IRS. FICS also allows you to create an acceptable substitute 1098 form, which provides your borrowers with a more comprehensive year-end statement, displaying loan balances and year-to-date totals. Borrowers also have the additional benefit of electronically viewing their tax information via FICS’ web products.
With FICS, year-end reporting is automated. With a few clicks, you can close out 2015 as easily as 1-2-3 and enjoy welcoming the New Year.