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#1056300 - 10/02/08 02:23 PM Mortgage loan content
~MunQue~ Offline
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~MunQue~
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Posts: 718
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I have a mortgage loan checklist from Sheshenuff and it is asking that if the loan is a purchase does the file contain the sellers name, address, social and gross proceeds.

Do I need all this information? I've never heard of having to get it before.

Thanks for your help.
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Lending Compliance
#1056376 - 10/02/08 03:00 PM Re: Mortgage loan content ~MunQue~
Dan Persfull Offline
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Dan Persfull
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Posts: 47,517
Bloomington, IN
If you do in-house closings for these transactions then you are required to file a 1099-S. Therefore you would need the information.

http://www.irs.gov/pub/irs-pdf/f1099s.pdf
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#1056389 - 10/02/08 03:05 PM Re: Mortgage loan content Dan Persfull
~MunQue~ Offline
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~MunQue~
Joined: Jul 2006
Posts: 718
HERE! I'm here!
We always close at the title company, so I would imagine they take care of this and we are in the clear, correct?
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