Form 1098, Mortgage Interest Statement - Document Skill

The Form 1098, Mortgage Interest Statement skill extracts data from Forms 1098, which are used by businesses and lenders to report mortgage interest paid to them of $600 or more. The Form 1098, Mortgage Interest Statement skill is a production skill. It has been fully trained on a large document set and provides high accuracy of data identification and extraction. The skill is ready to be used in production and does not require further training on your specific documents. Accuracy and straight-through processing (STP) rates can be further optimized in production through continuous learning from human-in-the-loop feedback. This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Basic Form Information

Field	Description
Void	Specifies that the processed form should be annulled.
Corrected	Specifies that the processed form is being submitted to correct data provided earlier.
Year	The reporting fiscal year.

Recipient Details

Field	Description
Name	The name of the recipient.
Street	The address of the recipient.
City	The address of the recipient.
State	The address of the recipient.
ZIP Code	The address of the recipient.
Country	The address of the recipient.
Phone	The phone number of the recipient.

Tax Identification Numbers

Field	Description
Recipient’s TIN	The tax identification number assigned to the recipient of the payments.
Payer’s TIN	The tax identification number assigned to the payer.

Payer Details

Field	Description
Name	The name of the payer.
Street	The address of the payer.
City	The address of the payer.
State	The address of the payer.
ZIP Code	The address of the payer.
Country	The address of the payer.

Mortgage Information

Field	Description
Account Number	The unique number used by the payer to identify the payment recipient.
Mortgage Interest Received from Payer	The interest received on the mortgage from borrowers during the calendar year.
Outstanding Mortgage Principal	The amount of outstanding principal on the mortgage.
Mortgage Origination Date	The date of the origination of the mortgage.
Mortgage Acquisition Date	The date of acquisition.

Payment Details

Field	Description
Refund of Overpaid Interest	The total refund or credit of a prior year(s) overpayment of interest.
Mortgage Insurance Premiums	An upfront and annual insurance premium that is required for any Federal Housing Administration (FHA) home loan, regardless of the size of the down payment.
Points Paid on Purchase of Principal Residence	Points that are paid on the purchase of the payer of record’s principal residence.
Other	Other information, such as real estate taxes or insurance paid from escrow.

Property Information

Field	Description
Address of Property is the Same as Payer’s Address	Specifies if the address of the property securing the mortgage is the same as the payer’s address.
Number of Properties Securing the Mortgage	If more than one property secures the loan, shows the number of properties securing the mortgage. If only one property secures the loan, this field may be blank.

Address of Property Securing Mortgage

Field	Description
Street	The address of the property securing the mortgage.
City	The address of the property securing the mortgage.
State	The address of the property securing the mortgage.
ZIP Code	The address of the property securing the mortgage.
Country	The address of the property securing the mortgage.

Key Fields

Year
Recipient Details/Name
Recipient’s TIN
Payer’s TIN
Payer Details/Name
Account Number
Mortgage Interest Received from Payer
Mortgage Acquisition Date

Validation Rules

Rule	Description
Complete Form Year	Checks the value in the Year field. It removes any white spaces and converts a 2-digit year into a 4-digit format. If the last two digits are numeric and start with 9, it converts the value to the 1900’s (for example, 99 converts to 1999). Otherwise, it assumes the date is from the 2000’s (for example, 24 converts to 2024).

​Countries and Languages

​Extracted Fields

​Basic Form Information

​Recipient Details

​Tax Identification Numbers

​Payer Details

​Mortgage Information

​Payment Details

​Property Information

​Address of Property Securing Mortgage

​Key Fields

​Validation Rules