Get Unlimited Contributor Access to the all ExamTopics Exams!
Take advantage of PDF Files for 1000+ Exams along with community discussions and pass IT Certification Exams Easily.
First National Bank does not have the TINs of several borrowers with mortgage loans. What should the bank do to fulfill the mortgage interest reporting regulations?
A.
Mail a one-time request for TINs by certified mail to each borrower who has failed to provide one
B.
Post a notice in its mortgage lending lobby that TINs are required for mortgage loans
C.
Mail a separate request for TINs annually to borrowers who have failed to provide one
D.
Include a request for TINs in the annual mailing of the payment coupon book
Under mortgage interest reporting regulations, if a bank does not have the Taxpayer Identification Numbers (TINs) of borrowers with mortgage loans, it should make a separate request for TINs annually to borrowers who have failed to provide one. This helps ensure that the bank has the necessary information for accurate tax reporting.
Option A might be too aggressive for a first step, and option B might not effectively reach all borrowers who have failed to provide TINs. Option D might not be sufficient, as including a request for TINs in the payment coupon book might not reach all borrowers or may not be noticeable enough. Therefore, option C is the most appropriate and compliant action for the bank to take.
upvoted 1 times
...
Log in to ExamTopics
Sign in:
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Cam22
1 month, 2 weeks ago