Welcome to ExamTopics
ExamTopics Logo
- Expert Verified, Online, Free.

Unlimited Access

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.

Exam CRCM topic 1 question 312 discussion

Actual exam question from ABA's CRCM
Question #: 312
Topic #: 1
[All CRCM Questions]

By which date must an interest reporting statement be sent to the borrower's last known address?

  • A. January 15 of the year following the year the interest is paid
  • B. January 31 of the year following the year the interest is paid
  • C. February 28 of the year following the year the interest is paid
  • D. March 1 of the year following the year the interest is paid
Show Suggested Answer Hide Answer
Suggested Answer: B 🗳️

Comments

Chosen Answer:
This is a voting comment (?) , you can switch to a simple comment.
Switch to a voting comment New
Cam22
1 month, 2 weeks ago
Selected Answer: B
Financial institutions are required to send out Forms 1098 (or similar interest reporting statements) to borrowers by January 31 of the year following the year in which the interest payments were made. This deadline ensures that borrowers have the necessary documentation to prepare their income tax returns, which may include claiming deductions for mortgage interest paid during the previous year.
upvoted 1 times
...
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.

SaveCancel
Loading ...