Moneylender 3 Professional - Loan Servicing Software

User's Guide and
Documentation


Print 1098 Forms

Jump To Section:
Introduction
Update Software
Choose Forms
Import Templates
Customize Templates
Print for Borrowers
Ensure Alignment
Multiple Recipient/Lenders
Print for IRS
Print Cover Letter

This video will provide all the information needed for all lenders to print their 1098 forms. There is a lot of variation among Moneylender users, and much of this information will not pertain to you. You can use the links to the right of the video to skip around between sections of the video as desired. For most users, the process will simply be to add the Form 1098 Templates > Send Substitute Forms to Borrowers > Print onto IRS forms > Print the IRS Cover Letter.

Do not print your 1098 forms until January 1st or later. Moneylender uses the previous calendar year for filling in the data on forms. If you print in December, for example, the data on the forms will be for the preceding calendar year.

Update Your Copy of Moneylender

To ensure you have all the necessary features in Moneylender to print 1098 forms for the previous calendar year, update your copy of Moneylender Professional. To update your local copy, download the latest installer from MoneylenderProfessional.com and run it. When the installation completes, you will have the latest version. Your license, settings and loans will remain intact.

Choose Which Versions of the 1098 Templates You Need

Moneylender has two templates for the 1098 Form for you to work with. One version is for use when the borrower's mailing address is also the address of the property that secures the loan. the second version of the form is for use when the Physical Address is different from the Mailing Address and the borrower's physical address is the property securing the loan. You may only need one set of templates or both sets, depending on your loans.

Install the 1098 Forms in your Portfolio

Import the Form 1098 and Form 1096 templates into your portfolio by clicking Servicing > Manage Templates. Click the Import button. Check the boxes for the forms you will need. Be sure to select both the substitute and data only versions of the forms. Click Import Checked to add these templates to your portfolio.

Adjust the 1098 Templates If Necessary

You may need to adjust the format of the 1098 form. If you record the property securing the loan in the loan's collateral field, for example, you might need to replace the tags in the 1098 templates using the template designer. Be sure to make any changes to both the Substitute and data only versions of the templates.

If your lender is an individual with a social security number instead of an Employer Identification Number, edit the 1096 template and move the LenderTaxID to the right to fill in the SSN box instead of the EIN box.

Print the Substitute 1098 Forms for Borrowers

Now that your 1098 forms are added to the portfolio and any adjustments have been made, you're ready to print them. To send the substitute 1098 forms to the borrower, click Servicing Print Any Template. Select the Substitute 1098 form of your choosing for the template to print. For loans to print, select "Payment(s) Received Between Dates". Enter the previous calendar year for the date range. Note that this date range does not affect the numbers printed on the 1098 form, it only tells the program which loans will be included in the print job. Email and/or print the statements to your borrowers.

Calibrate your Data-Only Template for printing on Official IRS Forms

The program provides a data-only template that should work perfectly for nearly all Moneylender users. There are slight differences between printers in how paper is fed through, and your printer may not print onto the IRS form exactly where it should. Print a single data-only 1098 onto regular paper, or one of the black copies from the IRS to ensure the alignment is correct. If you need to reposition the data slightly, you can do that using the Template Designer.

Multiple Lenders, choosing the loans to print in each batch.

The IRS requires that a 1096 Cover Letter is provided for each lender's 1098 forms. If you have one lender, you can skip to the next section.

If you have multiple lenders, make sure you have the lender included as one of the columns in your main window. Do this by clicking File > Moneylender Settings > and adding Lender Company to the displayed columns from the Columns tab. You can sort the main window by lender and then select all or some of the loans to be printed. Remember to Show Closed loans so no closed loans are omitted from your returns by mistake. Use Shift and or Control while clicking to select multiple loans.

Print onto the Official IRS Forms

Put the red official IRS paper into your printer. Select the option to "Print Only" for the email settings. Configure the print dialog to use the proper paper source. Send the Print job to the printer and your official IRS 1098 forms will be printed for the selected loans. If you have multiple lenders, repeat the process for each lender, keeping the bundles of 1098 forms separate from each other.

Print a 1096 Cover Letter

To print the 1096 cover letter, select a single loan with the desired lender. Click Servicing > Print Any Template. Select "Form 1096 cover Letter Data" and click Preview. If your lender is an individual, you should edit the template and move the LenderTaxID to the right to line up with the box for Social Security Number (Set the left to 2.2 inches). Put the official 1096 form into the printer, set the appropriate print settings, and print your 1096 cover letter.