Certified Mail
Checks under what amount are sent through regular USPS mail?
$10,000.00
To ensure same-day shipment, requests must be received before:
2:00 PM
When is expedited shipping typically provided at no cost to the member?
Due to Credit Union error
What does VOD stand for?
Verification of Deposit
A member will receive a Form 1098 when they have paid more than:
$600 in interest and late fees
A check for $15,000 should be sent using:
USPS Certified Mail
A processor charged the member for shipping but forgot the General Ledger Receipt. What step was missed?
Offsetting the shipping cost through the GL
Who must approve waiving a shipping fee?
Supervisor or Mentor
A Verification of Deposit (VOD) request is typically received from:
Financial Institutions or Housing Companies
The Outstanding Mortgage Principal on the 1098 reflects:
The balance at the beginning of the tax year
At what dollar amount is USPS Certified Mail with Return Receipt required?
Over $100,000.00
A check for exactly $100,000.00 is being mailed. Which mailing method should be used?
USPS Certified Mail
If a shipping fee is waived, what information should be provided to MCC Processing?
The approval and who approved it
What is a Credit Reference request?
A request to determine if a member is in good standing
What is NOT reported on the 1098?
Mortgage Insurance Premiums
Where should tracking numbers be imaged?
OnBase under the Member Number
What is the PRIMARY reason checks over $100,000 are sent with Return Receipt?
To receive signature confirmation of delivery
If a member is paying for shipping, who is responsible for collecting the fee?
MCC Processing Agent who received the request
What is the standard timeframe for completing fax requests?
24-48 Hours
If a member has three borrowers on a mortgage loan, how many names will appear on the 1098?
Two
After imaging the tracking information, what should be sent to the member?
An email confirmation
What should be included in the transaction description for the GL Receipt?
Member's Last Name/Account Number – FedEx/Your Initials
What should the Transaction Description be when charging a member for shipping?
FedEx Postage Expense
A signed payoff authorization is received for a HELOC. What should you do?
Forward to Real Estate Loan Servicing
If a member has two mortgage loans and each loan exceeds the reporting threshold, how many 1098 forms will they receive?
Two Separate Forms