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.
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Cam22
3 months, 4 weeks ago