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CORRESPONDENT BONA FIDE DISCOUNT POINT WORKSHEET Borrower Name(s): Lender: Date: Property Address: In order to exclude discount points from the QM points and fees test, lender must provide documentation
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How to fill out correspondent discount points
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The first step in filling out correspondent discount points is to gather all the necessary information. This includes your personal details, such as your name, address, and contact information, as well as your financial details, such as your bank account or credit card information.
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What is correspondent discount points?
Correspondent discount points are fees paid by a borrower to a mortgage broker or lender in exchange for a lower interest rate on a mortgage loan.
Who is required to file correspondent discount points?
The mortgage broker or lender who receives the correspondent discount points is required to file them.
How to fill out correspondent discount points?
Correspondent discount points should be reported on IRS Form 1098.
What is the purpose of correspondent discount points?
The purpose of correspondent discount points is to allow borrowers to lower their interest rates by paying additional upfront fees.
What information must be reported on correspondent discount points?
The amount of the discount points paid and the corresponding interest rate reduction must be reported.
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