In accordance with Internal Revenue Service (IRS) requirements, McCue Mortgage annually reports the total amount of interest we received on your mortgage, real estate taxes we have paid on your behalf and points you paid in conjunction with the origination of your loan. This activity on your loan is reported to the IRS under the name and Social Security Number/Tax Identification Number of the primary borrower on the mortgage. Annual Statements are printed and mailed by January 30.

Please verify the Tax Identification Number on your Annual Statement matches your Social Security Number. If not, please contact us immediately.

As your mortgage servicer, McCue Mortgage is required to provide you with an annual statement regarding the activities of your mortgage for each calendar year until your mortgage is paid in full. The statement includes the following:

  • A summary of the total principal amount for the year which has been paid to McCue Mortgage;
  • the Mortgage Insurance premium (MIP) paid to the mortgage insurer (FHA, VA etc) and charged to the you, the homeowner;
  • the total amount of deferred interest added to the mortgage balance;
  • the total mortgage balance and the current principal limit;
  • And if McCue Mortgage pays property charges (taxes, ground rents, flood and hazard insurance premiums) on your behalf, an accounting of all payments for property charges for the year.

If you don’t receive a copy of our year end statement by February 15th, please contact us immediately to request a duplicate be mailed to you.

 


Frequently Asked Questions and Reminders about the Annual Statement

Click on the questions below for answers to our most frequently asked questions.

If you have a question that isn’t listed here, please feel free to e-mail us or contact someone for more information.

We will respond as soon as possible.

Why don’t these numbers match?

Sometimes the amount of interest reported to the IRS will be different from the amount shown on the Mortgagor’s Annual Statement Information as “Interest Paid ”.

This may occur in the following situations:

  • If you paid less than $600 in interest on your mortgage loan, we are not required to report to the IRS.
  • If you assumed your mortgage in the previous calendar year, the interest reported to the IRS includes only the amount received for the period during which McCue Mortgage was aware you were obligated on the loan.
  • If your monthly payments were supplemented by buy down funds, we have reported to the IRS an amount of interest paid after deduction of those supplemental amounts.
  • If a portion of your monthly mortgage payment is subsidized by the U.S. Department of Housing and Urban Development (HUD) under a government-assisted loan program, you are allowed to deduct only that part, if any, of the mortgage interest payments made during the year that exceed the amount of assistance payments made by HUD.
  • If on December 31, your mortgage was prepaid for installments due February 1, or after, the interest portion of such prepayments is not reportable to the IRS for the year. This prepaid interest will be reported in subsequent years, as applicable.
  • If you paid any late charges, we have reported to the IRS the amount paid as interest paid.

Monthly Payment Information

We can better serve you if you will observe the following practices:

  • Mail payments to: McCue Mortgage P.O. Box 150463 Hartford, CT 06155-0463.
  • Please include a coupon with your monthly payment and write your loan number clearly on the front of your check or money order.
  • If you use the online banking feature provided by your depository institution, please ensure that your loan number is in the memo section of your online check authorization.
  • If you are paying an amount in addition to your required monthly payment, please indicate on the coupon how you would like the additional funds applied, after any outstanding fees due are paid (prepayment of future installment, principal payment, escrow payment, etc.).
  • Enroll for free automatic payments via our website: http://bit.ly/McCuePay
  • For automated phone payments: please call 800-704-2551. An $8.00 processing fee will apply.

Late Charges and Return Check Fees

The due date for your mortgage payment is the 1st of each month. Late charges are assessed if we have not received your payment in our office within 15 days of the date due. Please note we do not consider the postmark date in determining the timeliness of your payment. We request you mail your payment on or before the due date to avoid the possibility of incurring a late payment charge. We are not responsible for delays related to mail delivery.

If a check is not honored by your bank and returned to us, we will charge an administrative fee of $25.00 per occurrence.

We encourage the use of electronic payments to ensure the timely receipt of funds. Electronic payments must be set up by you in our online system, Payment Advantage, which you can access here: http://bit.ly/McCuePay  It is free to use if you sign up for automatically scheduled payments, and the system provides additional loan information including your due date, payment amount, late charge balance, principal and escrow balances and more. The system is updated daily to reflect the most recent information on your account. Most importantly, payments through this system are the best way to ensure that all payments are applied to your account correctly, and received on time without any complications from mail delivery at the post office

Property, Flood and Mortgage Insurance

We recommend you review your present coverage with your insurance agent to ensure that you are adequately protected in the event of damage to your property. If you choose to replace your policy, please notify us 30 days prior to the expiration date of your existing policy.

If the McCue Mortgage Company is required to maintain an escrow account for your insurance, we are responsible for payment of annual premiums. In order to ensure timely payment of our insurance premium, we must have renewal information in our office 30 days prior to the expiration date of the existing policy.

Insurance claim checks require special attention. Please review the details on our website.

 

Change of Address

Changes in your address will be processed upon receipt of a written request signed by all borrowers that indicates the reason for the address change and the new information. Please note that your loan may have an owner occupancy requirement and if you are no longer living at the property, we will need further information regarding the nature of your mailing address change.

Credit Reporting Disputes

If you think that McCue Mortgage has made an error in reporting your mortgage payment history to the credit reporting agencies, please send your concerns in writing to servicing@mccuemortgage.com or :

The McCue Mortgage Company
Attn: Loan Servicing Manager
P.O. Box 1000
New Britain, CT 06050-1000