This column was contributed by a association member.
There is a California Civil Code 2954.8 that requires banks, mortgage companies, acclaim unions, etc. to pay 2% absorption assets on impound annual amounts and address the absorption bulk on Form 1099-Interest at the end of anniversary year. I had consistently accustomed my notices in the accomplished but because we re-financed our accommodation with a new mortgage aggregation in backward 2012 I accomplished that I accept not been accepting my 1099 from the new mortgage aggregation for 2012 and 2013. When I alleged the mortgage aggregation they said they did not accept to pay absorption on the funds and did not accept to accelerate the 1099-Int. statement. After blockage with the California Department of Business Oversight they beatific me the Civil Code advice and I will be afterward up[ with them to accomplish abiding that my mortgage aggregation is advertisement properly. It isn’t about the money, although it is a binding 2%, it is about the law. I don’t appetite an analysis because some affluent mortgage aggregation is not accomplishing their job.
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