Certified Regulatory Compliance Manager (CRCM) — Question 292

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?

Answer options

• 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

Correct answer: D

Explanation

The correct answer is D because including a request for TINs in the annual mailing of the payment coupon book ensures that borrowers are reminded of the requirement in a timely manner. Option A is incorrect as a one-time certified mail request may not be sufficient for compliance. Option B does not directly address the need for obtaining TINs from borrowers, and Option C is less effective than incorporating the request into an annual mailing that borrowers already expect.