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Why does the Interest reported on Form 1098 look different from previous years?

The amount shown in Box 1 - Mortgage Interest Received from Payer(s)/Borrower(s), reflects the mortgage interest amount and late charges received from the payer of record during the tax year. It does not include prepaid interest, or any interest paid using Homeowner Assistance Fund (HAF) resources. It may also include negative amortization (deferred interest) paid. 

If your loan originated during the tax year, Box 1 may include closing interest paid. 

If your loan was paid off during the tax year, Box 1 may also include:

• Shared appreciation amounts
• Default interest paid
• Prepayment penalties
• Balloon payoff fees

Form 1098 is used to report mortgage interest of $600 or more on a single mortgage during the calendar year.