If you use the CU*BASE Escrow Payables system for your mortgage loans, you can obtain the yearly amount that is being scheduled to pay for PMI from the Escrow Disbursement History on the individual loan.
  1. Launch Tool #570 “Open /Update Escrow Disb. Records” 
  2. Enter the mortgage account number
  3. Select the Payee that represents the member’s PMI
  4. Choose the History option
Depending on when you view this history, of course, you may need to extrapolate any remaining months of the year to calculate the total premium that will actually be paid through December.  But the screen will show the typical monthly amount, plus reflect any changes that were made during the year (or if the loan was new during this tax year).  (Obviously if there were any PMI premiums that were not paid via CU*BASE, you will need to add those in to the figure you enter into the Tax File.)

NOTE: You may be tempted to look at the Total premium amount on the escrow disbursement record (and in many cases that might actually be correct); just be aware that this amount is only a calculated anticipated annualized premium, not a total of the amount actually paid via the Escrow Payables system.  If the loan was opened during the year, or if something changed somewhere along the way, this might not be the actual amount that was paid by the member for the year.

Or use this alternative method (involves printing reports):
  1. Launch Tool #940 "Verify Escrow Disbursements"
  2. Select appropriate PMI Payee
  3. Enter member Escrow Account number
  4. Enter Disbursement date (from January 1 to December 31)
  5. Print report
  6. Repeat for each member with PMI, and each PMI Payee (usually only one)
Other Helpful Tips
Since you can create tax file records at any time, you can make things easier on yourself by doing some of this data entry throughout the year, even before December 31 when the tax file is officially created. (Just be sure to enter the proper tax year on the initial screen so the data is recorded for the proper tax period.)  For example:
  • Since PMI premiums typically stay consistent throughout a year, when opening a new mortgage loan make it a habit to create a Tax File record and enter the amount of premiums that member will pay through the remainder of this tax year.  You can always go back and adjust the amount in the record if something changes during the year, but that typically happens only rarely.
  • Likewise, when paying off a mortgage during year, add a step to your routine so that you enter the total amount of PMI paid into the Tax File record, ready for that year’s tax reporting.