Servicing Guide

Published September 9, 2020

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F-1-24: Reporting to Third Parties (07/15/2020)

This Servicing Guide Procedure contains the following:


Reporting to Credit Repositories

Establishing a Relationship with a Credit Repository

When initially establishing a relationship with a credit repository, the servicer must indicate the relationship is being established in compliance with Fannie Mae’s requirements. The following table provides a list of major credit repositories in accordance with C-4.1-01, Notifying Credit Repositories.

Credit Repositories

Equifax Information Services

Experian

Innovis Data Solutions

TransUnion Corporation


Reporting to the IRS

Filing an IRS Form 1099–A, 1099–C or 1099–MISC

The following table describes the servicer’s requirements for reporting information to the IRS in accordance with C-4.2-01, Filing IRS Forms 1099-A, 1099-C and 1099–MISC.

The servicer must...

File an information return with the IRS (using its own name and employer’s tax identification number), if it receives $600 or more of mortgage loan interest payments from the borrower for a calendar year.

Notify the borrower of the amount of interest it received and reported to the IRS.

File IRS Form 1099–MISC to report all fees it paid to foreclosure or bankruptcy attorneys for foreclosure and bankruptcy proceedings.

Reporting to the IRS on Magnetic Media

To ensure that Fannie Mae can identify the servicer and specific mortgage loan numbers if the IRS contacts Fannie Mae for additional information or clarification, Fannie Mae requires the servicer to perform the actions listed in the following table in accordance with Reporting via Magnetic Media in C-4.2-01, Filing IRS Forms 1099-A, 1099-C and 1099–MISC.

The servicer must...

Insert the following header information when the IRS Form 1099–A is filed on Fannie Mae’s behalf:

  • Fannie Mae on the first “Payer” line and the 10–digit Fannie Mae loan number (or MBS pool number), followed by one space, and

  • the 9–digit identification number Fannie Mae assigned to the servicer, on the line for the “Payer’s account number for Payee.”

Submit a Summary of IRS For 1099–A and 1099–C Filing (Form 1100) to notify Fannie Mae that it reported to the IRS on magnetic media.

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