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 |
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Equifax Information Services |
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Experian |
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Innovis Data Solutions |
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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... |
|---|---|
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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. |
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Notify the borrower of the amount of interest it received and reported to the IRS. |
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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... |
|---|---|
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Insert the following header information when the IRS Form 1099–A is filed on Fannie Mae’s behalf:
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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. |