221.01

What to Report

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with Internal Revenue Service reporting requirements for:

  • reporting the receipt of $600 or more of interest payments from any BorrowerBorrowerPerson who is the obligor per the Note. who is a natural person (IRS Form 1098);
  • filing Statements for Recipients of Miscellaneous Income (IRS Form 1099-MISC) to report payments of fees and related expenses to attorneys and other third parties in connection with foreclosure or liquidation proceedings in connection with a Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. and the related PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
  • filing notices of Acquisition or Abandonment of Secured Property (IRS Form 1099-A) to report the acquisition of a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). by foreclosure or acceptance of a deed-in-lieu or by a Borrower’sBorrower’sPerson who is the obligor per the Note. abandonment of a property; and
  • filing notices of Cancellation of Debt (IRS Form 1099-C) to report the cancellation of any part of a Borrower’sBorrower’sPerson who is the obligor per the Note. indebtedness.

Should the Internal Revenue Service change the reporting requirements in connection with any of IRS Form 1098, IRS Form 1099-MISC, IRS Form 1099-A or IRS Form 1099-C, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with those changed reporting requirements, notwithstanding anything to the contrary contained in this Chapter.  The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. should contact Fannie Mae if it believes any portion of this Chapter to be in conflict with such Internal Revenue Service reporting requirements.