221.03B

Preparing IRS Form 1099-A

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for completing the IRS Form 1099-A accurately, for filing it with the Internal Revenue Service, and for providing the information to the BorrowerBorrowerPerson who is the obligor per the Note. and to Fannie Mae by the required dates.  If the Internal Revenue Service penalizes Fannie Mae because a ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. failed to file a return or filed an incorrect return or late return, Fannie Mae will require the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. to reimburse Fannie Mae for any penalty fees the Internal Revenue Service assesses (unless the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. can document that it met the filing requirements).

Information that must be reported on IRS Form 1099-A includes:

  • the Borrower'sBorrower'sPerson who is the obligor per the Note. taxpayer identification number (the Social Security number if the borrower is a natural person);
  • the date of acquisition of an interest in the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). or the date the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. acquired knowledge of the abandonment;
  • the outstanding UPBUPBUnpaid Principal Balance of the 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. ;
  • a general description of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ; and
  • whether the BorrowerBorrowerPerson who is the obligor per the Note. is personally liable for the debt and, if personally liable, the fair market value of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). at the time of acquisition.