When Required

The Internal Revenue Service requires certain mortgage holders, including Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! , to file information returns when $600 or more of 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. is cancelled.  Except as provided in Part V, Chapter 2: Reporting and Remitting, Section 221.04D: Exceptions to IRS Form 1099-C Reporting, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must file these returns on Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's behalf, using IRS Form 1099-C, for all applicable Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. (including 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. participations if Fannie MaeFannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! 's percentage ownership of such 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. is 50% or greater).  If, in the same calendar year, 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. is canceled in connection with a foreclosure or abandonment of secured property, it is not necessary to file both Form 1099-A and Form 1099-C for the same BorrowerBorrowerPerson who is the obligor per the Note. .  Only Form 1099-C need be filed, and the Form 1099-A filing requirement for the BorrowerBorrowerPerson who is the obligor per the Note. will be met by completing boxes 4, 5, and 7 on Form 1099-C.