IRS 1099 A/C Export Does Not Include Bankruptcy Indicator or Event Code Set Up in the Loan's C Record

IRS 1099 A/C Export Does Not Include Bankruptcy Indicator or Event Code Set Up in the Loan's C Record

You may find that the Servicing Director IRS 1099 A/C Export Does Not Include the Bankruptcy Indicator or the Event Code in position 547 of the Payee B Record of the 1099C segment.
In the Customer Service, Other, 1099 A/C Reporting screen, you may have an Event Code selected, and you see that same Event Code on the printed IRS 1099 C form, and expect to find that same code on the IRS 1099 A/C Export, but you do not.


Environment:

IRS 1099 A/C Export

Workaround:

By design, the Servicing Director IRS 1099 A/C Export only includes the bankruptcy indicator or event code in the file (position 547) when the event code in the 1099C record (Customer Service, Other, 1099 A/C Reporting) is A-Bankruptcy.
If A-Bankruptcy is selected, then the A will appear in position 547 of the export.
If any other event code is selected in this screen, the field will remain blank on the export file.

ArticleNumber:

000065910