12/26/19 - TIN Solicitations Mailed to 201 Retained Servicing Customers

Summary:

  • Explanation of process and letters sent
  • Verbiage contained in the letter
  • Comment Codes and Task IDs


Explanation:

Per IRS regulations, Social Security Numbers (SSN) and/or Tax Identification Numbers (TIN) must be verified for every customer.  During this year’s verification process, data for 201 Retained Servicing Loans could not be verified.  


A W-9 form and letter of explanation were mailed to these customers.  


Details in the letter include:

  • Explanation and examples why data may be considered incorrect
  • Instructs customers to fill out, sign, and return the enclosed W-9 form even if the information from the mortgage account matches the number on their Social Security Card or documents
  • Complete and return the document by January 4, 2020
  • Customers should mail the signed form to the Correspondence Address
    • PO Box 100100, Duluth, GA  30096-9377


Verbiage contained in the letter:

Dear Borrower:


We need you to provide us with an IRS W-9 on or before 01/04/2020. 


Current Name on Account:                                       Current TIN on Account:


The Internal Revenue Service (IRS) has notified us that the taxpayer identification number (TIN) on your account with us does not match their records. The IRS considers a TIN as incorrect if either the name or number shown on an account does not match a name and number combination in their files or the files of the Social Security Administration (SSA). If you do not take appropriate action to help us correct this problem before the date shown above, you may be subject to a $50 penalty by the IRS for failing to give us your correct name/TIN combination. 


Why Your TIN May Be Considered Incorrect

An individual’s TIN is his or her social security number (SSN). Often a TIN does not match IRS records because a name has changed through marriage, divorce, adoption, etc., and the change has not been reported to SSA, so it has not been recorded in SSA’s files. Sometimes an account or transaction may not contain the correct SSN of the actual owner. For example, an account in a child’s name may reflect a parent’s SSN. (An account should be in the name and SSN of the actual owner.)


Important Reminder!

You must send us a signed IRS form W-9 on or before the date provided in this Notice even if the name and number (SSN or EIN) on your account with us match the name and number (SSN or EIN) on your social security card or the document issuing you an EIN. A Form W-9 is enclosed for your convenience, as well as any additional documents allowing us to change the name/TIN combination on your account.


Thank you,

Customer Experience

(877) 297-5350


<End of letter>



Comment Codes and Task IDs:

These loans have been documented with this comment code:

  • YETINL - TIN SOLICITATION VERIFICATION LETTER SENT


Use this Comment Code to document the loan regarding any inbound calls or inquiries received:  

  • YECLRC – BWR RCVD TIN SOLICITAITON & CLLD IN W/ QUESTIONS
    • Add additional free-form comments as necessary


If customers need further assistance or have detailed questions regarding the TIN Solicitation and W-9 form, open this task: 

  • YETINU - YEAR END TIN UPDATE NEEDED
  • Document in the task notes the specific question from the customer
  • The Year End team will review the information and contact the customer

See your Manager or Lead if you have any questions.