1099-C Statements

1099-C statements have been generated and mailed to approximately 200 customers.   These statements generate when cancellation of debt occurred during the 2021 calendar year.

1099-C Explanation

With interim servicing, 1099-C statements are generated and mailed to customers who owed a monthly payment(s) to Fairway before their loan transferred to the new servicer but never remitted the payment(s) due to Fairway.  

  • At the end of the 2021 calendar year, Fairway’s Accounting Department performs a write-off of the loss in these instances, resulting in the cancellation of debt
  • A 1099-C is issued when the write-off amount of the interest portion of the referenced payment is greater than $600.00

1099-C Call Handling

If customers call with questions about a 1099-C received from Fairway, provide an explanation based on the information above.  

If customers have additional questions or require further assistance:

  • Connect the call to Sandi Whitcomb – Senior Default Analyst
  • Phone: (469) 228-4176 
  • Prior to transferring the call, advise the caller to leave a voicemail if Sandi is unavailable 
  • Advise the caller they will receive a return call within one business day

Sample 1099-C Form