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An example of an acceptable correction is changes to the allocation between multiple sellers. Unacceptable changes are requests to report the sale in the name of a person who was not the seller in the transaction. Sellers requesting a correction must submit their request in writing. The settlement agent will review the request to confirm it is an acceptable correction.

If the request is acceptable, the settlement agent must remit the correction to the National 1099 Department in writing. Only the escrow manager, officer or assistant may request a correction. The seller cannot call the National 1099 Department directly since they have no way of knowing who the sellers are or if the correction they are requesting is legitimate.

The National 1099 Department makes requesting a correction very easy. They have a form and step–by–step instructions posted to the Company intranet on their page. All of their contact information is included.

The National 1099 Department processes corrections in the order they are received and usually processes and mails the corrected form the same day, if the request arrives before 3:00 p.m. PST (except during the months of February and March).

 

 

 
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