Interest Reporting. Servicer agrees that interest paid on a mortgage note(s) by mortgagors will be reported to the Internal Revenue Service on Form 1099 (Interest Reporting Form). Servicer understands that failure to report interest paid may result in a $50.00 penalty to Servicer by the IRS.
Appears in 7 contracts
Samples: Note Servicing Agreement (Bridgewell Preferred Income, LP), Note Servicing Agreement (111 Crowdfunding LLC), Note Servicing Agreement (Bridgewell Preferred Income Fund, LP)
