MISMO Releases Additional Background Info, FAQ’s on Taxpayer Consent Language for Sharing Tax Transcripts

Last week, MISMO^®, the mortgage industry standards organization, released its Taxpayer Consent Language, which was created to provide a consistent way for the mortgage industry to comply with the Taxpayer First Act.

The new law, which goes into effect on December 28, requires taxpayers to provide consent for the express purpose for which their tax information will be used. Additionally, taxpayers must also provide consent for their tax information to be shared with other parties.

MISMO has published updated background information and a list of frequently asked questions to assist organizations as they work to implement the Taxpayer Consent Language. Organizations are strongly encouraged to discuss the provisions of the Taxpayer First Act with their counsel and/or compliance departments to determine how best to comply. Communication with other parties involved in the mortgage transaction will be necessary to ensure that they meet the requirements.

MISMO’s Taxpayer Consent Language is issued as a Candidate Recommendation, which means the standard has been thoroughly reviewed by a wide range of organizations and industry participants. It is available–at no charge–for broad use across the entire residential mortgage industry. 

The Taxpayer Consent Language can be accessed at: http://www.mismo.org/standards-and-resources/additional-tools-and-resources/taxpayer-consent-language. Industry participants who have comments or questions about the Taxpayer Consent Language can contact MISMO at info@mismo.org.

For more information, please contact Jonathan Kearns at (202) 557-2838.