Skip to main content

MISMO Seeks Input on Taxpayer Consent Component

Phil Hall
Aug 19, 2019
Photo credit: Getty Images/Roman Didkivskyi

MISMO has announced a request for input on the development of standardized language to gain consent for the utilization of tax transcripts by stakeholders in the mortgage process.
 
MISMO has announced a request for input on the development of standardized language to gain consent for the utilization of tax transcripts by stakeholders in the mortgage processThe new request is in compliance with the Taxpayer First Act that was signed into law on July 1. This law states a taxpayer must provide their permission (“consent”) for the information to be shared. Although this component of the law must be implemented by Dec. 28, it does not state how the consent should be obtained or documented. The Internal Revenue Service (IRS) has not provided guidance on how this should be managed.
 
MISMO said that input may focus on the creation of various methods, forms, language and tactics to ensure that parties that receive tax data from the IRS have taxpayer consent to share the information with other participants in the mortgage process. Any standards created will be made available for public comment prior to being finalized.
 
“It is important for the mortgage industry to develop a consensus solution to ensure compliance with the new law,” said Rick Hill, executive vice president of MISMO and MBA’s vice president of technology. “Given the likelihood that many different industry functions may be affected by this requirement, MISMO is seeking collaboration from the industry to avoid any unnecessary disruption to lenders, servicers, and consumers ahead of the December deadline.”

 
Published
Aug 19, 2019
More from
Tech
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
The Real Brokerage Acquiring LemonBrew Lending For $1.25M

Real said the acquisition marks the next step in its strategy to develop a seamless end-to-end home buying experience.

Tech
Sep 26, 2022
Guaranteed Rate Launches Spanish Language Mortgage Program

The expanded Language Access Program (LAP) delivers every step and communication in Spanish.

Tech
Sep 22, 2022
Maxwell Aims To Extend An Arm To Hispanic Buyers

New point of sales platform makes mortgage process automatically bilingual.

Tech
Sep 20, 2022
Rocket Launches Program To Discount 1st-Year Mortgage Payments

Offers new homebuyers 1 percentage point discount for first year of payments.

Tech
Sep 16, 2022
Expert: Zillow Privacy Lawsuit Has Wider Implications

Could decide just how vague privacy policies can be.

Tech
Sep 16, 2022