The Mortgage Industry Standards Maintenance Organization (MISMO), is seeking public comment on its new dataset standard for the Internal Revenue Service (IRS) Request for Transcript of Tax Return (IRS Form 4506-C).
The 60-day public comment period for this dataset runs through May 18, 2022, MISMO said.
MISMO said its new dataset provides a standard set of data points that map to Form 4506-C, which is used for requesting tax transcripts from the IRS. The new dataset, accompanied by a sample XML file and a numbered form, demonstrates the necessary structure for implementing the dataset using the MISMO v3.5 reference model, it said.
Together, this information package will provide lenders and vendors a MISMO-standard method for completing IRS Form 4506-C, which fully replaced the Request for Transcript of Tax Return (IRS Form 4506-T), on May 1, 2021, MISMO said.
In addition to the dataset for IRS Form 4506-C, MISMO created a dataset for the previously used IRS Form 4506-T. This dataset provides historical context of the different MISMO data points needed for the new form.
The public comment period allows those who participated on the proposal at least 60 days' notice prior to final release to review and disclose any applicable patent rights (as defined by MISMO's 2018 Intellectual Property Rights Policy).
MISMO requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures should be sent by email to [email protected].
A related initiative is MISMO's Taxpayer Consent Language, which provides a consistent way for the mortgage industry to obtain borrower consent to share tax information received from the IRS with other parties involved in a mortgage transaction.
MISMO is a not-for-profit subsidiary of the Mortgage Bankers Association (MBA). It is responsible for developing standards for exchanging information and conducting business in the mortgage finance industry.
