Taxpayer Consent Development Workgroup (DWG)
Join MISMO's Taxpayer Consent DWG!
MISMO seeks industry participants to collaborate on the language MISMO has developed to gain consent for the utilization of tax transcripts by stakeholders throughout the mortgage process. This is being done to comply with the Taxpayer First Act which was signed into law on July 1, 2019.
The Taxpayer First Act contains a provision that the taxpayer must provide their permission ("consent") for the information to be shared. This component of the law, which must be implemented by December 28, 2019, does not yet state how the consent should be obtained or documented, and the Internal Revenue Service (IRS) has not provided guidance on how this should be managed.
Using MISMO's collaborative development process, industry participants will address the requirement to obtain consent to share tax information and data with multiple stakeholders in the mortgage process. Collaboration may include creating appropriate 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. Workgroup participants do not have to be members of MISMO to participate, but only MISMO members will be able to vote on the new standards.
If you are interested to participate with this group and are already a MISMO member you may join the collaboration site that has been established on "MISMO Connect". If you are not a member of MISMO, let us know that you would like to participate by sending an email to email@example.com . For information on how to become a MISMO Member, see here.
Suzanne Garwood, Chase, Chair
Melissa Dione, AMC First, Vice-Chair