MISMO®, the mortgage industry’s standards organization, today announced that its successful Taxpayer Consent Language is approved as a new standard. MISMO’s Taxpayer Consent Language was created to provide a consistent way for the mortgage industry to comply with the new requirements of the Taxpayer First Act that went into effect at the end of 2019. The law requires taxpayers to provide consent for the express purpose for which their tax information will be used. The MISMO consent language is widely used across the industry since it allows lenders to share tax information received from the Internal Revenue Service (IRS) with other parties involved in a mortgage transaction.
“JPMorgan Chase has implemented the MISMO taxpayer consent language for its retail originations and reviews the loan files it purchases to ensure the MISMO language is included,” said Suzanne Fay Garwood, Assistant General Counsel, JPMorgan Chase. “The MISMO consent language has been successfully integrated into our mortgage origination process and we appreciate the leadership role MISMO took on this.”
The mortgage industry has leveraged this MISMO resource since its rollout in November 2019. The consent language was developed and is used by a range of organizations including lenders, government-sponsored entities, IRS form 4506-T fulfillment vendors, mortgage insurers, and due diligence firms.
The MISMO Taxpayer Consent Language provides consent for the express purpose for which the tax information will be used and consent to share the tax information with third parties, a common practice in the mortgage industry.
Questions about the MISMO Taxpayer Consent Language should be sent to email@example.com.
For more information about MISMO, visit www.mismo.org.