Fannie Mae issued a Selling and Servicing Notice – Taxpayer First Act and Use of Tax Return Information (Notice) relating to the sharing and disclosure of tax return information. Per the Notice, lenders and servicers that receive tax return information are required to obtain the express written permission of the borrower prior to sharing or disclosing the tax return information to any other person or entity. The Mortgage Industry Standards Maintenance Organization (MISMO®) has drafted a sample Taxpayer Consent Form designed to allow lenders and servicers to share borrower tax return information with other loan participants (available to MISMO members). Lenders and servicers may also prepare their own taxpayer consent form, as long as the form provides the lender or servicer with express permission to share tax return information. The Notice applies to all loans sold to, or securitized by, Fannie Mae. Lenders and servicers are required to comply with the Notice requirements on or after December 28, 2019.
Click Here to View the Fannie Mae Selling and Servicing Notice (11-06-19)
