The latest news for Minnesota Housing home improvement lender partners
Taxpayer First Act
The Taxpayer First Act was signed into law on July 1, 2019, and includes a provision that persons receiving tax return information must obtain the express permission of taxpayers prior to disclosing it to any other person. This component of the law goes into effect on December 28, 2019.
Minnesota Housing will require lenders to be compliant with the provisions outlined in the Taxpayer First Act for all loans delivered to Minnesota Housing. Lenders must document in each borrower file that they have received express consent from taxpayers to share tax return information prior to disclosing the tax return information to Minnesota Housing (which includes uploading the documents to the commitment system or sending in hard copies).
As a resource, we are sharing the following information from the Mortgage Industry Standards Maintenance Organization (MISMO) who drafted a sample Taxpayer Consent Form.
  • MISMO members and non-members can access this sample language on the MISMO website.
  • MISMO also provided as list of Frequently Asked Questions (FAQs) to assist organizations as they work to implement the MISMO Taxpayer Consent Language. 
While we are providing this resource, lenders must consult with their compliance and legal departments for how to implement this Act within their organization.
You can reach the Partner Solutions Team at 651.296.8215 or 800.710. 8871 between 8:00 a.m. and 5:00 p.m. on business days. 
Twitter Facebook LinkedIn
powered by emma
Subscribe to our email list.