Taxpayer First Act - Impact on Loan File Review
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 and U.S. Bank will require lenders to be compliant with the provisions outlined in the Taxpayer First Act for all Minnesota Housing loans. U.S. Bank will begin reviewing for the new consent form on all credit and closed loan packages delivered to U.S. Bank on and after December 13, 2019.
Please see the U.S. Bank Seller Guide Updates SEL-2019-065 for additional information and resources. As always, we encourage lenders to consult their compliance and legal business members with any questions, as they are your source of professional guidance and regulatory compliance.