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#2227774 - 12/19/19 03:47 PM Re: Taxpayer First Act - Consent Sgt. Pepper
WIBanker91 Offline
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Joined: Nov 2011
Posts: 185
WI
Does anyone know if it applies to participations?

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#2227776 - 12/19/19 03:59 PM Re: Taxpayer First Act - Consent Sgt. Pepper
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It applies anytime the person that has received the taxpayer return information from the IRS gives the information to a third party.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2227887 - 12/20/19 08:32 PM Re: Taxpayer First Act - Consent Sgt. Pepper
MAFCCons Offline
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Posts: 112
What is the definition of "return information"? An applicant's name and address show up on the tax return. Does that mean that a VOE would be covered?

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#2227888 - 12/20/19 08:38 PM Re: Taxpayer First Act - Consent Sgt. Pepper
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2227891 - 12/20/19 09:01 PM Re: Taxpayer First Act - Consent Sgt. Pepper
MAFCCons Offline
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Joined: Nov 2014
Posts: 112
That helps. Thanks!

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#2228075 - 12/30/19 06:21 PM Re: Taxpayer First Act - Consent Sgt. Pepper
ADN Offline
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Joined: Mar 2007
Posts: 221
How is everyone treating a non-borrowing spouse scenario where tax returns are filed jointly and transcripts are obtained?

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#2228382 - 01/07/20 05:37 PM Re: Taxpayer First Act - Consent Sgt. Pepper
Cbigun Offline
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Joined: May 2016
Posts: 167
So to recap this and make sure I understand it fully.....

If the tax information is obtained any other way than by the customer or their accountant handing it to you - you need their consent as the information "could be" shared to a third party through audit, loss mitigation or selling to an investor?

If customer hands the tax information to you - no consent is necessary?

Is that to simplified?

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#2228383 - 01/07/20 05:40 PM Re: Taxpayer First Act - Consent Sgt. Pepper
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
If the tax information is obtained any other way...………

The only other way covered by the consent is if the information was obtained from the IRS.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2228478 - 01/08/20 01:03 PM Re: Taxpayer First Act - Consent Sgt. Pepper
Cbigun Offline
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Joined: May 2016
Posts: 167
Makes sense..... thanks!

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#2280891 - 02/09/23 08:27 PM Re: Taxpayer First Act - Consent Sgt. Pepper
ComplyCycle Offline
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ComplyCycle
Joined: Dec 2014
Posts: 454
I do not believe I saw a response to this question:

Would the "sharing" consent requirement also apply to loan reviews by a third party, or examiners who look at loan files and see
the tax returns? I don't believe there are any exemptions on the sharing aspect.

Thoughts, please? My opinion is we'd need consent to share with third-party reviewers/examiners. Thanks.

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#2280903 - 02/09/23 09:37 PM Re: Taxpayer First Act - Consent Sgt. Pepper
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
There is no carve out for any third parties to which you share or give access to taxpayer transcripts you have ordered from the IRS..
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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