Correspondent Lending Taxpayer First Act Announcement – December 18, 2019

Re: Taxpayer First Act
Date: December 18, 2019

AIG Correspondent Lending would like to remind all Sellers that the Taxpayer First Act, passed into law in July of 2019, will go into effect on December 28, 2019 for all loans delivered to AIG for purchase consideration.

The Taxpayer First Act requires that Sellers disclose to borrowers the “express purpose” of obtaining tax documents (such as transcripts and 4506T documents) and the “express permission” to share said tax documents.

Please note that this requirement has been added to our updated Jumbo and Conforming Guidelines which will be released on December 20, 2019; however the effective date of the Taxpayer First Act supersedes our updated guideline effective date, therefore we are providing this reminder.

Please contact Shane Larscheid, Vice President of Sales with any questions related to this announcement.

Thank you.