As of March 1, 2021, Members may perform services for clients that result in a completed loan forgiveness application that is prepared relying on information provided by a client. Members may also use a platform or tool that results in a completed loan application along with supporting documentation.
How can a member help in submitting a forgiveness package?
The forgiveness form along with supporting documentation (the forgiveness package), may be submitted to the client’s lender under three different scenarios:
The member sends the forgiveness package to the client and the client submits the package to the lender.
The member sends the forgiveness package to the client for signature then the client returns it to the member. The member then submits the package to the lender on behalf of the client (with client permission).
The member completes the forgiveness package and sends it to the client. The client authorizes the submission of the forgiveness package through the platform or tool and the forgiveness package goes directly to the lender through the platform or tool’s integrated interfaces without additional interaction by the member.
In each scenario, the member prepares Form 3508 (or 3508S or 3508EZ) using information provided by the client. The client is required to affirm the accuracy of the data reported on the form and sign the form, which may be done electronically.
What are the related independence requirements?
In each scenario, a member who wishes to maintain independence must do the following:
Meet the general requirements for performing nonattest services (ET sec. 1.295.040), including determining that the client is willing and able to accept responsibility for the results of the service.
Meet the hosting services independence requirements (ET sec. 1.295.143). Specifically, the member must avoid taking custody of or storing a client’s data or records whereby that data or records are available only to the client from the member.