On May 3, 2022, the Federal Housing Finance Agency (“FHFA”) announced that the Supplemental Consumer Information Form (“SCIF”) will once again be required for loans sold to Fannie Mae and Freddie Mac (the “GSEs”) with application dates on or after March 1, 2023.
The SCIF (Form 1103) includes questions for borrowers regarding completion of homeownership education and housing counseling, plus language preference. Lenders will be required to provide the form to borrowers and report the data collected to Fannie Mae or Freddie Mac when the loan is purchased. Borrower response to the language preference question is voluntary.
The FHFA Acting Director Sandra L. Thompson stated that “collecting language preference and housing counseling information provides mortgage applicants with an additional method to inform lenders of their needs, enabling the industry to more fully respond to the nation’s growing diversity.”
As part of the SCIF update, the form has been revised with an updated footer date of 05/2022. The instructions at the top of the form were also revised to remove the sentence, “The lender or the borrower may complete all or part of the SCIF at their discretion.”
The GSEs have posted updated instructions on their respective websites along with a numbered form which provides automated underwriting system (“AUS”) specifications. The SCIF will also be available on FHFA’s Mortgage Translation website later this year, translated in multiple languages.
DocMagic has provided the SCIF as an optional disclosure since October 2021 and will be releasing the updated version (rev. 05/2022) to production on June 2, 2022. Additional implementation information will be released at a future date.
If you would like to add the form to packages or if you have additional questions, please contact DocMagic’s Customer Service.
