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”) starting with applications dated on or after March 1, 2023.
The SCIF (Form 1103) collects information about a borrower’s language preference and any homeowner education or counseling that the borrower completed in the prior 12 months. Borrower response to the language preference question is voluntary and will not itself trigger any translated disclosure requirements. However, 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. Language preference choices on the form include: English, Chinese, Korean, Spanish, Tagalog, Vietnamese, or Other.
As part of the SCIF update, the form has been revised with an updated footer date of 05/2022. The SCIF is now available on FHFA’s Mortgage Translation website . The site has translated versions of the Uniform Residential Loan Application (“URLA”) in addition to the SCIF. The forms are available in English, Spanish, traditional Chinese, Korean, Vietnamese and Tagalog.
DocMagic has provided the SCIF as an optional disclosure since October 2021 and released the updated version (rev. 05/2022) to production on June 2, 2022. The Spanish translation of the SCIF will be available for optional as of September 8, 2022.
DocMagic plans to make addition translations available and will provide more information in a future announcement.
If you would like to add the form to packages or if you have additional questions, please contact DocMagic’s Customer Service.
