FHFA to make Supplemental Consumer Information Form mandatory

Fannie Mae and Freddie Mac will now require lenders to use the Supplemental Consumer Information Form, which collects information about the borrower’s language preference, if any, as well as information on any homebuyer education or housing counseling the borrower received, the Federal Housing Finance Agency announced today.

The new requirement will take effect for loans with application dates on or after March 1, 2023. Lenders will be required to present the SCIF questions to borrowers and report any data collected to the GSE purchasing the loan. FHFA noted, however, that a response by borrowers to the preferred language question will remain voluntary.