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79 79 INVESTMENT GOVERNMENT PROPERTY PRESERVATION FHFA ANNOUNCES MANDATORY USE OF THE SUPPLEMENTAL CONSUMER INFORMATION FORM e Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the GSEs. e purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process. e SCIF will be available via Mortgage Translations later this summer. Created by FHFA, Fannie Mae, and Freddie Mac, Mortgage Translations provides resources to assist lenders, servicers, housing counselors, and others in helping mortgage borrowers who have limited English proficiency. e site contains documents and resources available in English, Spanish, traditional Chinese, Vietnamese, Korean, and Tagalog. Mortgage Translations is part of FHFA's Language Access Multi-Year Plan. "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," FHFA Acting Director Sandra L. ompson said. "ese steps will contribute to an equitable housing finance system that welcomes all qualified borrowers." Specifically, the changes announced will require lenders to present the SCIF questions to borrowers and to report any data collected from the SCIF to the GSE purchasing the loan. Lenders will be required to adopt these changes and report requirements for loans with application dates on or after March 1, 2023. Response by borrowers to the preferred language question in the SCIF will remain voluntary. "Today's action from FHFA is a long- overdue step to ensure that our housing system serves all eligible homebuyers," said U.S. Sen. Sherrod Brown, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs. "I applaud Acting Director ompson for taking this important action to improve the mortgage process." Journal