Archive

On May 3, 2022, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use a Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises. The 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 […]

At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac are communicating that the optional use period for the redesigned Uniform Residential Loan Application (URLA) form and corresponding datasets will not begin on July 1, 2019 as previously scheduled. The effective date of the form will be revised and an updated version will be provided at a later date. The revised Uniform Residential Loan Application was initially scheduled to be […]

July 1, 2019 is the effective date for two major compliance events. This is a reminder that some of you have a lot of work to complete in the next 20 business days. Mandatory Acceptance of Private Flood Insurance – Starting on Monday July 1, 2019 all financial institutions must be in compliance with the new Mandatory Purchase Requirements for Private Flood Insurance. By that date your policy and procedures must be updated and your […]

Recently the Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA).  This question will enable borrowers who prefer to communicate in a language other than English to identify that language.  It also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. The addition of this question is part of […]

The CFPB released proposed changes to Regulation B on Friday, March 24th.  The proposal, a mere 56 pages, is designed to permit creditors additional flexibility in complying with Regulation B, in order to facilitate compliance with Regulation C – HMDA.  This proposal was not unexpected. In October 2015, the CFPB issued final rules to implement changes to Regulation C that allow an applicant to self-identify using disaggregated ethnic and racial categories.  These rules are generally […]