Compliance Calendar

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) 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 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 understand borrower needs during the home buying process.

Specifically, the changes announced today will require lenders to present the SCIF questions to borrowers and to report any data collected from the SCIF to the Enterprise purchasing the loan. Lenders will be required to adopt these changes and reporting 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.

The purpose of this Lender Letter is to notify lenders of the mandatory use of the Supplemental Consumer Information Form (Form 1103) well in advance of the mandatory effective date of March 1, 2023 so that preparations can begin.

Form 1103 captures information about homeownership education or housing counseling programs completed by the borrower along with the borrower’s language preference. The form was created in 2021 and is currently optional. Based on FHFA’s announcement, lenders will be required to present the form to borrowers and to report any data collected from the form to Fannie Mae.

This Guide Bulletin announces a new requirement for Servicers to maintain certain fair lending data elements, effective March 1, 2023, and also includes additional updates to requirements for partial releases, easements, and acquisition and updates from Bulletin 2022-16, effective immediately.

The Servicing Guide has been updated to include changes to Fair lending data requirements*, which incorporates new policies into the Servicing Guide that result in servicer maintenance of certain fair lending data elements, effective March 1, 2023.

As per the FHFA, the Supplemental Consumer Information Form (SCIF/Form 1103) is required for new conventional loans sold to Fannie Mae and Freddie Mac with application dates on or after March 1, 2023 to help facilitate the collection of homeownership education, housing counseling, and language preference information.

Maryland Commissioner of Financial Regulation amendments, recodifications, and newly adopted regulations under COMAR 09.03.12 Foreclosure Procedures for Residential Property take effect March 1, 2023.

Fannie Mae has released this FAQ to answer commonly asked questions about value acceptance (formerly appraisal waiver).

Fannie Mae has released this FAQ to provide answers to commonly asked questions about the enhanced Condo Project Manager (CPM).

The Single-Family Housing Guaranteed Loan Program is pleased to announce a two-year extension, now set to expire on May 2, 2025, of guidance originally published on April 29, 2022, which makes non-U.S. citizens with valid Social Security Numbers and work authorization, as evidenced by documentation such as an Employment Authorization Document, Form I-766, temporarily eligible to apply for assistance.

In this servicing guide announcement, Fannie Mae published updates to Pre-foreclosure property preservation for property inspections, preservation expense reimbursement limits, guidance, and a few miscellaneous updates.

The mandatory use dates announced in ML 2021-23 are extended as follows:

Effective on and after March 14, 2023, appraisal delivery through the FHA Catalyst: EAD Module is mandatory for all cases unless a previous appraisal version was submitted to the legacy EAD.

For cases with a previous appraisal submission to the legacy EAD before March 14, 2023, appraisal resubmissions may continue to be delivered through the legacy EAD portal until April 17, 2023.

After April 17, 2023, appraisal submissions for all cases, regardless of previous submissions, must be delivered through the FHA Catalyst: EAD Module.

In this mortgagee letter, FHA communicates revised annual MIP rates for FHA Title II forward mortgages, effective for case numbers endorsed on or after March 20, 2023.

Freddie Mac has provided these FAQs to help answer questions about mortgage eligibility if you become aware of missed payments on a borrower’s existing mortgage, or that the mortgage is in a loss mitigation program, or of the use of proceeds from a “no cash-out” refinance transaction, now that the temporary COVID-19 underwriting requirements have expired.

Fannie Mae provides these FAQs to guide lenders regarding the retirement of the temporary eligibility requirements for purchase and refinance transactions policy in LL-2021-03, Impact of COVID-19 on Originations.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Procedures Notice (PN) 508 announced revisions to technical Handbook-1-3555, Chapter 4, Lender Responsibilities, and Chapter 6, Loan Purposes.