The Federal Housing Administration (FHA) will require lenders to use the Supplemental Consumer Information Form (SCIF) when originating mortgages for FHA insurance.
The SCIF (Fannie Mae/Freddie Mac Form 1103) is used during the mortgage application process and enables to voluntarily identify language preferences and provide information on housing counseling and homeownership education they may have received. Borrowers may choose to provide all, some or none of the information requested on the form.
Lenders working with prospective borrowers seeking FHA-insured Title II forward mortgage financing will be required to present the SCIF to borrowers as part of the mortgage application process. Lenders will transmit any information a borrower chooses to provide to FHA as part of the lender’s required loan application data submissions.
The SCIF will be required for loan applications dated on or after Aug. 28.
“Borrowers should be able to fully understand their options and obligations when they are seeking mortgage financing,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “Using the SCIF is an important means of obtaining information to assess the breadth of education and language needs of borrowers so that lenders can best meet their needs.”
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A special form for three questions that should have already been a part of the mortgage application itself, or added to that form.
Adding one more form is just emblematic of the federal bureacracy and the “have to have a form for that” mentality of a government agency trying to justify its existance.
Agree.. more govt.bureaucracy pushed by diversity sympathies to the off the charts influx of “immigrants “, more enabling.