Homebridge has updated Bulletin 23-09, originally issued February 28, 2023, with additional information. Refer to the highlight below for updated guidance
The Federal Housing Finance Agency issued a News Release on May 3, 2022 announcing a new mandatory form requirement for Fannie Mae and Freddie Mac transactions.
The Supplemental Consumer Information Form (SCIF), FNMA/FHLMC Form 1103, will be required on all Fannie Mae and Freddie Mac transactions with an application dated on and after March 1, 2023.
NOTE: The borrower is not required to complete the form when signing the disclosures.
The purpose of Supplemental Consumer Information Form is to collect information from borrowers on homeownership education and housing counseling and/or the borrowers language preference. The borrower has the option to select a language preference for communication or can select “I do not wish to respond” or the borrower can leave the selection blank. The borrower also has the option to provide homeownership education and housing counseling information; the borrower can also leave the selection blank. The form is intended to help better understand the needs of borrowers during the home buying process. The borrower is not required to sign the Supplemental Consumer Information Form.
Broker Disclosed Transactions
Brokers are not required to provide the Supplemental Consumer Information Form with their submission.
The Homebridge Account Manager will provide the Supplemental Consumer Information Form in the redisclosure package sent to the borrower.
To ensure that the borrower has received the new form, Homebridge will require that the borrower sign and return the redisclosure package for all Broker disclosed FNMA and FHLMC transactions with an application date of March 1, 2023 and later.
Homebridge Disclosed Transactions
Homebridge will include the Supplemental Consumer Information Form in the initial disclosure package.
The NDC is responsible to provide the Supplemental Consumer Information Form in their initial disclosure package. The Fannie Mae/Freddie Mac Submissions Quick Reference Guide has been updated.
Fannie Mae and Freddie Mac have created Instructions for Completing the Supplemental Consumer Information Form to assist in the completion of the form.
If you have any questions, please contact your Account Executive