MPF Announcement 2023-05
MPF Xtra Fair Lending Data Requirements
Effective Date: Immediately (unless otherwise noted)
Fannie Mae recently published Lender Letter LL-2022-03 – Supplemental Consumer Information Form (Form 1103) (“SCIF”) and Servicing Guide Announcement SVC-2022-06 – fair lending data requirements with policy changes that become effective for all mortgage loans originated on or after March 1, 2023.
If at the time of origination, the PFI collects any of the fair lending data elements on the SCIF, PFIs and Servicers must retain the fair lending data elements in accordance with the Fannie Mae requirements outlined above.
Upon request, PFIs and Servicers must provide the data elements to the MPF Provider within two business days.
If the servicing for a mortgage loan is transferred at any time after origination, the transferring PFI or Servicer is responsible for ensuring this required information is passed on to the new Servicer, who must then retain the information is retained in compliance with the Fannie Mae requirements.
In the event of any servicing transfer of such mortgage loan, the PFI or transferor Servicer must deliver to the transferee Servicer the SCIF fair lending data elements.
Servicers are required to maintain the SCIF data elements in the quearyable format for each mortgage loan.
Note: In the event of a future transfer of ownership or assumption of the mortgage loan, the Servicer is authorized, but not required, to update these data elements.
The MPF Xtra Selling and Servicing Guide have been updated to incorporate these requirements. Refer to MPF Xtra Selling Guide Section 10.1 and MPF Xtra Servicing Guide Section 1.7.2.
- References:
- MPF Announcement 2023-05