Opinion: FHFA language requirements may shake up compliance landscape 

Recently, the Federal Housing Finance Agency (FHFA) announced that mortgage lenders will be required to include in loan packets the Supplemental Consumer Information Form (SCIF), which registers a borrower’s language preference, in order for those loans to be eligible for sale to Freddie Mac or Fannie Mae. While the requirement may seem fairly innocuous, it’s likely the first of several new requirements lenders will need to consider when working with borrowers of Limited English Proficiency (LEP) in the future. While the concept of providing resources for LEP consumers is not novel; the requirement of those resources and the specification as to which resources must be provided, as a matter of law, will likely demand a substantial adjustment by lenders and servicers.