InfoBytes Blog
FHA requires info on language preference, homeowner education in mortgage originations
On June 27, FHA announced lenders will have to submit information about borrowers’ language preferences and homeownership education or housing counseling history through the Supplemental Consumer Information Form when originating mortgages for FHA insurance. According to FHA, borrowers may choose to provide all, some, or none of the information requested on the form, and lenders must transmit any information the borrower disclosed. The information collected from the form will allow the administration to have a better aggregate view of language preferences, which FHA stated, “will influence its future actions to continue breaking down language and other barriers to homeownership.” On June 13, FHA also announced the availability of Chinese, Korean, Spanish, Tagalog, and Vietnamese versions of more than 30 single family mortgage documents and related resources associated with FHA programs.