FHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending Data
Industry Update
August 11, 2022
Source: Consumer Finance Monitor
The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language. The fair lending data must be stored in a searchable format, and must transfer with servicing throughout the loan term.
On the topic, Freddie Mac issued Bulletin 2022-17, and Fannie Mae issued Servicing Guide Announcement SVC-2022-06. These issuances specify that that data elements must be maintained and transferred, if obtained during the origination process, for loans originated on or after March 1, 2023. The issuances also note that servicers may, but are not required to, update the data elements in the event of a subsequent transfer of ownership or assumption of the loan.
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