FHFA to Require GSE Servicers to Keep Fair Lending Data

Originally published on August 11, 2022, by Georgia Kromrei for HousingWire.com. 

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data.

Starting March 1, 2023, servicers will be required to maintain data on borrowers’ age, race, ethnicity, gender and preferred language. The data will stay with the loan throughout the mortgage term, regardless of whether the servicing rights change hands.

“The need for collecting and maintaining quality fair lending data is a lesson learned from the foreclosure crisis and COVID-19 response,” said FHFA Director Sandra Thompson. “Having fair lending data travel with servicing will help servicers do the important work of providing assistance to borrowers in need, helping to further a sustainable and equitable housing finance system.”

Services can implement the change immediately but are not required until next year.

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