Floify Becomes the First Point-of-Sale to Support the Supplemental Consumer Information Form
Floify recently launched support for the new Supplemental Consumer Information Form (SCIF) / Form 1103, becoming the first mortgage industry tech provider to offer support well in advance of the announced mandatory requirement date.
The SCIF will be mandatory for all conventional loan applications starting next year, and now, with Floify, lenders and origination teams can have confidence that this requirement has been addressed and will have no impact on their ability to do business.
Advanced systems compliance is a critical need for the mortgage industry as technology becomes more engrained in the loan origination process. LOs need look no further for proof than the issues some companies experienced when they were unprepared for the new URLA and MISMO 3.4 file format that become mandatory in 2021.
What is the Supplemental Consumer Info Form / Form 1103?
Per Fannie Mae and Freddie Mac, the purpose of the SCIF is: "to collect information on homeownership education and housing counseling and/or language preference to help lenders better understand the needs of borrowers during the home buying process."
When does Form 1103 become mandatory?
Fannie and Freddie have announced that the Supplemental Consumer Info Form will be required for all new conventional loans with application dates on or after March 1, 2023. Lenders are invited to begin collecting and submitting the new form immediately.
How to start using the new Supplemental Consumer Info Form in Floify
The new SCIF is already built in to the Floify Apply Now 1003 loan application. Origination teams have the power to customize their loan application to either enable or disable the relevant questions.