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5438 South Prairie View Drive West Des Moines, IA 50266
Blog Post
SCIF and the Implications of Marketing Products in a Foreign Language
Michael Christians • September 10, 2022
For loans intended for sale to Fannie Mae or Freddie Mac with an application date on or after March 1, 2023, creditors will be required to submit with the loan package the Supplemental Consumer Information Form (SCIF). On this form, borrowers will:
- Attest to any homeownership counseling they have completed (if applicable), and
- Select their language preference.
While borrowers will be able to select their preferred language, the form makes it clear that the lender does not necessarily agree to communicate with or provide documents in the borrower's preferred language.
If your financial institution is considering marketing products and services in a language other than English, be sure that you can fully support those consumers who respond to that marketing. Financial institutions have been criticized for engaging in unfair and deceptive acts and practices for marketing products and services in languages other than English, but not having the necessary resources, such as disclosures, contracts, or personnel to support those languages.
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Address
5438 South Prairie View Drive
West Des Moines, IA 50266
Phone
319-325-1171
michael@mchristiansconsulting.com
Michael Christians Consulting, LLC
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