Black Knight Empower LOS Ready for New GSE Data Collection, Reporting Requirements; MSP Servicing System Rollout in Q4, With Delivery in Advance of March 2023 Start Date
This spring, the FHFA -- and subsequently the GSEs -- announced that originators will be required to collect additional borrower information around language preference, homeownership education and housing counseling gathered on the Supplemental Consumer Information Form (SCIF) as part of the loan application process for applications taken March 1, 2023, and beyond. Further, lenders must report any data collected from the SCIF to the GSE purchasing the loan. The GSEs have provided specific data formats for reporting this new information to them. Both the Empower LOS and Borrower Digital point-of-sale solution already allow lender clients to collect and create a complete data set for borrower demographics, including race, ethnicity, sex and age.
- Further, lenders must report any data collected from the SCIF to the GSE purchasing the loan.
- The GSEs have provided specific data formats for reporting this new information to them.
- Though the data requirements for servicers are less defined, Black Knight is expanding existing data collection to account for a broad interpretation of the new data collection, retention and transfer requirements.
- "Our leadership position in servicing means we're taking a purposely comprehensive approach tosupport various interpretations of the requirements as currently expressed.