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FHFA Announces Update for Servicers to Maintain Fair Lending Data

The Federal Housing Finance Agency (FHFA) has mandated that Fannie Mae and Freddie Mac servicers must gather and retain fair lending data, including age, race, ethnicity, gender, and preferred language of borrowers, and ensure this data stays with the servicing of loans throughout the mortgage term, starting from March 1, 2023. This decision aims to improve the quality of fair lending data and assist borrowers in need, reflecting lessons learned from past crises like the foreclosure crisis and the COVID-19 pandemic, as per FHFA Director Sandra L. Thompson.

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