As of the upcoming forms release, GCAAR will discontinue the Financial Information Sheet (FIS), which to date has been an optional form for residential transactions. With this in mind, GCAAR will remove the document from our library starting with the next forms release in July 2022.
GCAAR is an advocate for affordable, accessible housing for all, and we feel the Financial Information Sheet is an impediment to the homebuying process – particularly for individuals from historically marginalized communities.
The form does not give a full accounting of a potential buyer’s income and could be used in some cases to influence a sale – regardless of whether a buyer has already qualified to purchase a home. Implicit bias also comes into play as sellers compare finances among potential buyers and select the candidate with a higher income, thinking that’s the better offer, which is not always the case.
GCAAR’s action on this issue is in line with our June 2021 affirmation of the National Association of REALTORS®’ stance on love letters, which says they can pose a fair housing risk. (NAR recommends REALTORS® not draft, read, deliver or accept love letters.)
The FIS will remain the intellectual property of GCAAR. If an agent wants to create their own form to ask for financial information in a transaction, it must not include any information identifying it as a GCAAR form. However, we strongly recommend against making the form a requirement, as doing so could significantly raise the likelihood for potential fair housing violations.
With the removal of the Financial Information Sheet from our library, GCAAR is continuing to do our part to reduce barriers to fair housing.
If you have any questions, please email email@example.com.