FHFA, Fannie, Freddie Launch Resource for Increased Mortgage Access

The Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have jointly launched a new promised centralized hub, Mortgage Translations, of online resources to assist lenders and others in the mortgage business as they serve limited English proficient (LEP) borrowers.

Launched as a part of the FHFA's multi-year plan to improve language access, the online resources include a collection of mortgage documents, educational materials and a new online Spanish-English glossary produced by the Bureau of Consumer Financial Protection (BCFP) in collaboration with the FHFA and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

While this first phase of these resources consists of Spanish-language documents, resources in four other languages – Chinese, Vietnamese, Korean and Tagalog –  will be added in the coming years.

The FHFA and the GSEs released the multi-year plan in May. Along with a centralized clearinghouse of resources, the plan also includes the addition of a preferred language question to the redesigned Uniform Residential Loan Application (URLA) that will be mandatory for GSE loans beginning in February 2020.

in Legislative & Political News