Resources will help industry pros communicate better
New resources have been launched to help mortgage lenders, real estate professionals, and others in housing-related industries, to communicate with those with limited English.
The FHFA together with Freddie Mac and Fannie Mae, has created Mortgage Translations, a clearinghouse for online resources including mortgage documents, educational materials, and a new online Spanish-English glossary.
The Spanish-language documents are the first phase as Census Bureau data shows that this will serve 60% of the limited English proficient (LEP) population.
Resources in Chinese, Vietnamese, Korean, and Tagalog – other commonly spoken languages in LEP households - will be added in the coming years.
“FHFA is proud to collaborate with Freddie Mac and Fannie Mae and so many others on this important initiative to help address language barriers that impede access to mortgage credit," said Janell Byrd-Chichester, chief of staff at FHFA. “The Mortgage Translations clearinghouse is one part of a Language Access Multi-Year Plan and includes a number of meaningful resources to help mortgage industry professionals reach a broader range of borrowers."
The FHFA and the GSEs worked with mortgage industry professionals and others to create the resources available.
