The agency launches an effort to help borrowers with limited English proficiency during the coronavirus crisis
The Federal Housing Finance Agency (FHFA) has launched an initiative to help limited-English-proficiency borrowers better understand the mortgage assistance available to them during the coronavirus pandemic.
The FHFA, in coordination with Fannie Mae and Freddie Mac, announced on Tuesday that it would add six new language options to the Mortgage Translations website. The site now offers English, Spanish, traditional Chinese, Vietnamese, Korean, and Tagalog to site visitors accessing scripts that servicers use when discussing COVID-19 forbearance with borrowers.
"Publishing the scripts servicers use when discussing forbearance in six languages will allow borrowers with limited English proficiency to better understand the mortgage relief options available to them during the pandemic," said FHFA Director Mark Calabria.
The new language options are also available for the revised Mortgage Assistance Application. Additionally, the website provides a glossary of mortgage terminology, as well as resources for the Uniform Residential Loan Application, a step-by-step guide on how to apply for or refinance a mortgage.
