The request will help the GSEs improve their service to borrowers in underserved markets, including those with limited English proficiency
The public is invited by the Federal Housing Finance Agency (FHFA) to send input on issues borrowers with limited English proficiency (LEP) are facing. The request in included in the agency’s 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, which requires Fannie Mae and Freddie Mac to better serve the public, in this case LEP borrowers, by identifying their obstacles, come up with solutions and devise a multi-year plan for better service to the said group of borrowers.
The FHFA wants to hear about pre-existing procedures and tools loan originators and servicers are using to assist LEP borrowers, identify existing requirements such as laws and regulations for the said borrowers and to further distinguish obstacles that are hindering effective service to LEP borrowers.
As stated in the Scorecard, to better serve creditworthy borrowers and those in underserved markets, Fannie and Freddie must “support access to credit for borrowers with limited English proficiency by assessing the impact of language barriers throughout the mortgage life cycle and developing a plan to improve access to credit that is appropriate for the enterprises.”
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Fannie, Freddie release three-year plan on serving underserved markets
The FHFA wants to hear about pre-existing procedures and tools loan originators and servicers are using to assist LEP borrowers, identify existing requirements such as laws and regulations for the said borrowers and to further distinguish obstacles that are hindering effective service to LEP borrowers.
As stated in the Scorecard, to better serve creditworthy borrowers and those in underserved markets, Fannie and Freddie must “support access to credit for borrowers with limited English proficiency by assessing the impact of language barriers throughout the mortgage life cycle and developing a plan to improve access to credit that is appropriate for the enterprises.”
Related stories:
Fannie, Freddie release three-year plan on serving underserved markets
