Under FHFA rules, Fannie and Freddie are required to identify challenges faced by borrowers whose English proficiency is limited
The Federal Housing Finance Agency (FHFA) is seeking more input on ways to improve credit access for qualified mortgage borrowers with limited English proficiency.
The agency announced that it has reopened and extended the input period to Sept. 1 to give stakeholders more time to consider additional information surrounding credit issues faced by such borrowers. The FHFA is requesting input on issues throughout the mortgage life cycle.
Under the FHFA’s 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, the government-sponsored enterprises are required to identify the challenges faced by borrowers with limited English proficiency in accessing mortgage credit, consider possible solutions, and come up with a multi-year program to support better access.
Specifically, the FHFA is requesting input to learn about the procedures and tools used by loan originators, servicers, and other parties to assist such borrowers through the mortgage lending process. The agency also seeks to identify existing requirements that direct current practices.
The public input is part of the Language Access Project, which also aims to improve the ability of such borrowers to participate in all stages of the mortgage process, including marketing, origination, servicing, and loss mitigation.
The FHFA initially requested input on May 25, with the initial deadline set for July 10. It then extended the deadline to July 31.
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