WASHINGTON—Mortgage Translations has been launched jointly by the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac as a new centralized hub of online resources now
available to assist lenders and others in the mortgage business as they serve limited English proficient (LEP) borrowers.
The resource was launched as a part of the FHFA's multi-year plan to improve language access.
This clearinghouse of online resources includes a collection of mortgage documents, educational materials and a new online Spanish-English glossary produced by the Bureau of Consumer Financial Protection in collaboration with the FHFA and the government-sponsored enterprises (GSEs).
While the 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, NAFCU noted in its analysis.