Newsroom
July 14, 2016
NAFCU, 50+ lawmakers urge FHFA against new loan-application question
NAFCU and several other trade associations met with Federal Housing Finance Agency staff Wednesday to discuss their opposition to the inclusion of a language preference question on the new Uniform Residential Loan Application.
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt attended the meeting and noted it was very positive.
Adding to the opposition, more than 50 members of the House wrote Watt this week asking that the question not be included on the form at this time.
"While we strongly support efforts to help borrowers navigate the complexities of the mortgage process, we urge you not to include this question on the URLA at this time," the letter stated. The lawmakers cited inadequate stakeholder input and the last-minute desire to insert the question on the form as reasons to oppose the addition.
"Addressing the needs of limited English proficiency consumers is an issue that extends well beyond the mortgage marketplace, and well beyond the purview of the FHFA," the letter continued. "If there is going to be a question about a consumer's language preference or other approach to help borrowers who lack English proficiency, they should only be proposed after all relevant agencies have engaged in well considered policy development and proposed rules for public comment."
Last month, NAFCU, with seven other trade associations, expressed concern to FHFA Director Mel Watt about the addition of this question on the URLA form due to serious compliance and legal concerns that weigh against it.
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt attended the meeting and noted it was very positive.
Adding to the opposition, more than 50 members of the House wrote Watt this week asking that the question not be included on the form at this time.
"While we strongly support efforts to help borrowers navigate the complexities of the mortgage process, we urge you not to include this question on the URLA at this time," the letter stated. The lawmakers cited inadequate stakeholder input and the last-minute desire to insert the question on the form as reasons to oppose the addition.
"Addressing the needs of limited English proficiency consumers is an issue that extends well beyond the mortgage marketplace, and well beyond the purview of the FHFA," the letter continued. "If there is going to be a question about a consumer's language preference or other approach to help borrowers who lack English proficiency, they should only be proposed after all relevant agencies have engaged in well considered policy development and proposed rules for public comment."
Last month, NAFCU, with seven other trade associations, expressed concern to FHFA Director Mel Watt about the addition of this question on the URLA form due to serious compliance and legal concerns that weigh against it.
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