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FHFA releases new translated resources for borrowers, servicers
The Federal Housing Finance Agency (FHFA) Tuesday released new translated resources related to the coronavirus national emergency, designed to help limited English proficiency borrowers experiencing mortgage-related difficulties. Mortgage services can now access scripts in English, Spanish, traditional Chinese, Vietnamese, Korean or Tagalong to use when discussing forbearance with borrowers.
The revised Mortgage Assistance Application is also available in the same six languages. The Mortgage Translations website, a collaboration between the FHFA and the government sponsored enterprises (GSEs), provides resources designed to assist lenders, servicers, housing counselors, and other in helping LEP borrowers navigate the mortgage process.
The website also includes the redesigned Uniform Residential Loan Application (URLA), the agency announced last year the preferred language question on the government-sponsored enterprises' (GSEs) redesigned URLA would now be voluntary instead of mandatory. Lenders must start using the URLA by March 1, 2021, delayed from the original date of Feb. 1. NAFCU previously flagged for the FHFA credit unions' cost and legal concerns about the addition of the question.
NAFCU works closely with the FHFA and has shared its concerns about the health of the mortgage market and need for relief for mortgage servicers since the onset of the coronavirus pandemic.
Additionally, NAFCU President and CEO Dan Berger spoke with FHFA Director Dr. Mark Calabria about the agency's efforts to support mortgage borrowers and provide relief to credit unions and other mortgage servicer.
Earlier this week, the FHFA issued its 2019 Report to Congress – outlining efforts to ensure safety and soundness within the housing market and other agency initiatives. NAFCU will continue to engage with the agency to ensure credit unions' priorities are addressed in housing finance reform efforts.