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The Federal Housing Finance Agency (FHFA) has added Chinese-language documents to its Mortgage Translations clearinghouse, a collection of translated documents and tools for lenders, servicers, housing counselors, and others to assist borrowers with limited English proficiency through the homebuying process. The clearinghouse also includes Spanish-language documents.

In a release, the FHFA indicated it will "continue to work with Fannie Mae and Freddie Mac on the Language Access Multi-Year Plan, which may include adding more translated mortgage documents to the Mortgage Translations website."

The Mortgage Translations clearinghouse contains resources such as translated documents, borrower education materials, a standardized glossary of mortgage terms, and more. It was launched as part of the FHFA's goals to improve language access and was discussed in a 2017 request for comment that included proposed changes to the Uniform Residential Loan Application (URLA) to include a preferred language question.

The FHFA announced in August that the preferred language question on the government-sponsored enterprises' (GSEs) redesigned URLA will now be voluntary instead of mandatory. NAFCU flagged for the FHFA credit unions' cost and legal concerns about the addition of the question.

The agency also delayed the optional use period – set to begin July 1 – of the redesigned URLA and has now also delayed the mandatory effective date, which was February 2020. Earlier this week, the GSEs released the redesigned URLA and announced that an editable PDF will be available early next year. New AUS specifications and supporting documents are expected to be published next month.

NAFCU will keep credit unions updated as more language access resources are added and on the timeline for the redesigned URLA.