The Federal Housing Finance Agency (FHFA), Freddie Mac, and Fannie Mae jointly announced the launch of Mortgage Translations – a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors, and other real estate professionals who serve limited English-proficient (LEP) borrowers.
FHFA, Freddie Mac and Fannie Mae collaborated with industry experts, consumer advocates and other government agencies to develop the online collection of mortgage documents and educational materials.
The website also includes a new Spanish-English glossary produced by the Consumer Financial Protection Bureau in collaboration with FHFA and the Enterprises. The glossary is expected to be particularly helpful in standardizing translations across the mortgage industry.
The first phase of the launch consists of Spanish-language documents. According to the U.S. Census, people who speak Spanish as their primary language comprise more than 60 percent of the LEP population in the U.S.
Resources in four other languages commonly spoken by LEP households – Chinese, Vietnamese, Korean and Tagalog – will be added in the coming years.
“The Mortgage Translations clearinghouse is one part of a Language Access Multi-Year Plan and includes a number of meaningful resources to help mortgage industry professionals reach a broader range of borrowers,” says Janell Byrd-Chichester, chief of staff at FHFA
“The materials included on this website will provide lenders, servicers, real estate professionals and housing counselors with tools to better assist, educate and engage LEP borrowers throughout the mortgage process,” says Danny Gardner, senior vice president of single-family affordable lending and access to credit at Freddie Mac.
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