Mortgage

FHFA asks more input on improving credit access for borrowers of limited English proficiency

Miss the original deadline?

The Federal Housing Finance Agency hasn’t shut the door quite yet on getting industry feedback on the issues facing qualified mortgage borrowers with Limited English Proficiency.

Once again, the agency announced it is reopening and extending the input period, moving it to Sept. 1, 2017 this time in order to allow interested parties more time to consider additional information.

The agency first revealed it wanted input back in May when it asked the housing market to provide input on how to increase access to credit for borrowers with limited English proficiency.

The original deadline for feedback was set for of July 10, 2017. But in July, the FHFA announced that it extended the deadline to get more feedback from the market, pushing the deadline back to July 31.

While the comment period did wrap on July 31, now just a few days later, the FHFA has announced it still wants more input.

According to the FHFA's 2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, Fannie Mae and Freddie Mac are required to identify major obstacles for LEP borrowers in accessing mortgage credit and to analyze potential solutions.

This request for input stated that it seeks to start that process to learn more about the procedures and tools that originators, servicers, and other parties in the mortgage lending process presently employ to assist LEP borrowers.

LEP borrowers are individuals who have a limited ability, or no ability, to read, speak, write, or understand English. And individuals who are able to read, speak, write, and understand English but prefer to communicate in a language other than English are referred to as preferred language or PL borrowers.

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