Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

FHFA releases plan to increase access to credit for limited English proficiency borrowers

Language Access Multi-Year Plan analyses obstacles and potential solutions

The Federal Housing Finance Agency released its Language Access Multi-Year Plan, which outlines major obstacles for limited English proficiency borrowers and lays out potential solutions.

Last year, the FHFA issued a Request for Input on issues facing qualified mortgage borrowers with limited English proficiency in order gauge how they can better serve them.

According to the FHFA's 2018 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.

The GSEs developed the Language Access Multi-Year Plan based on testing conducted back in 2017.

Here are some of the key milestones included in the plan:

Clearinghouse: Create an online clearinghouse to provide a centralized collection of resources to assist lenders, servicers and housing counselors in serving LEP borrowers. Future versions will be designed for use by LEP borrowers.

Language Access Working Group: Establish a language access working group as a forum for representatives from the housing industry and consumer organizations to provide FHFA and the Enterprises their insights, commentary and experiences related to serving LEP borrowers.

Glossaries: Develop translated glossaries that will play a foundational role for improving language access by establishing common terminology that will facilitate standardized translations for all other documents.

Disclosure: Develop a translated disclosure available for use by lenders and servicers to explain that mortgage transactions are likely to be conducted in English, and that identification of a preferred language by the borrower does not mean that lenders or servicers are able to provide, or agree to provide, communications in the preferred language.

Language Access Line: Develop and implement a language access line that enables borrowers to obtain assistance from housing counselors and others in their preferred language.

Click here to read more about the FHFA’s previous work to extend credit access to LEP borrowers and what it did before releasing its plan.

Most Popular Articles

FHFA: Government to back mortgages up to $970,800 in 2022

The FHFA today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%. In high-cost areas, the new ceiling loan limit will be $970,800.

Nov 30, 2021 By

Latest Articles

Fannie Mae revs up its credit-risk transfer machinery

Fannie Mae is once again back in the credit-risk transfer market with a $984 million note offering through its Connecticut Avenue Securities real estate mortgage investment conduit

Dec 02, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please