WASHINGTON—The Federal Housing Finance Agency (FHFA) has 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, NAFCU reported.
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' redesigned URLA would now be voluntary instead of mandatory. Lenders must start using the URLA by Nov. 1, delayed from the original date of Feb. 1.