The Federal Housing Finance Agency (FHFA) is seeking feedback from mortgage lenders and servicers to learn more about what they are doing to help mortgage borrowers with limited English proficiency (LEP).
The goal is to learn more about the procedures and tools that mortgage companies presently employ to assist LEP borrowers, as well as to address the challenges in effectively serving this population.
The FHFA’s 2017 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions requires the companies to identify major obstacles for LEP borrowers in accessing mortgage credit, analyze potential solutions, and develop a multiyear plan appropriate for the government-sponsored enterprises to support improved access.
Lenders and servicers have until July 10 to submit their comments to the FHFA.
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