“What?”
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.
For more, click here.
I’m pretty sure our local mortgage broker suggests the adult education courses available to teach English in our community. I hope they also explain to them that unless they are legal US citizens, they are going to have real trouble ever selling the house in the future, so that really makes buying with LEP (like it or not, the two *very* often go hand in hand) a bad idea in the first place.