FHFA Adds URLA Language Question, Makes Several Changes
November 3, 2017
The Federal Housing Finance Agency, despite opposition, will go ahead with its plan to add a language-preference question to the redesigned loan application for GSE loans. Although use of the form won’t be required by lenders until February 2020, one law firm is weighing in on its possible impact.The FHFA announced late last month that the question will be added to the loan application to enable borrowers who prefer to communicate in a language other than English to identify that language. The Fannie Mae and Freddie Mac regulator also said the revision is part of a broader, multi-year effort to improve language access for limited English proficiency (LEP) borrowers.