El repositorio es un recurso valioso que mejorará el proceso de adquisición de viviendas para prestatarios con Conocimientos Limitados del Inglés (LEP, por sus siglas en inglés) al hacer disponible en un mismo sitio toda la documentación en un mismo idioma, incluyendo traducciones de documentos de préstamos, glosarios, y otros materiales educacionales. El repositorio será de utilidad para prestamistas, asesores de vivienda, abogados, y otros ayudando a prestatarios con conocimientos limitados del inglés.
“FHFA made a great decision,” said Amanda Jackson, AFR’s Organizing and Outreach Manager. “Knowing homeowners’ preferred language will help Fannie, Freddie, and mortgage servicers better communicate with their customers and avoid unnecessary – and sometimes devastating – confusion.”
“The burden of interpreting financial services jargon and communicating with lenders and servicers should not rest solely on borrowers. . . . Expanding access to language services throughout the mortgage process would begin to equalize a system that currently undermines the ability of LEP borrowers to understand the complexities of their future homeownership prospects and to protect their home after purchasing it.”
“As dominant actors in the mortgage industry with a statutory duty to facilitate underserved communities’ access to homeownership, we welcome the FHFA, Freddie Mac, and Fannie Mae’s consideration of steps to expand access to the mortgage market.”
“Allowing mortgage applicants to choose in which language they are most comfortable in communicating addresses a major problem of lenders and servicers working with limited English proficiency (LEP) populations and collecting this information through the URLA is the most comprehensive way to do so, because every mortgage borrower fills one out.”
Mel Watt is being urged again to end the policy of prohibiting mortgage modifications that reduce the balance of principal. In a joint letter delivered today, more than 200 housing, community, labor, civil rights and consumer groups call on Watt to reverse the Federal Housing Finance Agency’s longstanding ban on principal reduction – a policy put in place by his predecessor.
“We write to you now on behalf of the millions of families who are still struggling with negative home equity, as well as those who are in danger of losing their homes through foreclosure, and the neighbors and communities hurt by foreclosures around them. The need to swiftly reverse the government sponsored enterprise (GSE) policy on principal reduction remains a major priority for many organizations and community members.”
“Mel Watt’s confirmation as director of the Federal Housing Finance Agency is heartening news for American families and communities… Under his leadership, the FHFA can be a help rather than a hindrance in efforts to deal with the foreclosure crisis, assist homeowners, and ensure broad access to sustainable and affordable credit.”