In-language tools for homebuyers and borrowers

Language barriers have landed some limited English speaking consumers with mortgages they didn’t understand and couldn't afford. Now there are some new and improved tools designed to help LEP borrowers buy and keep a home.

The Federal Housing Finance Agency (FHFA) has created a new Mortgage Translations tool to help housing counselors, lenders and mortgage servicers better serve limited English speaking clients.  FHFA is releasing in-language mortgage origination and servicing documents in Spanish, with Chinese, Korean, Vietnamese and Tagalog to follow in the coming years.  FHFA also plans to make the site more consumer-friendly in the months ahead. 

FHFA's Mortgage Translations offers: 

• The Consumer Financial Protection Bureau's (CFPB) updated Spanish–English financial glossary with more than 2,000 terms 
• Access to HUD approved housing counselors
• A language disclosure form in five languages  

Lastly, Prepararse – the CFPB’s new site offers a video and resources to help Spanish-speaking consumers build credit, financial capability and prepare to buy a home.

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