Borrowers with Limited English Skills: Resources to Help Them Understand and Navigate the Mortgage Process

Already complicated, the mortgage process is even more difficult to understand when borrowers have limited English skills. To address this language barrier, the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac launched the Language Access Multi-Year Plan to help limited English-speaking borrowers understand and participate in obtaining a mortgage. Mortgage professionals can help their clients better understand and successfully navigate the complex mortgage process by providing documents and educational materials in the borrower’s preferred language. Lenders and servicers can take advantage of the Mortgage Translation Clearinghouse, CFPB, and other language resources to assist borrowers who have limited English skills. Here’s what mortgage professionals need to know. 

Read the ACUMA Pipeline article.