Articles
Breaking Down the Language Barrier
Mortgage industry regulators have made it clear that lenders and servicers must treat mortgage borrowers fairly and provide equal access to financial services regardless of the consumer’s ability to speak English proficiently. As such, they are expected to provide resources to help borrowers with limited English proficiency navigate the complicated mortgage process. The government has made it clear to mortgage lenders that all Americans deserve equal access to credit. They have even taken some enforcement actions against lenders who have violated its fair lending mandates. Now, with eviction and foreclosure moratoria ending and borrowers coming out of COVID forbearance, mortgage servicers must be prepared to meet the needs of borrowers with limited English proficiency (LEP).
To provide better customer service to LEP borrowers and comply with regulations and guidelines, mortgage servicers should know the rules, share language resources with borrowers, and use the language preference indicator in mortgage servicing software.