Improving Language Access for Mortgage Borrowers with Limited English Proficiency.
This bill mandates new requirements for mortgage lenders and servicers to provide critical information and services in the preferred language of borrowers who have limited English proficiency. It requires the creation of a standard language preference form and the translation of vital mortgage documents into the 8 most common non-English languages. This ensures better understanding of loan terms and protects homeownership rights for all citizens.
Key points
Lenders must use a standard form to record a borrower's preferred language and transfer this information to future loan servicers.
Mortgage companies must provide qualified oral interpretation services for all communications with borrowers who prefer a language other than English.
Federal agencies must translate key mortgage documents (vital documents) into major non-English languages for informational use.
Websites listing housing counselors must be updated to allow searching by the language services they offer.
Status:
Expired
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