WASHINGTON, June 16, 2020 /PRNewswire/ -- To help limited English proficiency (LEP) borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, today the Federal Housing Finance Agency (FHFA) in coordination with Fannie Mae and Freddie Mac added new translations to the Mortgage Translations website. Site visitors can now choose English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog when accessing scripts that servicers use when discussing COVID-19 forbearance with borrowers. The revised Mortgage Assistance Application (MAAp) is also available in the same six languages.
"Publishing the scripts servicers use when discussing forbearance in six languages will allow borrowers with limited English proficiency to better understand the mortgage relief options available to them during the pandemic," said FHFA Director Mark Calabria.
The Mortgage Translations website, a collaboration where FHFA has joined with Fannie Mae and Freddie Mac, contains resources designed to assist lenders, servicers, housing counselors, and others in helping LEP borrowers navigate the mortgage process. Resources available on the website include the Uniform Residential Loan Application (URLA), a step-by-step guide to apply for or refinance a mortgage, and a glossary of mortgage terminology. These documents are currently available in Spanish, traditional Chinese and, as of April, Vietnamese.
For additional information about the assistance and protections provided by the Federal government during the pandemic, please visit CFPB.gov/housing.
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SOURCE Fannie Mae