The U.S. Federal Housing Administration (FHA) recently announced that lenders are now required to solicit language preference information from all borrowers seeking financing. This change is an effort to reduce communication discrepancies between applicants and lenders, which can lead to issues down the line.
The move has been widely praised by consumer protection and housing advocacy groups such as the National Consumer Law Center (NCLC). By asking language preference, the FHA hopes to ensure that all parties understand clearly their rights and responsibilities throughout the loan application process. Furthermore, the FHA will be providing lenders with resources to help accommodate the needs of individuals that may require interpretation or language assistance.
Important Elements:
– The U.S. Federal Housing Administration (FHA) has now instituted a policy requiring lenders to collect language preference information from borrowers seeking financing
– This change is an effort to reduce communication discrepancies between borrowers and lenders
– The policy has been widely praised by consumer protection and housing advocacy groups such as the National Consumer Law Center
– The FHA is also providing lenders resources to accommodate the needs of borrowers requiring interpretation or language assistance.
You can read this full article at: https://www.housingwire.com/articles/fha-to-require-a-form-on-borrower-language-preferences/(subscription required)
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