07.26.23
Supporting borrowers with Limited English Proficiency (LEP)
Many government agencies have recently issued guidance and provided resources to assist financial institutions in serving consumers with Limited English Proficiency (LEP). The Consumer Financial Protection Bureau (CFPB) issued a bulletin in January of 2021, Fannie Mae (FNMA) and Freddie Mac (FHLMC) are providing foreign language translation aids for their uniform instruments, and last month The Federal Housing Administration (FHA) has made more than 30 foreign language mortgage documents and resources available to support origination of FHA-insured mortgages.