FNMA and FHLMC Uniform Translation Aids: What You Need To Know

According to the Consumer Financial Protection Bureau (CFPB), many Limited English Proficiency (LEP) borrowers are not fully integrated into the financial marketplace despite being a significant portion of the U.S. population – approximately 25.5 million individuals. The language access issues faced by LEP consumers present unique challenges in learning about and accessing financial products, services, and education tools, including understanding and completing key financial documents.

For many years Docutech has helped lenders comply with state law requirements by providing resources they can use to support their LEP borrowers. Now we’re expanding that support by enhancing our document library to include the Uniform Instrument translation aids published by Fannie Mae (FNMA) and Freddie Mac (FHLMC).

This expanded library helps you create a more inclusive borrower experience by
providing resources that help your multilingual borrower better understand the
terms of their loan.

What you need to know about the FNMA and FHLMC Uniform Instrument translation aids:
• The newly added Uniform Instrument translation aids were published by FNMA and FHLMC.
• The documents are available in Spanish, Korean, Tagalog, Traditional Chinese, and Vietnamese. We’ll continue to expand our offering of languages as they become available through government agencies and authorities.
• The documents appear with no loan-specific data and include a notice that the document is not legally binding and is provided for the borrower’s convenience.
• The documents are triggered by indicators sent from the loan origination system (LOS) and are added to your borrower’s document package.
• The FNMA and FHLMC Uniform Instrument translation aids are available through Docutech for an additional subscription fee.

If you’re an existing Docutech client, reach out to your client relationship manager to discuss the next steps for adding these new resources to your document packages.

Not a current client but interested in learning more? Email us at docutech-insights@docutech.com or call us at 1.800.497.3584. We’re here to support you and your borrowers.