The Federal Housing Finance Agency (FHFA) rejected the pleas of many in the mortgage industry by adding a question about the applicant’s language preference to the future Fannie Mae/Freddie Mac Uniform Residential Loan Application (URLA) (Form 1003/65). While the FHFA is seeking to promote access to credit for consumers with limited English skills, lenders remained concerned that the revisions will raise the risk of confusing or misleading those consumers. Read more about the FHFA’s upcoming changes in Mayer Brown’s latest Legal Update.
