The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac announced Sept. 30 the addition of three new language resources to the Mortgage Translations clearinghouse.
The clearinghouse serves as a resource for the housing and mortgage industries to better serve consumers with low English proficiency. These new language options are meant to help consumers whose primary languages are Vietnamese, Korean, and Tagalog.
“This expanded set of translated documents and interpretive resources better supports mortgage lenders, servicers, and housing counselors as they guide more Americans on the path to sustainable homeownership,” FHFA Deputy Director for the Division of Housing Mission and Goals Sandra Thompson said in a release. “The Mortgage Translations website represents a collaboration between FHFA, Fannie Mae, and Freddie Mac to provide information in Spanish, traditional Chinese, Vietnamese, Korean, and Tagalog to individuals with limited English proficiency anywhere in the mortgage process.”
In addition to the new translations, the clearinghouse also offers a cache of industry resources able to provide oral interpretation services at no cost. These services are meant to provide clarity and confidence to low English proficient consumers, helping them to learn about fraud avoidance, scam detection, foreclosure prevention, financial management, buying or renting a home, and many other topics.
The language services also offer support for current homeowners impacted by the COVID-19 crisis, Jonathan Lawless, Fannie Mae’s vice president of product development and affordable housing, said.
“Fannie Mae understands that for homebuyers and homeowners with limited English proficiency, having a source of mortgage information that they can trust, in the language they understand, can be life-changing,” Lawless said. “That’s why we’re proud to continue our partnership with FHFA and Freddie Mac on this multi-year initiative to build out and enhance the Mortgage Translations clearinghouse.”