Freddie Mac and VMP go bilingualmortgagepress.combilingual, financial literacy, Spanish, education
Freddie Mac and VMP Mortgage Solutions Inc. have entered into a
joint initiative that will provide mortgage lenders with tools that
address one of the most common barriers to homeownership among the
Spanish-speaking communitylack of information in their own
language.
Freddie Mac and VMP Mortgage Solutions are collaborating to
develop bilingual state-specific security instruments, notes and
other mortgage documents in English and Spanish, as well as
bilingual consumer education brochures that address the mortgage
process.
The comprehensive suite of educational materials will take a
step-by-step approach to the mortgage lending process. The
collection will begin with a primer on the importance of credit and
flow into a series of bilingual brochures that explain the lending
process. The educational materials will be based on content from
Freddie Mac's CreditSmart Espanol consumer financial literacy
curriculum. The materials will be provided by VMP to lenders and by
Freddie Mac to community organizations. The materials will also
address common misconceptions about banking and homeownership in
the United States, as well as help consumers better understand
their rights and responsibilities. Each of the educational pieces
will be designed with corresponding English and Spanish text.
Headquartered in McLean, Va., Freddie Mac is a stockholder-owned
corporation chartered by Congress to keep money flowing to mortgage
lenders. For more information, call (703) 903-2000 or visit www.freddiemac.com.
Based in Fraser, Mich., VMP Mortgage provides government
agencies and the mortgage lending industry with technology and
forms. For more information, call (800) 521-7291 or visit www.vmpmtg.com.
