Skip to main content

Trade Groups Ask FHFA to Extend Input on LEP Request

Phil Hall
Jun 29, 2017
A coalition of industry trade groups has asked the Federal Housing Finance Agency (FHFA) to extend the response period on its proposal to improve language access in mortgage lending and servicing from 45 to 90 days

A coalition of industry trade groups has asked the Federal Housing Finance Agency (FHFA) to extend the response period on its proposal to improve language access in mortgage lending and servicing from 45 to 90 days.
 
In May, the FHFA issued a Request for Input on Improving Language Access in Mortgage Lending and Servicing, with goal of better serving borrowers with Limited English Proficiency (LEP). The trade groups reaffirmed their commitment to the FHFA’s goals, but stated the 45-day period was not enough for them to provide the level of information on current and potential resources that would be used for this endeavor.
 
"Considering, however, the need for broad and diverse participation by lenders of all sizes and business models; thoughtful consideration of the manifold resources and approaches today; identification of legal and other concerns; and the multi-year effort that FHFA admits will be needed to better serve LEP borrowers, there is ample justification for an extension of this RFI's comment period of at least 45 days," the trade groups said in a letter to the regulator. "[We] are committed to working with FHFA and other stakeholders on improving methods for identifying and alleviating challenges faced by LEP borrowers. The time currently allotted, however, is simply insufficient to thoughtfully respond to issues of this magnitude."
 
Post-script: ​Several hours after the trade groups' letter was made public, the FHFA announced that it was extending the deadline for its response period from the original July 10 cut-off to July 31.
 
 
The trade groups responding to the FHFA included the American Bankers Association, Consumer Bankers Association, Consumer Mortgage Coalition, Credit Union National Association, Housing Policy Council of the Financial Services Roundtable, Independent Community Bankers of America, Mortgage Bankers Association, and the National Association of Federally-Insured Credit Unions.

 
Published
Jun 29, 2017
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021