Skip to main content

MBA Rallies Against FHFA Preferred Language Proposal

Jul 26, 2017
The Mortgage Bankers Association (MBA) has named Freddy Feliz vice president of information technology (IT) and chief information officer (CIO)

The Mortgage Bankers Association (MBA) is calling on industry professionals to voice their concern over a proposal by the Federal Housing Finance Agency (FHFA) to accommodate borrowers with limited English proficiency by putting the borrower’s “preferred language” on the Universal Residential Loan Application.
 
In an e-mail sent by the MBA’s Mortgage Action Alliance to its members, the trade group noted that the FHFA’s decision too risky. “We believe that inclusion of such a question would be premature and potentially harmful to a lender or servicer’s relationship with their customer,” said the trade group in its e-mail. “The borrower might have expectations about service in another language that a lender or servicer cannot provide, or a borrower might erroneously believe the lender intended to discriminate against them or otherwise treat them differently.  Neither outcome is consistent with the type of customer service we know MBA members strive to provide.”
 
The MBA added that it would submit its own response to the FHFA, but urged its members to speak up in order to make “our collective voice louder.”

 
About the author
Published
Jul 26, 2017
Homebuilders Cheer Delay Of Trump Trade War

Canada and Mexico stave off tariffs on billions of dollars of materials crucial to the U.S. homebuilding industry

Feb 04, 2025
OCMBC President Arrested For DUI, Murder

Serene Vernon (Rosenberg) had three prior convictions, per a police report

Feb 02, 2025
Trump Fires CFPB Director Chopra

Chopra posts a letter to X with his final statements

American Heritage Lending Halts Funding Loans In Maryland

AHL suspended the ability to lock new consumer loans in Maryland, effective immediately

Jan 31, 2025
Katie Sweeney Joins Rocket Pro To Lead Broker Strategy, Advocacy

The former AIME chairwoman and CEO asks the broker community, particularly Rocket Pro’s brokers, to trust her. 

Jan 29, 2025
CoreLogic Chief Economist On Witnessing The Insurance Crisis Firsthand

"I could have lost all my equity,” says Selma Hepp, who lives and works on the frontline of housing's biggest challenge in 2025

Jan 20, 2025