In May, the Federal Housing Finance Agencyasked the housing market to provide input on how to increase access to credit for borrowers with limited English proficiency.
Originally, the FHFA set a deadline of July 10, 2017 to receive all input, but the FHFA announced Tuesday that it is extending the deadline to get more feedback from the market.
Specifically, the FHFA announced that it is extending the deadline from July 10 to July 31 to “allow more time for interested parties” to provide input on issues facing qualified mortgage borrowers with limited English proficiency.
The move is part of the FHFA"s 2017 Scorecard for Fannie Mae and Freddie Mac, which states that the government-sponsored enterprises are required to identify major obstacles for LEP borrowers in accessing mortgage credit.
The FHFA’s request for input stated that it wanted to learn more about the procedures and tools that originators, servicers, and other parties in the mortgage lending process presently use to assist LEP borrowers.
Now, the market has another two weeks to tell the FHFA what it thinks about lending to LEP borrowers.