As lenders prepared for the beginning of an optional use period for the redesigned Uniform Residential Loan Application (URLA), which the Federal Housing Finance Agency since has delayed, one of the key areas of the redesign included a new preferred language question.
This question would enable borrowers who prefer to communicate in a language other than English to identify that language, and provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available.
Read on for reaction from Katten & Temple’s Brian Levy and First Choice Loan Services’ Joshua Weinberg on an issue expected to feature prominently in future mortgage lending.
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