The Federal Housing Finance Agency (FHFA) will add a preferred language question to the redesigned Uniform Residential Loan Application, the agency announced.
This question will 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.
Why will the FHFA make the move? Read on for details of what to expect.
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