Eight financial trades — including ABA — today wrote to the Federal Housing Finance Agency requesting that the agency extend the comment period for its request for information on how to improve service to borrowers with limited English proficiency. Given the complexity of the issue and the need for diverse participation by lenders of all sizes, the groups requested an extension of at least 45 days.
“Efficiently addressing the challenges of LEP borrowers is critical to both these borrowers and the mortgage market itself,” the groups said. “The importance of this issue is expected to grow over time, as LEP borrowers continue to increase as a share of the overall population of borrowers in the years ahead. For more information, contact ABA’s Joe Pigg.