MBA Releases Letter of Access to Languages ​​in Mortgage Law

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A congressional debate on amendments to the Mortgage Service Language Improvement Act, scheduled for Wednesday, has rekindled concerns in the mortgage industry about how companies can prove eligibility when providing translation services.

Expansion of the existing translation information center this is one of the steps that could be taken, the Mortgage Bankers Association suggested in a letter sent to the leadership of the House of Representatives Financial Services Committee on Wednesday. Congressman Sylvia Garcia, Texas, introduced the law.

Previous debates about the extent to which lenders are responsible for limited English-speaking borrowers have led to delays in implementation a single loan application that is likely to serve as a springboard for ongoing discussions.

“As shown by our focused work with regulators over the past few years,

The MBA and its members strive to serve all cohorts of borrowers, ”said Bill Killmer, MBA’s senior vice president of legislative and policy affairs, in a letter. However, he recommended that “the legal framework provided for by this proposal should avoid imposing a compliance burden that would significantly increase the liability of the creditor.”

While the bill is primarily aimed at language service access, it also applies to lenders.

In addition to the expanded use of the clearinghouse, the MBA in the letter lists the following steps to ensure clarity and consistency:

• One national set of guidelines to help proactively a patchwork quilt of state laws that govern maintenance personnel,

• access to public databases of translation services, and

• Restrictions on LEP languages, resources for which must be made available to those most commonly spoken by consumers.

Roughly 8% of US consumers do not speak English well, and most of them speak Spanish, so they make up a significant portion of the mortgage market.

Other spoken LEP languages ​​include Chinese, Vietnamese, and Tagalog, a dialect of the Filipino language, according to the Migration Policy Institute.



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