FHFA announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA). The preferred language question enables borrowers who prefer to communicate in a language other than English to identify that language. The preferred language question also includes a disclosure informing the borrower that the mortgage transaction is likely to be conducted in English and that language resources may not be available. Fannie Mae and Freddie Mac will publish the redesigned URLA that includes the preferred language question by the end of 2017. Lenders may begin using the redesigned URLA in July 2019, but use of the redesigned URLA will not be mandatory until February 2020.
Click here to view FHFA Preferred Language Question Announcement
