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Wednesday, June 28, 2017

Trades Seek Longer Comment Period for RFI on Serving LEP Borrowers

Eight financial trades – including ABA – wrote to the FHFA 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. The letter explained the importance of addressing LEP borrowers' needs through broad participation during the comment period:
Efficiently addressing the challenges of LEP borrowers is critical to both these borrowers and the mortgage market itself. 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.
Read the letter

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