Magazine article Mortgage Banking
Fannie and Freddie Partner to Offer Mortgage Documents En Español
Fannie Mae and Freddie Mac announced the joint availability of 83 non-executable Spanish translations of the Fannie Mae/Freddie Mac uniform instruments to help lenders and others in the residential mortgage industry better serve Spanish-language-dominant consumers in becoming homeowners.
The translations are meant to complement the English-language documents that a mortgage borrower would sign, the two GSEs noted.
The jointly owned translations of the uniform instruments are part of a commitment by both companies toward increasing the Hispanic homeownership rate, which currently stands at 50 percent, according to Mercy Jiménez, senior vice president at Fannie Mae.
"Our hope is that lenders and others in the mortgage industry find these Spanish-language translations helpful when working with potential homeowners who prefer to understand the homeownership process in Spanish-the language some are more comfortable speaking when making life-changing purchase decisions," said Jiménez.
"We encourage the distribution of these complimentary translations to Spanish-language-dominant consumers early in the home-buying process, so that potential borrowers can read the mortgage documents written in English with a side-by-side Spanish translation and better understand what they will sign at closing."
The effort also aims to expand homeownership access to minority and low- and moderate-income families, and close the gap between minority and non-minority homeownership rates, currently at 51 percent and 76 percent, respectively, explained Paul Mullings, senior vice president at Freddie Mac.
"The Spanish-language translations will help lenders and others in the industry better serve the growing Hispanic marketplace," said Mullings. "The mortgage process is daunting for anyone, but especially when the materials are not in your native language. …