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FHFA Tables Uniform Residential Loan App Change
Tuesday, August 2, 2016 6:45 AM

The Federal Housing Finance Agency (FHFA), which has oversight over Fannie Mae and Freddie Mac, responded favorably to concerns expressed by CUNA and others about a proposed change to the Uniform Residential Loan Application (URLA) that would have required lenders to inquire about the language preference of borrowers. As a result of CUNA advocacy, FHFA elected to table the proposed change.

This departure from current practice, in the context of a broader update to the URLA, could have potentially raised significant questions about the obligation of credit unions to provide oral and written translation services to members for whom English is not a primary language.

Such a change should only be undertaken in the context of an appropriately open process with opportunity for notice and comment, CUNA argued in a letter to the FHFA sent in June. 

CUNA will continue to monitor proposed updates to the URLA, scheduled to be finalized in 2016 for adoption in 2018, for other potential changes that could affect accessibility of credit union mortgage products.