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Approximately 22 percent of U.S. residents over the age of 5 speak a language other than English at home.
1 Of those persons, approximately 37.6 percent have limited English proficiency (LEP), meaning they have a limited ability to speak, read, write, or understand English.
LEP consumers have experienced substantial barriers in the consumer financial marketplace. Whether these barriers take the form of financial disclosures, written documents solely available in English, or the lack of bilingual employees or interpretation services at financial institutions, these consumers remain underserved.
Over the last several years, the Consumer Financial Protection Bureau (CFPB) has engaged with stakeholders on fair lending compliance and access to credit in order to gain insight, inform policy decisions, and promote changes that target and benefit this large segment of the U.S. population.
Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update Jan 20 2021, 8:15AM
In his Saturday Morning Cup of Joe, Jeremy Potter quipped, “The word ‘homeowners’ has the word ‘meow’ in it. Good luck unseeing that from now on.” Plenty of people are out there predicting the path of homeowners and homeownership. And there are those that say, “All forecasts are wrong, but some are useful.” It has certainly been interesting hearing forecasts about the direction of rates (relatively steady with a bias toward increasing gradually), new regulations for lenders (relatively steady with a bias toward increasing gradually), and even residential lending IPOs. (The current STRATMOR blog is, “Lenders and Vendors Going Public: Pros and Cons”.)
When the Uniform Residential Loan Application transition deadline hits on March 1, a data set within Fannie Mae’s Desktop Underwriter Program, which many lenders have used for a host of functions, will no longer be supported and unprepared lenders could later experience disruption.
Recruiter Job; HELOC, Compensation, TPO Products; New York Did What? Agency News; URLA Best Practices Dec 29 2020, 8:35AM
With the passing of Pierre Cardin this morning, does it mean that bottle of cologne (circa 1978) I have in the attic became a collector’s item? The phallic shape of that bottle is certainly not boring. And while residential lenders continue to help millions of clients, politics has been anything but boring in recent months. January 5 and 6 will be interesting, given the electoral college with deep divisions in Congress, and the runoff election in Georgia. And whether or not President Trump, or anyone, given the pandemic, will attend President-elect Biden’s inauguration is in doubt. There are certainly With the passing of Pierre Cardin this morning, does it mean that bottle of cologne (circa 1978) I have in the attic became a collector’s item? The phallic shape of that bottle is certainly not boring. And while residential lenders
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Fannie Mae and Freddie Mac (the GSEs) released a joint announcement to notify lenders that they will begin accepting the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65) and MISMO v3.4 submissions to the GSEs’ automated underwriting systems on January 1, 2021.
As covered in a prior WBK article, the GSEs released an updated redesigned URLA form in 2019. In addition, the GSEs also released an interactive version of the redesigned URLA.
The announcement includes a list of tasks lenders should complete as part of the transition. Lenders must comply with the mandate to use the revised forms by March 1, 2021.