August 10, 2022

Brown Applauds FHFA for Requiring Mortgage Lenders and Servicers to Transfer Fair Lending Data

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement applauding the Federal Housing Finance Agency’s (FHFA) announcement that it would require mortgage lenders and servicers to transmit fair lending information, including a borrower’s language preference, to loan servicers along with other loan information.

“It’s common sense – if you’re talking with a homeowner or trying to help them get back on track with their payments, you should know what language they’re most comfortable with. Today’s action will help ensure that our housing system serves all eligible homebuyers, and I applaud Director Thompson for taking another step to improve the mortgage process.” 

Brown recently praised FHFA for recommitting to require that lenders collect a borrower’s language preference and housing counseling information when they apply for a mortgage. Brown had previously led his colleagues in pushing FHFA to require that lenders collect this information as part of the Uniform Residential Loan Application (URLA).