Preferred language question will be on URLA

The Federal Housing Finance Agency announced on Friday its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. FHFA said the text of the question also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. Fannie Mae and Freddie Mac will publish the final redesigned URLA later this year, and lenders will be able to use the new URLA in July 2019 (use of the revised form for Enterprise loans will be mandatory starting in February 2020).