The Consumer Financial Protection Bureau released a Spanish-language translation of certain model clauses available for use in early-intervention written notices issued under its mortgage-servicing rules.
CFPB releases Spanish-language mortgage disclosures
July 06, 2021 / By ICBA
The Consumer Financial Protection Bureau released a Spanish-language translation of certain model clauses available for use in early-intervention written notices issued under its mortgage-servicing rules.
The Consumer Financial Protection Bureau released a Spanish-language translation of certain model clauses available for use in early-intervention written notices issued under its mortgage-servicing rules.
Rules: The mortgage-servicing rules permit servicers to make required disclosures in a language other than English and translate disclosures into other languages, so long as an English version is available for the borrower upon request.
Background: In a January 2021 statement, the CFPB encouraged mortgage servicers to be responsive to borrower needs by ascertaining borrower language preferences and providing legally compliant translated materials.
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