Spanish Loan Documents and Lender Resources

HOCMN February 19, 2016

Spanish Loan Documents are now available from Fannie Mae to help clients with limited English proficiency

Fannie Mae has created a one-stop resource for lenders and housing counselors working with Spanish-speaking clients that simplifies access to versions of the Spanish loan documents of many mortgage loan origination documents, including the loan application and other required documents like the Loan Estimate, Closing Disclosure Statement and many others.

On the Fannie website, the Spanish and English versions are offered side-by-side on the page, so lenders with limited Spanish language skills can be sure that they are sharing the correct document.

 

A Word of Caution about the Spanish Loan Documents:

While it is great to see Fannie making these documents available, consumers need to understand that while Spanish loan documents exist for many of the origination documents, the mortgage transaction – and all final documentation – will be conducted in English. There is a “Notice to Borrowers” on the website that shares this information with clients and can be customized by lenders or counselors.

Fannie is also open to feedback from lending partners and from housing counselors working with borrowers with limited English proficiency to help them improve the documents. There are plans to expand the documentation to include additional languages in the future.

The Spanish loan documents can be found on the Fannie Mae website, here:

https://www.fanniemae.com/singlefamily/spanish-resources-for-lenders

Subscribe to our newsletter

Get occasional emails to help you stay up to date with the Minnesota housing market, new learning opportunities and more.