Improving Language Access in Mortgage Servicing Act of 2024

Finance and Financial Sector

house

senate

president

Introduced on May 6, 2024 by Sylvia Garcia

Legislation Details

Establishes language access requirements for creditors and servicers in the mortgage process.
Amends the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974.
Requires the creation of a standard language preference form to be used in mortgage applications.
Directs the designation and translation of vital documents related to mortgage origination and servicing into the eight most commonly spoken languages by individuals with limited English proficiency, with plans to expand to at least four additional languages.
Mandates creditors to include the standard language preference form in written applications and to document and transfer a consumer’s language preference information.
Requires creditors and servicers to provide translated vital documents and oral interpretation services in the consumer’s preferred language.
Obligates creditors and servicers to notify consumers of available language services and to publish links to housing counselor information and a language resources website on their websites.
Calls for the establishment of a language resources website by federal agencies to provide language resources for creditors, servicers, and consumers.
Establishes an advisory group to advise on issues related to mortgage processes for non-English speakers.
Enhances search capabilities on HUD’s website to allow for searching housing counseling agencies based on the language services they provide.
Authorizes appropriations to support language training for HUD-approved housing counselors and their staff.
Defines terms such as “creditor,” “director,” “servicer,” “residential mortgage loan,” and “federally related mortgage loan.”

Last updated 8/8/2024