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          The cover story is available for free and the full issue is   loan transaction is likely to be conducted in English, and that
          available online for subscribers. Other stories in this issue cover   communications may not be available in their language of
          complying within the lifecycle of a fintech product, assessing   choice. The text also states that the language designation is for
          redlining risk by analyzing peers and navigating amendments   information collection purposes only.
          to the Consumer Financial Protection Bureau’s servicing rule.
                                                                 In addition, the text includes information on the language
          To read the story visit:  services available to borrowers and directs them to various
          bankcompliance/Documents/CoverStory.pdf                resources. Fannie and Freddie will also make available an
                                                                 optional disclosure in several languages informing borrowers of
          Universal Residential Loan                             language resources, FHFA said.

          Application to Include                                 ABA expressed disappointment with FHFA’s decision to
          Language Preference Question                           move forward with the question and remains concerned that
                                                                 its inclusion will raise questions of liability under rules not
          The Federal Housing Finance Agency (FHFA) has announced   promulgated by FHFA and for which FHFA cannot provide
          that it will include a language preference question on its updated   safe harbor or alleviate concerns through disclosures.
          Universal Residential Loan Application (URLA). The question   To view the URLA question text visit: https://www.fhfa.
          will allow borrowers to specify if they wish to communicate   gov/PolicyProgramsResearch/Policy/Documents/Preferred_
          in a language other than English and identify their preferred   Language_Question.pdf
          language. The new URLA form, which FHFA plans to issue
          later this year, will go into effect in July 2019 and will be
          mandatory for loans made by Fannie Mae and Freddie Mac
          beginning in February 2020.
          In response to numerous concerns about the legal risks that such
          a question would pose for lenders, FHFA included additional
          disclosure language intended to inform borrowers that their

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               Why choose Bell as your                                                 Tom Ishaug
               bank’s lending partner?
                                                                                        Based in Fargo, ND,
               As your partner, we won’t                                                serving North Dakota, Minnesota,
               have to contact someone in                                               Idaho and Washington.
               San Francisco to make the
               call. You’ll get a loan decision
               as rapidly as you need it.

               Together,let’s make it happen.

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