CFPB Translates Mortgage Info into Spanish

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) has encouraged financial institutions to provide fair and transparent access to products and services for people who are more comfortable using a language other than English.

This week, CFPB says it’s translated all of its disclosures and advice into Spanish, noting that “sometimes, access to clear information is missing from interactions with customers who have limited proficiency in English.”

The update includes a number of mortgage origination documents, including the following in Spanish:

Fair Credit Reporting Act (FCRA)

• Summary of consumers’ rights under the FCRA
• Summary of consumers’ rights when they believe they are the victim of identity theft

Real Estate Settlement Procedures Act (RESPA)

• Home Loan Toolkit
• Home Loan Toolkit in print-ready PDF format

Truth in Lending Act (TILA)

• Consumer handbook on adjustable rate mortgages, also known as the CHARM Booklet, updated as of June 2020
• What you should know about home equity lines of credit (HELOC) brochure

Other CFPB forms, some with Spanish translations

• Prepaid card model forms, delivering information to consumers about fees and provisions of reloadable and payroll cards
• Adverse action sample notices, providing reasons credit was denied or offered on different terms, and notice of incomplete applications and the applicant’s right to obtain information
• Home mortgage origination documents, including the Loan Estimate and Closing Disclosure
• Early intervention clauses for mortgage servicers, informing delinquent mortgage borrowers about their options+
• Credit reporting notices, explaining a firm offer of credit and outlining a consumer’s rights under the Fair Credit Reporting Act
• Debt collection model validation notice, helping consumers identify and verify debts being collected

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