This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2017 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
HARP - the Home Affordable Refinance Program was created by FHFA specifically to help homeowners current on their mortgage payments, but underwater on their mortgages.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector.
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The Federal Housing Finance Agency's (FHFA)
2018 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions requires the Enterprises to continue to support access to credit for mortgage-ready borrowers with limited English proficiency (LEP), including finalizing a multi-year language access plan and beginning plan implementation. The
Language Access Multi-Year Plan (May 2018) was developed by Fannie Mae and Freddie Mac in conjunction with FHFA based on research and testing conducted in 2017 (described below) to identify major obstacles for LEP borrowers in accessing mortgage credit and to analyze potential solutions. Key milestones include:
View the Plan
2016 - 2017 Language Access Activities of FHFA and the Enterprises FHFA's
2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions required the Enterprises to identify major obstacles for LEP borrowers in accessing mortgage credit, analyze potential solutions, and develop a multi-year plan to support improved access.
As part of this research, in May 2017 FHFA requested
public input on issues faced by LEP borrowers throughout the mortgage life cycle to better understand the experiences of these borrowers and the mortgage industry participants who serve them. FHFA and the Enterprises also conducted outreach to industry and consumer groups on these issues.
In addition, the Enterprises conducted interviews and focus groups with borrowers whose primary language was not English and with lenders and servicers. These interviews and focus groups examined how limited English proficient borrowers engage in the mortgage process and how lenders and servicers engage with them. Each round of testing was conducted by Kleimann Communication Group on behalf of the Enterprises. Results from these interviews and focus groups are detailed in
Kleimann's April 2017 report.
2016 and 2017 Testing: In 2016 and 2017, the Enterprises completed with Kleimann Communications Group several rounds of testing of a language preference question on the Uniform Residential Loan Application (URLA). The test results were used by FHFA in deciding whether and how to include the language preference question on the URLA.
The July 2016 testing captured borrower and lender reactions to the URLA in general, the demographic questions on the form, and various forms of a question about language preference. The
September 2017 testing also assessed reactions of lenders and LEP borrowers to a preferred language question on the URLA. These tests, conducted over two rounds, revealed important insights on how to ask about preferred language in a way that appropriately manages borrower expectations about receiving in-language services. The testing also provided insight on lender and borrower preferences for the location of a question on the form. Initial feedback showed increased borrower expectations for in-language resources upon viewing a version of the question and contrasted sharply with borrower expectations after reviewing the disclosure. As a result, in the second round Kleimann also tested a revised version of the question that incorporated key language from the disclosure. Borrowers and lenders felt the revised question more accurately set expectations. The tests also revealed a preference by borrowers and lenders for placement of the question at the start of the URLA or at the end of Section 1a. Personal Information.
Preferred Language Question: On October 20, 2017, FHFA announced that a borrower language preference question would be included on the redesigned URLA. The Consumer Financial Protection Bureau
issued a notice approving use of the redesigned URLA under the Equal Credit Opportunity Act (ECOA) on November 24, 2017. The Enterprises published the
redesigned URLA and supporting documents on December 19, 2017.
Improving Language Access in Mortgage Lending and Servicing Request for Input
View Input Submitted
Language Access Multi-Year Plan (5/10/2018)
News Release: Preferred Language Question to be Added to the Redesigned Uniform Residential Loan Application (10/20/2017)
Comunicado de Prensa: Pregunta sobre el lenguaje de preferencia será añadida a la solicitud rediseñada del Préstamo Hipotecario Residencial Uniforme
Preferred Language Question for the Uniform Residential Loan Application (10/20/2017)
Preferred Language Consumer Testing Briefing (September 2017 Testing) - Conducted by Kleimann Communication Group (10/20/2017)
FHFA Reopens and Extends Deadline to September 1 on RFI to Improve Access to Credit for Qualified Mortgage Borrowers with Limited English Proficiency (8/4/2017)
Uniform Residential Loan Application (URLA) Round 7 Consumer Testing Briefing (July 2016) - Conducted by Kleimann Communication Group (8/4/2017)
FHFA Extends Deadline to July 31 on Request for Input to Improve Access to Credit for Qualified Mortgage Borrowers with Limited English Proficiency (6/29/2017)
Language Access for Limited English Proficiency Borrowers: Final Report - Conducted by Kleimann Communication Group for Freddie Mac and Fannie Mae (April 2017) (6/14/2017)
FHFA Issues Request for Input to Improve Access to Credit for Qualified Mortgage Borrowers with Limited English Proficiency (5/25/2017)
© 2018 Federal Housing Finance Agency