Fannie Mae and Freddie Mac this week unveiled a redesigned Uniform Residential Loan Application, following a directive from the Federal Housing Finance Agency to remove the language preference question and housing counseling information from the updated URLA form, HousingWire.com reported. Earlier this year, the FHFA ordered the government-sponsored enterprises to remove the language preference question and housing counseling information from the new URLA form, which is the standardized form used by borrowers to apply for a mortgage. The move was welcomed by the mortgage business, namely the Mortgage Bankers Association, claiming the language preference question may cause more problems than it solves. But not everyone welcomed the changes. Last week, a group of nearly 20 prominent Senate Democrats, including five who are currently running for president, called on the FHFA to undo the alterations to the URLA, claiming the changes could reduce access to credit for mortgage borrowers who are already underserved. Under the changes proposed earlier this year by the FHFA, the language preference question and housing counseling information are being moved to separate voluntary forms, a change that concerns the Democrats.
