The newly redesigned Uniform Residential Loan Application from Fannie Mae and Freddie Mac has arrived and no longer features a language preference question, as well as housing counseling information, as ordered by the Federal Housing Finance Agency.
"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," according to HousingWire.
"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."
According to the senators, due to the fact that lenders aren't obligated to the use the voluntary forms that contain these questions, they believe it will "disparate treatment among borrowers who use different lenders."
To learn more about the new form and the omissions on the Uniform Residential Loan Application, click on the image above.