CAPAC Chair Applauds FHFA Announcement to Include Preferred Language Option on Loan Applications

Oct 20, 2017

Washington, DC - Today, the Federal Housing Finance Agency (FHFA) announced its decision to update the Universal Residential Loan Application (URLA) to include a preferred language question. CAPAC Members have advocated for this change in order to better understand the needs that Asian American and Pacific Islander borrowers currently face when undergoing the home buying process. Congresswoman Judy Chu (CA-27), Chair of the Congressional Asian Pacific American Caucus (CAPAC), released the following statement:

“I commend the Federal Housing Finance Agency for its decision to include a new preferred language question in its revised Universal Residential Loan Application. Purchasing a home is often the most significant and complex financial transaction in an individual’s life and the process can be difficult even for native English speakers to navigate. But for the Asian American and Pacific Islander (AAPI) community – over one third of which is limited English proficient – the challenges are often compounded by language barriers. This is why CAPAC has urged FHFA to collect preferred language data in order to better understand the growing needs of limited English proficient borrowers and homebuyers. With the addition of this new question, financial regulators, housing officials, and policy makers will finally have access to more detailed information to ensure that all Americans, regardless of their language proficiency, have the opportunity to access credit and purchase a home.”

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The Congressional Asian Pacific American Caucus (CAPAC) is comprised of Members of Congress of Asian and Pacific Islander descent and Members who have a strong dedication to promoting the well-being of the Asian American and Pacific Islander (AAPI) community. Currently chaired by Congresswoman Judy Chu, CAPAC has been addressing the needs of the AAPI community in all areas of American life since it was founded in 1994.