1. Short title
This Act may be cited as the “LEP Data Acquisition in Mortgage Lending Act”.
LEP Data Acquisition in Mortgage Lending Act
A BILL
To require the Director of the Federal Housing Finance Agency to require each enterprise to include a preferred language question on the form known as the Uniform Residential Loan Application, and for other purposes.
2. Preferred language question
Subpart A of part 2 of subtitle A of title 13 of the Housing and Community Development Act of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the following:
“1329. Uniform Residential Loan Application
“(a) In general—The Director shall, not later than February 1, 2020, require each enterprise to include a preferred language question, that is optional for borrowers, on the form known as the Uniform Residential Loan Application and include such question in the form in which it was presented for inclusion on the Uniform Residential Loan Application by the Federal Housing Finance Agency on October 20, 2017 as also written in subsection (b).
“(b) Form of Question—The preferred language question on the Uniform Residential Loan Application shall read as follows:
“(c) Response data—Any response of a borrower to the question described in subsection (a) shall be recorded by the mortgage originator of the borrower and such mortgage originator shall transfer the record of such response to any person who purchases or services the mortgage of the borrower.”