Freddie Mac Initiative to Introduce Bilingual Mortgage Documents

Freddie Mac and VMP^® Mortgage Solutions, Inc., a Bankers Systems, Inc. company, have joined in a new initiative that will provide mortgage lenders with tools that address one of the most common barriers to homeownership among the Spanish-speaking community – lack of information in their own language.

Freddie Mac and VMP Mortgage Solutions are collaborating to develop bilingual state-specific security instruments, notes, and other mortgage documents in English and Spanish, as well as bilingual consumer education brochures that address the mortgage process.

The comprehensive suite of educational materials will take a step-by-step approach to the mortgage lending process. The collection will begin with a primer on the importance of credit and flow into a series of bilingual brochures that explain the lending process. The educational materials will be based on content from Freddie Mac’s award-winning CreditSmart Español consumer financial literacy curriculum. The materials will be provided by VMP Mortgage Solutions to lenders and by Freddie Mac to community organizations. The materials also will address common misconceptions about banking and homeownership in the U.S., as well as help consumers better understand their rights and responsibilities. Each of the educational pieces will be designed with corresponding English and Spanish text to allow speakers of either language to follow the information.

"Freddie Mac has long been committed to working with our lender customers to increase homeownership among the fastest growing segment of the population – Hispanic/Latino families," Tricia McClung, vice president of Housing and Community Investment for Freddie Mac, said. "In the next decade, nearly a third of first-time homebuyers will be of Hispanic/Latino background. Bilingual documents are a critical step in helping these families become homeowners."