CFPB releases Spanish-language mortgage disclosures

The Consumer Financial Protection Bureau released a Spanish-language translation of certain model clauses available for use in early-intervention written notices issued under its mortgage-servicing rules.

Rules: The mortgage-servicing rules permit servicers to make required disclosures in a language other than English and translate disclosures into other languages, so long as an English version is available for the borrower upon request.

Background: In a January 2021 statement, the CFPB encouraged mortgage servicers to be responsive to borrower needs by ascertaining borrower language preferences and providing legally compliant translated materials.