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 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 CreditSmart Español consumer financial literacy curriculum.
The materials will be provided by VMP Mortgage Solutions to lenders and by Freddie Mac to community organizations, and will address common misconceptions about banking and home ownership 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.
In addition to the comprehensive collection of educational materials, the joint effort will considerably expand VMP Mortgage Solutions’ library of standard bilingual documents and approved documents for use in the sale of eligible loans to Freddie Mac.
The forms will be available in both printed and electronic formats.
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