Improving Language Access in Mortgage Servicing Act of 2024

This bill requires mortgage lenders and servicers to provide language access services to borrowers with limited English proficiency. It mandates the creation of a standard language preference form for mortgage applications and requires translations of vital mortgage documents into the eight most commonly spoken languages in the U.S., with plans to expand to additional regional languages within three years. Lenders and servicers must document and transfer language preferences between parties, provide oral interpretation services in the borrower's preferred language, and include notices clarifying that translated versions are for informational purposes only. The bill also establishes a joint language resource website with translated documents, mortgage term glossaries, and guidance for creditors, servicers, and borrowers. These provisions aim to improve access to mortgage services for non-English speaking borrowers by addressing language barriers in homeownership processes.