Translations of Mortgage Disclosures
House Bill 2188 (2009)
One provision of HB 2188, passed by the Oregon Legislature requires translation of certain mortgage disclosure documents. This requirement applies to transactions that occur on or after
January 1, 2010 (the effective date of this 2009 Act).
When a mortgage banker, mortgage broker or mortgage loan originator advertises or solicits a loan in a language other than English, and conducts a significant part of the communication about a mortgage loan in that language, they must provide the borrower with all three translated disclosures:
- the federal "good faith estimate" as required by the Real Estate Settlement
Procedures Act (RESPA);
- the Truth in Lending Act (TILA) disclosures; and
- a statement explaining that the actual loan documents will only be provided
in English and advising the borrower to obtain assistance with any necessary translations.
Mortgage bankers, mortgage brokers, and mortgage loan originators are required
to use the translated disclosures only if they advertise, negotiate the terms, or receive an
application for a residential mortgage loan (secured by one to four residential dwelling units)
in another language. A mortgage banker, mortgage broker, or mortgage loan originator who does
business only in English is not affected by this new law.
DCBS has had these required documents translated in the three most commonly
spoken languages in Oregon other than English:
Russian translations
GFE
TILA
General Disclosure
Spanish translations
GFE
TILA
General Disclosure
Vietnamese translations
GFE
TILA
General Disclosure
