Guaranteed rate taking borrowers from application to closing en Español

The lender is expanding the Spanish language access program launched in April to include information outlining loan terms and fees.

Join industry visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and more at Inman Connect New York, January 24-26. Punch your ticket to the future by joining the smartest people in real estate at this must-attend event. Register here.

Guaranteed Rate has expanded its Spanish Language Access Program to include loan information that outlines loan terms and fees, allowing the company to walk borrowers from application to closing entirely in Spanish. .

Arlyn Kalinski

Loan disclosures “reveal critical details about loan terms, expected monthly payments and how much the consumer will pay in fees and other costs to secure their mortgage,” guaranteed rate manager Arlyn Kalinski said in a statement. communicated. “The Guaranteed Rate guides clients through loan estimates and closing disclosures in Spanish, with a real-time digital version that the client can print [or] save as reference.

Guaranteed Rate recruited Kalinski last year to create a nationwide bilingual processing team in Spanish and telephone interpretation services for clients in more than 170 languages.

Kalinski — whose official title at Guaranteed Rate is vice president of compliance, Limited English Proficiency Program (LEP) — ​​helped Guaranteed Rate launch a Spanish-language version of the company’s website in April, along with requests of digital mortgage in Spanish.

Camilo Escalante

Spanish-speaking borrowers often dread the mortgage application process due to the language barrier, and in the past they may have had to rely on family members or friends to act as interpreters, Camilo said. Escalante, executive director of various segments at Guaranteed Rate, at the time.

“The Guaranteed Rate is dedicated to building trust with our Hispanic community, and by providing the complete mortgage application in Spanish, we are giving these hard-working families the same technology and tools available to English-speaking clients,” said declared Escalante in April.

The guaranteed rate indicates that its language access programs enable the company’s language-certified loan originators to market, advertise and solicit business in Spanish in all 50 states.

“We are changing the way the entire mortgage industry will communicate with the Hispanic community starting now,” Escalante said in a statement.

The Urban Institute predicts that Latinos will account for 70% of homeownership growth over the next 20 years. But according to CSA Research, 40% of consumers say they will never buy products from websites in other languages, and 76% prefer to buy products with information in their native language.

In July, mortgage technology provider Maxwell announced a Spanish-language point-of-sale platform designed to help small and medium-sized mortgage lenders provide better services to Latino buyers with limited English proficiency.

Borrowers using Maxwell’s Español Mortgage Solution can complete mortgage applications in Spanish or English, switching between them at any time.

Loan officers can work in English, and Maxwell’s point-of-sale platform integrates with lenders’ back-end loan origination systems to ensure compliance with Uniform Residential Loan Application requirements.

Also this week, Guild Mortgage announced a partnership with the National Association of Hispanic Real Estate Professionals (NAHREP) which the company says will strengthen its efforts to do more business in diverse communities.

Victoria Garcia DeLuca

The partnership is “vital to increasing our impact in the Hispanic community,” Guild Director Victoria Garcia DeLuca said in a statement. DeLuca, who joined Guild Mortgage in January as vice president of market diversity strategy, is a member of NAHREP’s board of governors.

By joining NAHREP, “Guild can amplify its work to reach and support Hispanic homebuyers with the information, education and lending programs they need to achieve their dreams of homeownership,” said DeLuca.

Guild Mortgage announced in July that it had partnered with technology provider FormFree to help borrowers without a credit score qualify for better rates on FHA, USDA and VA mortgages based on their payment history of rent, their residual income and other data points.

Get Inman’s Extra Credit newsletter delivered straight to your inbox. A weekly roundup of all the biggest news from the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Comments are closed.