Guaranteed Rate, a mortgage lending and digital financial services company, today unveiled an expanded Language Access Program (LAP) that delivers every step and communication within the mortgage experience entirely in Spanish.
The program leverages both language and nuanced cultural references "to deliver a superior user experience for people who only speak or prefer to interact in Spanish," the company said.
The program is accessible to consumers in all 50 states, and the launch is a major milestone in Guaranteed Rate's constantly expanding commitment to the Hispanic community and the Limited English Proficiency (LEP) community, it said.
"The rapidly growing Latino population has faced language barriers in the mortgage application process for way too long," said Camilo Escalante, executive director of diverse segments. "We feel transparency is a right no matter what language you speak. Our solution has no geographic boundaries, as Latinos are integral parts of city, suburban, small town, and rural communities in all 50 states. Now, Spanish-speaking homebuyers and real estate agents have trusted mortgage resources wherever they are."
"When it comes to one of the most significant financial decisions most people make in their lifetimes, details can have a big impact on homebuyers," said Arlyn Kalinski, vice president, LEP compliance for Guaranteed Rate. "Let's take loan disclosures as a prime example. These documents reveal critical details on loan terms, projected monthly payments, and how much the consumer will pay in fees and other costs to get their mortgage (closing costs). Guaranteed Rate walks customers through the loan estimates and closing disclosures in Spanish, with a real time digital version the customer can print/save as reference."
The Hispanic community at large is expected to make up 70% of homeownership growth in the U.S. over the next 20 years, according to the 2021 State of Hispanic Homeownership Report. Currently there are more than 40 million Spanish-speaking consumers in the U.S., with 40%, or about 16 million, considered LEP.
"Misperceptions about mortgages — everything from acceptable credit scores, good and bad debt, the need for Social Security numbers, and the best size of down payments — keep many Latino consumers from even investigating the possibility of owning a home in the U.S.," Kalinski said. "Every Latino customer has a different story, whether they recently immigrated here or have U.S. roots dating generations. That's why listening comes first, followed by education. Most countries in South or Central America have unique or varying processes for buying property. Based upon where a potential borrower is from, and the questions they have, we can guide them forward into U.S. homeownership."
