Guaranteed Rate has announced that it now offers its rate.com website and digital mortgage application in Spanish as part of the company’s commitment to better serve the Hispanic community.
The company began its efforts to develop a robust Language Access Program in 2021 by recruiting Arlyn J. Kalinski, a Language Access Program veteran, as compliance vice president of the program, to create a national bilingual processing team in Spanish and add over-the-phone interpretation service for customers in more than 170 languages.
By the end of 2022, Guaranteed Rate is working to expand customer-facing communications, offer Spanish- language disclosures and agreements, and feature the industry’s first end-to-end customer mortgage origination experience in Spanish.
Hispanic consumers can now choose a Spanish-language version of the company’s website in order to find detailed financial education materials and other important features, including being able to digitally apply for a mortgage in Spanish. These additions will allow Spanish speakers to better understand the mortgage process and do so with the same convenience and efficiency as an English speaker, the company’s news release states.
“For too long, millions of Hispanic customers have dreaded their mortgage application process due to the language barrier,” Executive Director of Diverse Segments Camilo Escalante at Guaranteed Rate said. “They have often had to rely on family members or close friends to act as interpreters during the mortgage transaction. Guaranteed Rate is dedicated to building trust with our Hispanic community, and by providing the full mortgage application in Spanish we are giving these hard-working families the same technology and tools available to English-speaking customers.”
Industry-wide, almost 64% of mortgage lenders said they have in-house translation capability during the origination process, according to the Mortgage Bankers Association’s (MBA) 2017 Legal Issues and Regulatory Compliance Conference. On the other hand, 11% of mortgage lenders hire an outside vendor and 25% do not have translation capability. Over 67% also stated that they refer LEP borrowers to housing counseling agencies for translation assistance.
Guaranteed Rate claims to embrace its responsibility to serve all homebuyers, regardless of which language they speak. Considering there are 40 million Spanish-speakers in this country, it’s also a huge opportunity to bring in more business and keep application volume high. The news release states all Guaranteed Rate loan officers and processors will be able to serve this growing demographic of homebuyers.
“Guaranteed Rate recognizes the incredible opportunity to speak directly to those with Limited English Proficiency,” Kalinski said. “We are committed to connecting with and serving all communities. The main objective of this new phase is to make our products and services more accessible to consumers and to continue to address one of the barriers to home ownership, language access.”
