Borrowers with limited English proficiency are said to be more likely to make it through the complex application process, enabling lenders to close loans faster and boost loan officer production.
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Small-to-midsize mortgage lenders now have access to a tool designed for providing better services to Latino homebuyers with limited English proficiency, with the release of a Spanish-language point-of-sale platform by mortgage technology provider Maxwell.
Other point-of-sale platforms offer more limited help for Spanish-speaking borrowers — either a translated landing page or subtitles in the loan applications, according to Maxwell. In many cases, borrowers need bilingual loan officers to walk them through the applications.
Rutul Davé
“When we looked at the landscape of current point-of-sale systems, they did very little in terms of supporting the growing Hispanic American population,” Maxwell co-founder and CTO Rutul Davé told Inman. “The approach usually has been you offer somebody on staff who can help guide and translate throughout the process.”
Maxwell’s Español mortgage solution lets borrowers complete mortgage applications in Spanish or English, offering the ability to switch back and forth between languages at any time.
Loan officers can work in English, and Maxwell’s point-of-sale platform integrates with lenders’ back-end loan loan origination systems, ensuring compliance with Uniform Residential Loan Application requirements.
Davé said Maxwell’s Español mortgage…