"Our solution has no geographic boundaries"
Guaranteed Rate has launched an expanded Spanish language access program as part of its commitment to the Hispanic and Limited English Proficiency (LEP) communities.
The national lender said the program allows Guaranteed Rate and its “language certified loan originators” to market, advertise, and solicit business in Spanish. The program also includes initiatives to serve consumers who communicate in languages other than English, including a nationwide bilingual processing team and over-the-phone interpretation service to translate more than 170 languages.
“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 at Guaranteed Rate. “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 of 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 a reference.
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“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 US.”
