Mortgage lender Guaranteed Rate has launched a program to deliver each step of the mortgage process in Spanish.
Guaranteed rate said in a statement this week that it has expanded its language access program to leverage both language and nuanced cultural references for people who speak or prefer to interact only in Spanish. The program is available to consumers in all 50 states.
“The rapidly growing Latino population has faced language barriers in the mortgage application process for way too long,” Camilo Escalante, executive director of diverse segments at Guaranteed Rate, said in the statement. “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.”
Guaranteed Rate called the launch “a major milestone” in its commitment to the Hispanic and the limited English proficiency (LEP) communities.
“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,” Arlyn Kalinski, vice president of LEP compliance for Guaranteed Rate, said in the statement. “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 program also lets Guaranteed Rate and its loan originators market, advertise, and solicit business in Spanish.