In today’s challenging market environment, lenders are overwhelmingly seeking new avenues for borrower business and loan volume. That means creating strategies to connect with demographics rising in the home-buying marketplace, including Hispanic Americans.
Specifically, lenders looking to capture Hispanic American business should:
Provide resources & education
With a substantial number of respondents expressing confusion in the mortgage process, there’s plenty of room to connect with this audience through value-add resources, education, and support. Buyer illiteracy creates a massive opportunity for lenders prepared to step up. Those willing to educate borrowers can build trust with their customers, grow a powerful reputation, earn repeat and referral business, and increase access to homeownership in their communities.
So, how can lenders go about this process? Homeownership education can come in many forms, including:
- Content like articles, videos, and infographics—available in both English and Spanish
- One-on-one counseling or support advertised on your website
- Partnerships with community programs and groups that provide financial literacy resources
- Reports that compare loan products and pricing
- A directory of resources for prospective homeowners
Regardless, by creating an informative presence, then offering ongoing support to confused buyers, lenders can build a relationship that results in trust, business, and referrals.
Offer LEP-friendly products
To remove barriers for native Spanish speakers, lenders need to reconsider how user-friendly their experiences are to borrowers with LEP. This factor is especially vital within the loan application, where Hispanic Americans may consider abandoning the process faced with limited language support and the need to find their own translation resources.
Increasingly, a Spanish-language loan app offering a fully-translated loan application, from landing page to submission, is vital to capturing the business of Hispanic borrowers. A thoughtfully constructed, culturally empathetic Spanish loan app is a powerful tool to connect with this audience and earn repeat and referral business.
Maxwell’s Spanish loan app, for instance, offers an easy-to-use, intuitive interface for Hispanic borrowers. Unlike many existing point-of-sale systems, which rely on translation through a Spanish-speaking representative or only offer a Spanish landing page or subtitles in the loan application, our loan app provides an immersive Spanish language experience. Built with input from our in-house group of Hispanic American processors and underwriters, our Spanish mortgage application strengthens cultural context and retains industry-specific nuance, helping lenders attract, convert, and engage native Spanish speakers.
Invest in smart automations & personalized service
Our survey found that an overwhelming majority of respondents opt out of online lenders, with 96% choosing a bank or local option as their lending source. The reasons for this trend are likely this demographic’s tendency to follow the recommendations of their acquaintances and its need for personalized resources and support.
To meet Hispanic home buyer needs, then, local lenders need to invest in point-of-sale technology that automates tedious borrower tasks and frees lending teams up to better support customers. Maxwell Point of Sale, for instance, leverages features like QuickApply™, which autocompletes required fields when borrowers input their zip code and the last four digits of their social security number, making filling out the loan application easy and straightforward. This leads to an over 90% completion rate, removing rote work from lending teams and dramatically simplifying the application process for the borrower, including those with LEP.
Download Maxwell’s 2023 Hispanic American Borrower Report
Want to view exclusive data to help shape your strategy to increase homeownership in your community and open relationships with new borrower demographics?
Download our white paper, the 2023 Hispanic Borrower Report, to gain access to:
- Insights that reveal common barriers to entry for native Spanish speakers in the mortgage lending process
- Reasons Hispanic American borrowers choose their lending provider
- Ways to connect with this audience as a lender
- And more!
Get your free copy of the Maxwell 2023 Hispanic American Borrower Report