Platform caters to Latino borrowers en español

Denver-based firm is cognizant of the growing Hispanic market

Platform caters to Latino borrowers en español

The stats speak for themselves: the Hispanic American homebuyer segment has grown by 25% in the last decade, and by 2030 will represent an estimated 56% of all new homeowners.

Cognizant of that segment growth, Maxwell this week announced the launch of its Spanish-language mortgage solutions, a bilingual option for mortgage applications, enabling lenders to better serve the growing Hispanic market – dramatically improving access and user experience for Latino Americans with limited English proficiency.

In an interview with Mortgage Professional America, Rutul Davé, CTO and co-founder of Maxwell, explained that limited English proficiency is one of the most significant barriers to Hispanic American homeownership, second only to credit score challenges.

Billing itself as the leading mortgage fintech solutions platform for lenders, Maxwell launched its español mortgage solution, a bilingual option for mortgage applications. Through Maxwell’s bilingual feature, lenders and borrowers can now complete an entire application in Spanish or English, with the opportunity to switch between both languages throughout.

Read more: Latino home loans – why it’s time to cater to this market

Automatically detecting a device’s language settings, the platform provides borrowers with a fully translated and culturally empathetic application experience while fulfilling URLA (Uniform Residential Loan Application) loan file requirements through integration with the LOS (Loan Origination System). Loan officers can continue to work in English on the back end, and access favored features such as QuickApply or FileFetch to secure application submission rates of upwards of 90% with a faster, more efficient workflow and borrower experience.

“A mortgage is one of the biggest financial decisions a person can make,” Davé, said. “For millions of borrowers across America, it’s a decision made even harder when there’s a significant language barrier. As the Hispanic American homebuyer segment continues to grow at a rapid pace, lenders must be able to meet this demographic’s needs to fully reach the communities they serve. By launching Maxwell Español, we aim to help lenders establish trust and understanding with their Spanish-speaking customers and improve the pathway to homeownership with a fully bilingual mortgage experience.”

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Mortgage applications are packed with vast amounts of information with complex terminology, Davé noted. For LEP applicants in the early stages of the home buying journey, this process can be daunting and challenging, he added. To help lenders and borrowers overcome these challenges, Maxwell designed the Español translation feature with its in-house team of Hispanic American mortgage professionals to retain industry-specific context and nuance with a strengthened cultural context.

In addition, Maxwell recently launched Maxwell Private Label Origination to provide “mortgage-as-a-service” infrastructure to financial service providers, allowing credit unions, neobanks, and real estate agencies to enter the mortgage market. Currently Maxwell streamlines the entire mortgage process, from loan application to the secondary markets, for more than 300 small to midsize lenders across America, helping them to outperform the market by over 15%. For lenders looking to expand as the market contracts, and serve the burgeoning Hispanic American homebuyer segment, Maxwell’s Spanish translation feature will allow them to grow their market share by providing a welcoming borrower experience that lends cultural empathy to Hispanic Americans, particularly for LEP borrowers.

According to its corporate literature, the company, backed by a deep bench of industry expertise, provides offerings enabling lenders to stay ahead of the competition while improving their margins. A