Maxwell, the leading mortgage fintech solutions platform for lenders, today announced the launch of Maxwell’s Español mortgage solution, a bilingual option for mortgage applications, to allow lenders to better serve the growing Hispanic American market, and dramatically improve access and user experience for Hispanic Americans with limited English proficiency (LEP).
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. Automatically detecting a device’s language settings, it provides borrowers 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.
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. Limited English proficiency (LEP) is one of the most significant barriers to Hispanic American homeownership, second only to credit score challenges. Existing point-of-sale platforms only offer either a translated landing page, subtitles in the loan application, or a Spanish-speaking representative that borrowers are tasked with contacting. In today’s competitive housing market, this leaves LEP borrowers at a significant disadvantage.
“A mortgage is one of the biggest financial decisions a person can make. For millions of borrowers across America, it’s a decision made even harder when there’s a significant language barrier,” said Rutul Davé, CTO and Co-founder of Maxwell. “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.”
Mortgage applications are packed with vast amounts of information with complex terminology and multiple documentation. For LEP applicants in the early stages of the home buying journey, this process can be daunting and challenging. 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.
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.