Guaranteed Rate reports that it has expanded its Language Access Program (LAP) so that every step and communication within the mortgage experience is entirely in Spanish – application to loan servicing.
“The rapidly growing Latino population has faced language barriers in the mortgage application process for way too long,” says Camilo Escalante, executive director of diverse segments at Guaranteed Rate, in a release. “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.”
The revamped program leverages both language and nuanced cultural references to deliver a superior user experience for people who only speak or prefer to interact in Spanish.
“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,” says Arlyn Kalinski, vice president, 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 reference.”