Maxwell, the leading fintech mortgage solutions platform for lenders, today announced the launch of Maxwell Mortgage Solution Español, a bilingual option for mortgage applications, to enable lenders to better serve the market. growing and dramatically improving access and user experience for Hispanic Americans. with limited English proficiency (LEP).
With Maxwell’s bilingual feature, lenders and borrowers can now complete a full application in either Spanish or English, with the ability to switch between the two languages throughout. Automatically detecting a device’s language settings, it provides borrowers with a fully translated, culturally empathetic application experience while meeting Uniform Residential Loan Application (URLA) loan application requirements through integration with the LOS ( Loan Origination System). Loan officers can continue to work in English on the back-end and access preferred features such as QuickApply™ or FileFetch™, to ensure application submission rates of up to 90% with seamless workflow and faster and more efficient borrower experience.
The Hispanic-American homebuyer segment has grown by 25% over the past decade and by 2030 will represent approximately 56% of all new homeowners. Limited English Proficiency (LEP) is one of the biggest barriers to homeownership among Hispanic Americans, second only to credit score issues. Existing POS platforms only offer either a translated landing page, subtitles in the loan application, or a Spanish-speaking representative that borrowers are responsible for contacting. In today’s competitive housing market, this puts LEP borrowers at a significant disadvantage.
“A mortgage is one of the most important financial decisions a person can make. For millions of borrowers across America, it’s a decision made even more difficult when there is 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 the needs of this demographic to fully reach the communities they serve. By launching Maxwell Español, we aim to help lenders build trust and understanding with their Spanish-speaking customers and improve the path to homeownership through a fully bilingual mortgage experience.
Mortgage applications contain large amounts of information with complex terminology and multiple documentation. For LEP candidates 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 Spanish translation feature with its in-house team of Hispanic-American mortgage professionals to retain industry-specific context and nuance with heightened cultural context. .
Currently, Maxwell streamlines the entire mortgage process, from loan application to secondary markets, for more than 300 small and medium lenders across America, helping them outperform the market by more than 15%. For lenders looking to expand as the market contracts and serve the growing segment of Hispanic-American homebuyers, Maxwell’s Spanish translation feature will allow them to grow their market share by offering a welcoming borrower experience that lends cultural empathy to Hispanic Americans, especially LEP borrowers.