Maxwell’s Español Mortgage Solution Is Bilingual, ‘Builds Confidence’
Borrowers with limited English proficiency would be more likely to pass the complex application process, allowing lenders to close loans faster and increasing loan officer output.
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Small and medium-sized mortgage lenders now have access to a tool designed to provide better services to Latino buyers with limited English proficiency, with the launch of a Spanish point-of-sale platform by the provider of Maxwell Mortgage Technology.
Other point-of-sale platforms offer more limited help for Spanish-speaking borrowers — either a translated landing page or subtitles in loan applications, according to Maxwell. In many cases, borrowers need bilingual loan officers to guide them through applications.
“When we looked at the landscape of current point-of-sale systems, they’ve done very little to support the growing Hispanic-American population,” Maxwell co-founder and CTO Rutul Davé told Inman. “The approach has generally been to offer a member of staff who can help guide and translate through the process.”
Maxwell’s Español Mortgage Solution allows borrowers to complete mortgage applications in Spanish or English, providing the ability to switch between languages at any time.
Loan officers can work in English, and Maxwell’s point-of-sale platform integrates with lenders’ back-end loan origination systems, ensuring compliance with uniform residential loan application requirements.
Davé said Maxwell’s Español Mortgage Solution benefits from the input of the company’s Spanish-speaking mortgage processors and underwriters, who helped ensure that translations provided the necessary cultural context and retained industry-specific context and nuance.
The end result is that borrowers are more likely to navigate through the complex application process using behind-the-scenes technology, allowing lenders to automate the process of retrieving supporting documents such as verification of income and assets, he said.
“My first interaction with the loan officer, or in the process, is this loan application, and that plays a big part in building that trust and comfort,” Davé said.
Maxwell says lenders using its POS are achieving application submission rates of over 90% and its mortgage platform is enabling lenders to close loans 13 days faster and increase their loan officer production by more. by 15%.
Although inventory shortages and rising home prices have reduced their buying power, Hispanic and Latino home buyers make up a significant share of the market, according to the National Association of Hispanic Real Estate Professionals (NAHREP). .
Source: US Census data and National Association of Realtors / National Association of Hispanic Real Estate Professionals 2021 State of Hispanic Homeownership Report.
While the Hispanic homeownership rate is approaching 50%, Latinos made up 68% of new homeowners in 2015, NAHREP estimates. Inventory shortages and rising house prices have since reduced the Latin American share of new homeowners to just 18.1% in 2021.
But Latin America’s share of new home ownership is expected to rebound as demographics “age” in their early years of home buying. Nearly two-thirds (64.3%) of Latinos are 40 or younger, according to NAHREP’s 2021 State of Hispanic Homeownership Report.
Founded in 2015, Denver-based Maxwell Financial Labs Inc. and its subsidiary, Maxwell Lender Solutions Inc., operate as “Maxwell,” providing services to more than 300 mortgage lenders, banks, and credit unions .
Maxwell announced a $52.5 million raise in October that it said would allow it to hire new talent in its product, engineering, sales and marketing departments.
In December, Maxwell launched a new product, Maxwell Processor Edge, designed to help small and midsize mortgage lenders use machine learning to speed up the document review process and detect errors before loans are underwritten.
Other offerings include Maxwell Diligence, which allows lenders to outsource their quality control and due diligence, and Maxwell Capital, a service designed to help lenders sell their loans in the secondary market.
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Email Matt Carter