Ashlin Endter (pictured top), founder and mortgage broker at 4MG Mortgage, said that 70% of people purchasing homes in the next five years will be Hispanic. She said it is important that they can get assistance in their native language for one of the most important financial transactions in their life.
“There are 39 million Spanish speakers in the US,” Endter told Mortgage Professional America. “And 23% of Hispanic borrowers say language was an impediment in the mortgage process. A Maxwell survey said 38% couldn’t find a Spanish-speaking lender in their area, and 31% considered abandoning their mortgage application because of language barriers. In the end, 51% had to hire a professional translator at their own expense.
“Applications that take minutes took three-plus weeks for 24% of Spanish-speaking borrowers, and still, less than 1% of loan officers identify as Hispanic.”
Need for more Hispanic LOs
While there is a continuing need for more properly translated documents, Endter said there is also a need for more native Spanish speakers to get involved in being a loan originator or mortgage broker.
“We need language access, and we also need to help the future originators,” Endter said. “If you don’t want to go to college, that’s cool. Go to trade school. You know what’s in trade school? Origination. Can you read? Can you write? Do you have a passion to help people? Do you have a heart to serve? Come learn.”
