In an effort to cater to the Spanish-speaking borrower demographic, reverse mortgage originators are now able to access Spanish language loan documents through a new service offered by Mortgage Cadence.
Finale Document Services now includes reverse mortgage document packages in Spanish in addition to English, to align with the needs of a growing Spanish-speaking borrower demographic.
“There have been requests from both customers and prospective customers, and we anticipate there will be additional growth in this underserved demographic segment,” Jacob Petersen, Finale executive vice president told RMD in an email.
“It is no secret that the Hispanic growth over the last decade has accounted for nearly half of the United States’ growth, and as such, this population is poised to become the next powerhouse,” Petersen said. “Also this was a client-driven initiative that tied directly into the Hispanic growth.”
Finale worked with a law firm in Puerto Rico to develop the disclosures and documents, with an eye toward market expansion. The company has the ability to add additional Spanish documents to meet state specific Spanish disclosure requirements as well.
Lenders, too, have increased efforts recently in marketing to the Spanish-speaking demographic, and Puerto Rican lender Money House has announced it is seeking to expand into the United States in 2012 either through an acquisition of a lender in the U.S. or the opening of a new location.
Written by Elizabeth Ecker