BUFFALO, N.Y. /NEW YORK NETWIRE/ — LenderLogix, a leading provider of mortgage automation software and application programming interfaces (APIs), today announced its streamlined point-of-sale (POS) LiteSpeed now offers a Spanish version of the residential loan application to support communication with Spanish-speaking borrowers in their native language.
The Urban Institute estimates that Hispanics will comprise 70% of all new homeowners by 2040. In addition, the 2022 State of Hispanic Homeownership Report from the National Association of Hispanic Real Estate Professionals (NAHREP) notes that 7.9 million Latinos aged 45 and under are mortgage-ready, with another 2.8 million who are near mortgage-ready, and that Latinos have the largest near mortgage-ready population of any racial or ethnic group. By having Spanish as a supported language option within LiteSpeed, lenders can better communicate with the Spanish-speaking subset of their limited English proficiency (LEP) borrowers to ensure they enter the homebuying process with greater confidence and a clearer understanding of the transaction.
“The data doesn’t lie. Hispanic and Latino borrowers will represent a significant portion of homeownership growth over the next few decades, and lenders must prepare to serve the unique and varied needs of this demographic, including the ability to communicate in the borrower’s native language when that language is something other than English,” said LenderLogix Founder and CEO Patrick O’Brien. “As the second most common language spoken in the U.S. other than English, supporting Spanish within LiteSpeed just makes sense as a starting point. We foresee adding other language options to help our customers expand homeownership access to even more LEP borrowers.”
With LiteSpeed, small to mid-sized lenders gain the POS functionality essential to competing effectively in today’s digitally-driven mortgage market at a price point aligned with their organization’s size and budgetary needs. Designed for rapid implementation and minimal internal support requirements, LiteSpeed provides borrowers a white-labeled, digitally native user experience that helps lenders gain more leads faster and increase application rates to drive conversion. As an ICE Mortgage Technology(tm) Gold Partner, LenderLogix has built a direct integration between LiteSpeed and Encompass(R) to ensure lenders can operate in a seamless environment from the first point of contact to maximize their loan origination system (LOS) investment.
LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software and APIs to meet the needs of today’s mortgage lenders. The company’s suite of products addresses the speed at which today’s real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.
News Source: LenderLogix