For many Hispanics, the road to homeowner is filled with obstacles, including loan officers who do not speak Spanish or are not familiar with buyers who may not fit into the boxes of a traditional mortgage applicant.
Some mortgage experts turn to artificial intelligence to bridge the gap. They want AI loan officials to help find the best lender for the specific situation of a potential homeowner, while the process is clearly explained and navigating through residence, visa or income requirements.
This new use of a bilingual AI has the potential to better serve home buyers in Spanish and other under -represented communities. And it is launched because federal housing agencies have begun to switch to only English services, part of the pressure of President Donald Trump to make it the official language of the United States. His executive order in August called the change a way to “strengthen shared national values and to create a more coherent and efficient society.”
The number of limited-English households tripled over the past four decades, according to the Urban Institute, a non-profit research organization based in Washington, DC, says the institute that these households have difficulty navigating through the mortgage process, making it difficult to possess a house, which is an important factor in generating generation.
Bilingual AI helps to demystify house loans
The Non -Profit Hispanic Organization of MortGage Experts (Home) has recently launched an AI platform on Chatgpt, with which loan officers and mortgage professionals can quickly search the requirements of more than 150 lenders, instead of taking on individual contact with them.
The system, called Wholesale Search, uses an internal database that gives adjusted options for every buyer. Home also offers a training program for loan officials called Home-certified with self-stable classes on topics such as income and credit analysis, compliance rules and intercultural communication.
Cubie Hernandez, the most important technology and learning officer of the organization, said that the goal is to help families to have trust during the mortgage process, while the industry is forced to modernize. “Education is the gateway to opportunities,” he said.
Home founder Rogelio Goertzen said that the platform was designed to treat complicated cases such as borrowers without a sofi number, having little to no credit history or in the US on a visa.
Faster applications for buyers
Loan officer Danny Velazquez from GFL Capital said the platform has changed its work. He used to have to contact 70 lenders one by one, wait for answers and sometimes later learn that they would not accept the buyer’s situation.
With the AI tool he can view the requirements in one place, limit the list and streamline the Application. “I am just able to make the process faster and get the house,” said Velazquez.
The experience of a homebuyer
One of the recent customers of Velazquez was Heriberto Blanco-Joya, 38, who bought his first house in Las Vegas this year. Spanish is the first language of Blanco-Joya, so he and his wife expected the process to be confusing.
Velazquez told him exactly what paperwork he needed, explained whether his credit score was sufficient to buy a house and answered questions quickly.
“He gave me all the information I had to buy,” said Blanco-Joya. “The process was pleasant and simple.”
From their first meeting to closing day lasted about six weeks.
Guarantee for accuracy
Mortgage experts and makers of the platform acknowledge that artificial intelligence causes new risks. Families rely on accurate answers about loans, immigration status and credit requirements. If AI provides wrong information, the consequences can be serious.
Goertzen, the CEO of Home, said that his organization works to reduce mistakes by having the AI information draw directly from lenders and loan officials. The platform database is updated when new loan products appear and users can mark any problems to the developers.
“If there are things that are incorrect, we are constantly correcting it,” Goertzen said. “AI is a great tool, but it does not replace that human element of professionalism, and that is why we are constantly adjusting and ensuring that it is correct.”
Loan officers welcome AI support
Jay Rodriguez, a mortgage broker at Arbor Financial Group, said that sorting out the nuances of the requirements of different investors can mean the difference between removing a family and getting approval.
Rodriguez said that the AI platform of Home is especially useful for training new loan officers and for coaching teams about how they can better serve their communities.
Another company is testing similar AI tools
Better Home & Finance Holding Co., an AI-driven mortgage provider, has created an AI platform called Tinman. It helps to find loan officials in lenders for borrowers with non-traditional income or documents, which is common for the owners of small companies.
The company also built a speech-based assistant named Betsy who manages more than 127,000 borrower interactions every month. A Spanish version is developing.
“Financial literacy can be a challenge for Spanish borrowers or borrowers in other disadvantaged population,” said Leah Price, vice -president of Tinman Platform. “Being able to interact and interact with customers in a way that feels supportive and not condemning.”
