Bilingual AI opens doors to homeownership for Hispanic families facing mortgage barriers

AI Supports Hispanic Families Overcome Homeownership Barriers

For many Hispanic families, buying a home can be a complicated process. Language barriers and unfamiliarity with traditional mortgage criteria often make it harder for them to secure loans. Some mortgage professionals are now using artificial intelligence to help bridge this gap. AI tools assist loan officers in matching buyers with lenders that fit their unique circumstances, clarifying loan processes, and addressing residency, visa, or income requirements.

This bilingual AI approach aims to offer better service to Hispanic homebuyers and other underserved communities. It arrives as federal housing agencies shift to English-only services following a recent executive order promoting English as the official language of the United States. The number of households with limited English proficiency has tripled in the last 40 years, according to the Urban Institute, making access to mortgage information even more challenging.

Bilingual AI Simplifies Home Loan Processes

The Hispanic Organization of Mortgage Experts (HOME) recently launched an AI platform built on ChatGPT technology. This platform enables loan officers to quickly search through requirements of over 150 lenders without contacting each one individually. Called Wholesale Search, the tool leverages an internal database to provide personalized loan options for buyers.

HOME also offers training programs such as Home Certified, which includes self-paced courses on income and credit analysis, compliance, and intercultural communication. Cubie Hernandez, HOME’s chief technology and learning officer, emphasizes that education builds confidence and pushes the mortgage industry to adopt modern tools.

Founder Rogelio Goertzen highlights that the platform can handle complex borrower profiles, including those without Social Security numbers, limited credit history, or visa holders.

Accelerating Loan Applications

Loan officer Danny Velazquez from GFL Capital shares how the AI platform transformed his workflow. Previously, he had to contact up to 70 lenders individually to check eligibility, often waiting for responses that sometimes ruled out a potential buyer. Now, the AI tool consolidates lender requirements in one place, enabling faster and more focused applications.

Velazquez says, “I am just able to make the process faster and get them the house.”

A Homebuyer's Perspective

One of Velazquez’s clients, Heriberto Blanco-Joya, purchased his first home in Las Vegas this year. Spanish is his primary language, and he anticipated confusion during the process. Velazquez provided clear guidance on required paperwork, credit score assessment, and answered questions promptly. Blanco-Joya recalls, “He provided me all the information I needed to buy. The process was pleasant and simple.” The entire process took about six weeks from the first meeting to closing.

Ensuring Accuracy and Reliability

While AI offers many benefits, mortgage professionals acknowledge the risks of incorrect information. Accurate details about loans, immigration status, and credit requirements are critical. Goertzen explains that HOME minimizes errors by sourcing data directly from lenders and loan officers. The platform’s database is regularly updated as new loan products emerge, and users can report inaccuracies for correction.

“AI is a great tool, but it doesn’t replace the human element of professionalism,” Goertzen says. “We constantly adjust and verify to maintain accuracy.”

Loan Officers Appreciate AI Assistance

Jay Rodriguez, a mortgage broker at Arbor Financial Group, points out that understanding the specific requirements of various investors is crucial for approval outcomes. He finds HOME’s AI platform valuable for training new loan officers and improving team performance in serving diverse communities.

Other AI Innovations in Mortgage Lending

Better Home & Finance Holding Company also develops AI tools for mortgage lending. Their platform, Tinman, helps loan officers identify lenders for borrowers with non-traditional income or documentation, common among small business owners. They also created Betsy, a voice-based assistant handling over 127,000 borrower interactions monthly, with a Spanish-language version in progress.

Leah Price, vice president of Tinman, notes, “Financial literacy can be challenging for Hispanic borrowers or other underserved groups. Tools like Betsy offer support and engagement without judgment.”

Artificial intelligence is increasingly becoming a practical aid for mortgage professionals focused on expanding access and simplifying processes for Hispanic homebuyers. For those interested in learning more about AI applications in real estate and mortgage industries, exploring specialized AI courses can provide valuable insights. Check out Complete AI Training’s courses by job for tailored learning paths.