DEVAL, a national loan servicing company that focuses on the high-touch Hispanic market, has announced the launch of an origination channel, Your Home Now Mortgage.
The launch of Your Home Now Mortgage means the company is able to participate in every part of the loan lifecycle, from origination to servicing.
Over the past 15 years, DEVAL has serviced and monitored more than 700,000 loans and been a steadfast advocate for housing counseling and increasing homeownership to underserved Hispanic communities.
For example, Deborah Garcia-Gratacos, the founder and president of DEVAL, has worked to ensure that loan documentation is available in Spanish to its Hispanic consumers. As the company continues to evolve, the next step for DEVAL is adding loan origination to its plate of available services.
“It’s really about ensuring long-term homeownership assistance by offering our customers the best loan products available; and by providing stellar servicing once homeownership is accomplished.” Garcia-Gratacos explained.
The platform, Your Home Now Mortgage, launched on October 1. Your Home Now Mortgage features a Spanish language counterpart, Su Casa Ahora Mortgage, that was designed specifically for the Spanish-speaking market.
Su Casa Ahora Mortgage brings a range of borrowers communications and disclosures in Spanish, to effectively communicate with them about the needs of their loan. Hispanics are an essential market for the mortgage lending industry. With all the signs showing a rebound in the housing market, now is the time to ensure that the customer communication is strengthened, positioning the mortgage finance market to prosper by serving the Hispanic community and providing Hispanic families the opportunity to build long term wealth.
Garcia-Gratacos explained that the word “Confianza” or “trust,” is very important in the Spanish language. While having a bilingual origination team is very important, having a personal local presence with expertise in originations and homeownership programs, who is a native Spanish speaker or fluent in Spanish, is invaluable.
As an industry, there is a lot of catching up to do, but it can be done. Like most Americans, Hispanics see homeownership as a pathway to stability and wealth building, whether they are first or third generation Americans.
A marketing and business strategy that understands how to serve this particular range of buyers will only lead to more success, a growing customer base and significantly increased revenue.
“Our strategy will enable us to reach multiple diverse markets and offer competitive loan products and provide documents in Spanish,” Garcia-Gratacos explained.
Garcia-Gratacos said she is excited about this opportunity for the company to branch out and offer more services to the Hispanic borrowers that the company already knows so well.
“We’re enthusiastic for what this means for the industry and the marketplace — because of the need in our community for bilingual services,” she said. “We have a much better understanding of diverse borrowers needs and what they look for; it makes perfect sense for us to develop something and offer something on the front end.”