Nebraska-based Charter Title and Escrow has formed a Hispanic division to further assist Spanish-speaking customers, Realtors and loan officers in the region, the company announced on Wednesday.
Per Angela Miller, Charter Title agent, Hispanics make up the fastest-growing demographic in the Omaha, Nebraska area. And while the new division is initially only being introduced in the Omaha market, the company’s plan is to grow the division into a multi-person effort throughout the company’s many offices in Nebraska.
Nebraska’s current Hispanic homeownership rate, per the most recent report from the National Association of Hispanic Real Estate Professionals, is 52.68%.
Part of the American Land Title Association, Charter Title has two offices in Lincoln, as well as locations in Omaha, Beatrice, Columbus, Hastings, Plattsmouth and Nebraska City.
Itzel Gonzalez will lead the division, the company said. Gonzalez spent her childhood in Mexico and said she “can do more than just translate” during real estate transactions between Hispanics and non-Spanish speakers.
“I know the culture and how a lot of these customers and families will be feeling as they go through the process of buying or selling a home,” Gonzalez said. “I take pride in working with people to make sure they understand the title and closing process so it can be part of a joyous milestone for them.”
Hispanic homeownership climbed significantly in the U.S. in 2020 to 8.8 million in the country, according to the NAHREP report. The 8.8 million is 725,000 more than in 2019.
The Hispanic homeownership rate also jumped to third in homeownership among demographics in 2020 at 49%, with the white homeownership rate at 74.5%, the Black homeownership rate at 44.1%, and the Asian rate at 59.5%.
Hispanics were hit especially hard by the COVID-19 pandemic, with the group’s unemployment rate jumping to 10.4% in 2020. Only 29% of Hispanics were able to work from home, according to the NAHREP report, compared to 49% of non-Hispanic whites.
The Urban Institute reported in January that, between 2020 and 2040, there will be 6.9 million net new homeowner households — a 9% increase. The number of Hispanic homeowners will grow the most, by 4.8 million. Homeowners of other races (mostly Asian homeowners) will grow by 2.7 million, and Black homeowners will grow by 1.2 million. The total number of white homeowners will decline by 1.8 million.