Maxwell, a mortgage fintech platform for small to midsize lenders, today announced the launch of its Spanish-first Point-of-Sale (POS) platform for lenders serving and expanding into Hispanic communities, according to a press release shared with FinLedger.
The company says the new platform is a critical expansion of its larger mission to drive homeownership in the U.S., and enables loan officers to better serve the growing segment of Spanish-speaking borrowers. It says this comes at a critical time for U.S. hispanic homeownership, which is set to represent 56% of all new homeowners in 2030, according to Freddie Mac.
Due to the complex nature of mortgage loan applications, including complex terminology and the large number of documents required, Maxwell noted that for “LEP (Limited English Proficiency) applicants in the early stages of the home buying journey, this process can be daunting and challenging.”
It also claims that LEP is one of the most significant barriers to homeownership among Hispanic Americans, second only to credit score challenges, highlighting the need for Spanish-first mortgage lending tools.
“A mortgage is one of the biggest financial decisions a person can make. For millions of borrowers across America, it’s a decision made even harder when there’s a significant language barrier,” stated Rutul Davé, CTO and Co-founder of Maxwell.
“As the Hispanic American homebuyer segment continues to grow at a rapid pace, lenders must be able to meet this demographic’s needs to fully reach the communities they serve. By launching Maxwell Español, we aim to help lenders establish trust and understanding with their Spanish-speaking customers and improve the pathway to homeownership with a fully bilingual mortgage experience,” Davé said.
Maxwell constructed the POS platform via a community-oriented approach, saying it consulted its in-house group of Hispanic American processors and underwriters in order to strengthen the cultural context, while still retaining “any industry-specific context and nuance.”
It says that as a result, the product accounts for all URLA and MISMO 3.4 requirements and populates loan files in English directly in the LOS (loan origination software).
Mortgage-as-a-Service
This product launch follows Maxwell’s recently announced Maxwell Private Label Origination product, which is set to provide enable new and expanding financial institutions to enter the mortgage market.
It says this “mortgage-as-a-service” product provides infrastructure for financial service providers, including banks, credit unions and neobanks, to launch and scale mortgage oprtations. The company claims this technology also comes at a crucial time for the U.S. housing market, with homeownership remaining the largest driver of generational wealth.
“Our number one goal for this year is to truly generate this fully end-to-end mortgage experience for both current clients and future clients, to allow more people to enter the mortgage lending space and to offer loans to those people in their communities,” said Brian Simons, President of Maxwell, in an interview with FinLedger.
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