Mortgage Experts Are Using AI To Help Latinos Get On The Property Ladder
AI is helping Latinos get on the property ladder. Latinos often face several barriers when trying to buy a home, such as meeting loan officers who don’t speak Spanish and not being able to fully understand what is being explained to them by loan officers.
Federal housing agencies have started to switch to English-only services as part of President Donald Trump’s plan to make English the official language of the United States, according to The Seattle Times. The use of bilingual AI may help Latinos and other underrepresented communities during the home-buying process.
Mortgage Experts using AI
The nonprofit Hispanic Organization of Mortgage Experts (HOME) has launched an AI platform built on ChatGPT, enabling loan officers and mortgage professionals to quickly search the requirements of more than 150 lenders, rather than having to contact them individually.
The system, called Wholesale Search, uses an internal database that gives customized options for each buyer. HOME also offers loan officers a training program called Home Certified with self-paced classes on topics like income and credit analysis, compliance rules, and intercultural communication.
The platform is designed to manage complex cases, such as borrowers without a Social Security number, those with little to no credit history, or individuals in the US on a visa, according to HOME founder Rogelio Goertzen.
How has the platform changed mortgage applications?
Loan officer Danny Velazquez of GFL Capital told The Seattle Times that the platform allows him to view requirements in one place, narrow the list, and streamline the application process. Before using the platform, he would have to contact 70 lenders individually and wait for answers.
Jay Rodriguez, a mortgage broker at Arbor Financial Group, said the platform is beneficial for training new loan officers and for coaching teams on how to serve their communities better.
However, there are concerns about the accuracy of the platform as families rely on accurate answers about loans, immigration status, and credit requirements. If this information is wrong, the consequence could be dire.
“When there are things that are incorrect, we are constantly correcting it,” Goertzen, the CEO of HOME said. “AI is a great tool, but it doesn’t replace that human element of professionalism, and that is why we are constantly tweaking and making sure it is correct.”
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