Victor Ciardelli, CEO of Rate, Celebrates Surpassing 10,000 Digital Mortgage Applications in Spanish, Underscoring Commitment to Serving the Largest First-Time Homebuying Demographic

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Sep 12, 2024, 09:00 ET

CHICAGO, Sept. 12, 2024 /PRNewswire/ -- Victor Ciardelli, CEO of Rate, proudly announced today that the company has surpassed 10,000 mortgage applications submitted through its award-winning Spanish-language digital platform. This milestone highlights Rate's dedication to supporting Limited English Proficiency (LEP) individuals in the U.S., particularly within the Latino community. It marks a major success for its Language Access Program, launched in 2022.

According to the Consumer Financial Protection Bureau (CFPB) in their "Language Access Plan," more than 67 million people, or roughly 22 percent of the U.S. population over five years old, speak a language at home other than English. The plan indicates that of that number, more than 26 million people in the United States have limited proficiency in English. Notably, they indicate that Spanish is the most widely spoken non-English language, with approximately 40 million speakers, and it constitutes the largest share of the LEP population, followed by Chinese, Vietnamese, Korean, and Tagalog speakers.

In 2022, Rate built a groundbreaking Spanish language mortgage application process, providing an end-to-end experience that includes application, processing, loan disclosures, status updates, and closing, all in Spanish. This platform was designed to increase access to credit for underserved LEP individuals and to enhance the homebuying process through transparency, efficiency, and trust. Since its rollout, the program has seen over 10,000 customers indicate a Spanish language preference for doing business. Further, the company has attracted significant Latino talent to Rate, with the number of Latino Loan Officers growing from 80 to more than 245 as of September 2024.

"Our deep commitment to the Latino community is core to our culture," said Rate's CEO Victor Ciardelli. "We didn't just build a technology-forward Spanish-language digital platform; we built a platform of trust for the Spanish-speaking people using it. By providing a full mortgage process in Spanish, we've made homebuying 100% more accessible. Through culture-led innovation, we have shown that we are fully invested in the vibrant and growing Latino community."

Rate's innovative platform extends beyond a front-end application. It covers the entire mortgage process, making it a unique and the most comprehensive platform in the industry. "Competitors offering only partial services fall short in delivering the same efficiency and incredible user experience," continued Ciardelli.

By offering a holistic Spanish language platform, Rate has observed a couple of remarkable trends:

Of the 10,000 Spanish mortgage applications, 50% are from English-speaking Loan Officers, proving that the technology is helping all Rate loan officers better service Spanish-speaking customers.
30% of the applications are from low to moderate-income (LMI) applicants, signaling that the technology benefits all types of customers, including underserved borrowers who are often wrongly perceived as less technology savvy.

Rate leadership believes that servicing the Latino community goes beyond simply offering resources in Spanish. While many Latinos are bilingual, Rate's investment in Spanish-language infrastructure is a clear demonstration of the company's commitment to meeting the full spectrum of their needs.

"It's about showing employees and customers that Rate is 'Contigo 100%' ('with you 100%'), backed by real, tangible investments. As a fintech company, ensuring our technology is accessible in Spanish is mission-critical for Rate. With it, our Loan Officers can differentiate themselves in the marketplace as the best of the best in the industry," continued Ciardelli. "Additionally, we will launch our nationwide Go-To-Market strategy after piloting innovative campaigns across TV, radio, digital, and out-of-home platforms. These efforts will expand our brand's presence within the Latino community like no other mortgage company has ever done."

"The success of our Language Access Program extends beyond serving LEP consumers—it's had a transformative impact on our recruiting and sales efforts. Thanks to this platform, we've grown our bilingual Loan Officers from 8% to 16% of our total sales force in a remarkably short time, a rate significantly higher than the industry standard," said Camilo Escalante, Executive Director of Diverse Segments at Rate. "This expansion boosts our ability to serve a diverse clientele and directly drives loan volume growth. By recruiting and empowering more bilingual talent, we're creating a more inclusive, high-performing team and delivering stronger business results."

"Language is deeply tied to national origin, and practices that disadvantage LEP individuals can unfairly impact certain groups. At Rate, we are committed to advancing equity in the mortgage industry. Our value 'We Grow for Good' drives us to break down barriers, including language access for LEP consumers," said Arlyn Kalinski, SVP Fair & Equitable Lending Strategies for Rate. "Our Language Access Program empowers Loan Officers to help LEP borrowers more effectively. With nearly 50% of the Spanish language applications coming in for Loan Officers who don't speak Spanish fluently, the technology is helping ALL Loan Officers better service Spanish-speaking customers. That's what we want to see: all our employees better servicing more diverse communities."

About Rate:
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate is the #2 retail mortgage lender in the U.S., with over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide's 2022 list of Top Retail Mortgage Lenders; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven straight years. Visit https://www.rate.com for more information.

SOURCE Rate