Rate, a large conventional mortgage lender, launched a Spanish language version of its Rate App Thursday to better serve Latino customers.
The release enhances the company's Language Access Program, as Rate has seen more than 20,000 digital mortgage applications from Spanish-speaking customers since the program started in 2022.
The move encourages Spanish-speaking borrowers to use Rate's app to search for homes, apply for a mortgage, track loan status and consume educational content, while being able to communicate with bilingual professionals, in a language they are comfortable with.
"We've already seen what's possible when we invest in Spanish-language technology: our Latino salesforce has tripled, our funded loan volume in Latino communities has doubled as a percentage of the company's total book of business, and we've far exceeded expectations with 20,000-plus digital applications in Spanish," CEO Victor Ciardelli said in a press release.
The roll out extends the company's commitment to serve Spanish-speaking customers and remove language as a barrier to homeownership.
"This launch demonstrates what equity in action looks like. It's not a translation – it's a fully in-language journey designed to honor and empower the Spanish-speaking community at every step of homeownership," said Arlyn Kalinski, senior vice president, Fair & Equitable Lending Strategies at Rate.
However, in July, the Department of Housing and Urban Development removed the requirement for lenders to
"Spanish-speaking buyers are mobile-first, ambitious, and driving the future of U.S. homeownership," Kalinski said. "With the Rate App in Spanish, we're not just meeting them where they are – we're giving them the same seamless, high-performance tools as any other customer."
Rate, which
The company's Language Access Program also includes loan disclosures and servicing, digital mortgage applications and customer service all in Spanish.
Rate, headquartered in Chicago, has more than 850 branches in all 50 states and ranked ninth among conventional lenders in dollar volume at $18.9 billion in 2024, according to iEmergent and Home Mortgage Disclosure Act data.
"Now with the Rate App in Spanish, we're giving Spanish-speaking buyers the same high-performance mobile experience that's helped millions of homeowners, because language should never be what holds someone back," Ciardelli said.
