Finale Document Services has created Spanish language reverse mortgage disclosure packages to comply with the unique real property requirements for Puerto Rico.
In addition, the company now supports the Federal Housing Administration Home Equity Conversion Mortgage Initial Disclosure and Closing Packages in both English and Spanish across the U.S. for both static text and variable data (loan amount, date, rate etc.).
John Lenovick, chief legal and compliance officer at both Mortgage Cadence and Finale, said the company used a Puerto Rico-based law firm to do the transactions so the documents are fully compliant with the island's Reverse Mortgage Consumer Protection Act. There are also dialect differences unique to how Spanish is spoken on the island that needed to be accounted for in the disclosures.
It has also established relationships with stateside law firms to support the translation of the legal documents for other states into Spanish.
The company noted that Hispanics are the fastest-growing population segment in the United States and that mortgage lenders need to cater to their specific needs.
Finale is a sister company to, but operates independent of, Mortgage Cadence.
Jacob Petersen, executive vice president of Finale Document Services, stated, “The addition of reverse Spanish documents within the Finale offering will allow our customers to embrace new markets and tackle a largely underserviced community in a way that will allow for increased customer satisfaction while utilizing the most advanced document preparation and delivery solution on the market today.”
The availability of the Puerto Rico-specific documentation will allow reverse mortgage lenders to be able to jump into that market and serve seniors there, both men said.
