Stepping into 2024, the housing market is poised to heat up as inflation cools, buyer optimism improves, and mortgage rates continue to ease off of 2023 highs. Homeowners sitting on the sidelines after buying into or refinancing historically low rates in 2020 and 2021 could be pulled back into the game, leading to increased supply and affordability for first-time buyers eager to enter the market.

As we outlined in a recent blog post, a significant chunk of this demand will come from Hispanic and limited-English proficiency (LEP) borrowers.  Lenders need to be positioned across three phases to capture, onboard, and then service these diverse borrowers as part of a holistic language access plan.

1. Multilingual Marketing and Outreach:

• Offer multilingual marketing materials, including websites, brochures, and social and multimedia content, to reach LEP communities effectively in their preferred channel.
• Develop in-language digital marketing, SEO, and paid media campaigns as borrowers search the market.

2. Streamlined Application Process:

• Empower LO teams with a secure/auditable process to handle foreign-language qualifying documents and streamline closing.  
• Provide translated versions of essential documents, FAQs, disclosures, and contracts to enhance clarity and understanding.

3. Dedicated Language Support:

• Ensure existing bilingual agents are vetted and qualified to handle application and servicing calls.
• Equip your contact center team with a secure 24/7/365 interpretation line and AI-enabled technology to field multilingual calls, emails, and chat queries.

As we anticipate a dynamic shift in the housing market in 2024, seizing the opportunities presented by the changing landscape requires a strategic and inclusive approach. The favorable conditions of cooling inflation, heightened buyer optimism, and lower mortgage rates will set the stage for increased activity from reluctant homeowners and eager first-time home buyers.

Interested to learn more? Contact us today!