"For many Hispanics the road to homeownership is filled with obstacles, including loan officers who don't speak Spanish or aren't familiar with buyers who may not fit the boxes of a traditional mortgage applicant. Some mortgage experts are turning to artificial intelligence to bridge the gap. They want AI to help loan officers find the best lender for a potential homeowner's specific situation, while explaining the process clearly and navigating residency, visa or income requirements."
"The nonprofit Hispanic Organization of Mortgage Experts launched an AI platform built on ChatGPT last week, which lets loan officers and mortgage professionals quickly search the requirements of more than 150 lenders, instead of having to contact them individually.The system, called Wholesale Search, uses an internal database that gives customized options for each buyer. HOME also offers a training program for loan officers called Home Certified with self-paced classes on topics like income and credit analysis, compliance rules and intercultural communication."
Many Hispanic homebuyers face obstacles such as loan officers who do not speak Spanish or who are unfamiliar with nontraditional mortgage applicants. Limited-English households have tripled over four decades, creating difficulty navigating the mortgage process and hindering homeownership that builds generational wealth. Some mortgage professionals are deploying bilingual AI to help loan officers identify suitable lenders, clarify loan processes, and address residency, visa, and income requirements. The nonprofit Hispanic Organization of Mortgage Experts launched a ChatGPT-based platform called Wholesale Search to query requirements from over 150 lenders and provide customized options. HOME also offers a Home Certified training program for loan officers.
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