Lender steps up outreach to Latino borrowers

Denda noted that the bank’s reach is a consequence of its ties to the Hispanic community. The lender has long partnered with chapters of the National Association of Hispanic Real Estate Professionals to deliver financial education sessions in underserved communities. Additionally, the bank continually seeks to include people of color in its base to create greater accessibility to Hispanic customers: “We have a high percentage of bankers who speak Spanish and we are always looking for more,” she said. declared.

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Education is key to its outreach efforts, especially for immigrants opposed to the bank given corruption in their home countries. Such suspicion of banking institutions makes it necessary to explain regulatory protections on US banks, she suggested. The bank also does not charge any pre-approval fees, although other lenders charge fees. “People are charging Hispanics for pre-approval when they shouldn’t be charged,” she said. “So we focus very heavily on education.”

In its corporate literature, Federal Savings Bank touts Denda’s personal and professional experience listing him in good faith for the job at hand. Born in Argentina to Italian and German parents, she has an innate multicultural background, the company noted. She brings 25 years of marketing experience, including marketing some of the world’s biggest CPG (consumer packaged goods) brands after earning a master’s degree in global marketing from Harvard University. She is currently an assistant professor of marketing at Northwestern University, officials noted.

The bank joins a growing list of institutions taking steps to meet the needs of Latino borrowers. In a July interview with MPA, Rutul Davé, CTO and co-founder of Denver-based Maxwell, detailed the launch of its Spanish Mortgage Solutions, a bilingual option for mortgage applications, allowing lenders to better serve the growing Hispanic market – dramatically improving access and user experience for Latinos with limited English proficiency. In his interview with MPA, Davé pointed to limited English proficiency as one of the biggest barriers to home ownership for Hispanics, along with credit score issues.

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