Multi-lingual Client Communications
We already know that 2022 will be a competitive year in the industry, just from the trend toward a purchase-dominated market. But another influence on how we do business may only now be emerging.
At both the federal level and in numerous states, requirements are being shaped that could require mortgage lenders (as well as various entities in other industries) and other mortgage or even insurance providers to offer Limited English Proficiency (LEP) resources to prospects or customers considering or using their services. While the requirements in many cases are not yet final, the arrow is pointing in the direction of a world where compliance includes making available to non-English speaking clients resources like guides, forms, instruction and other communications in multiple languages beyond English.
It’s also highly likely we’ll see renewed emphasis on marketing mortgage products to new Americans. It’s happened before. Although the refinance surge of 2020 – 2021 turned many in the industry from sales and marketing people into order takers, we’ll see much more aggressive and niche marketing on the lending side as order volume, overall, declines—even if slightly.
Title agents seeking an edge with lenders will do well to follow their lead. In other words, if one of an agent’s best lender clients rolls out marketing initiatives targeting New Americans, which title agent is more likely to get the orders the campaign generates: the agent offering comprehensive LEP resources and the ability to communicate in multiple languages with borrowers, or the one that designates a staffer with Google Translate on her smart phone for all LEP inquires?
We’re pleased to say that Alanna now speaks 54 different languages. It’s intelligent translation—not just a plug and play app—so it knows when and how to maintain conversational integrity. And it’s another way title agents can differentiate themselves with lending AND realty-based clients.