{"id":4790,"date":"2018-04-04T10:00:57","date_gmt":"2018-04-04T14:00:57","guid":{"rendered":"https:\/\/bntouch.com\/?p=4790"},"modified":"2025-01-14T18:10:35","modified_gmt":"2025-01-14T23:10:35","slug":"loan-officer-hispanic-market","status":"publish","type":"post","link":"https:\/\/bntouch.com\/mortgage-blog\/loan-officer-hispanic-market\/","title":{"rendered":"6 Strategies for Loan Officers to Connect with the Hispanic Market"},"content":{"rendered":"<h2><strong>Summary<\/strong><\/h2>\n<p><em><span style=\"font-weight: 400;\">This article discusses strategies for loan officers to effectively serve and market to the Hispanic community. It emphasizes understanding cultural nuances, offering bilingual services, and building trust to connect with this growing demographic. Tailored marketing efforts can drive business growth and foster lasting client relationships.<br \/>\n<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Which demographic here in the United States is the only one to have increased their rate of home ownership for the last four consecutive years? If you answered \u201cHispanic\u201d you\u2019re exactly right. According to data released by the U.S. Census Bureau, the rate of home ownership for Hispanics in 2014 was 45.4 percent, followed by 45.6, 46.0 and finally 46.2 percent in 2017. A report released in February of this year by the National Association of Hispanic Real Estate Professionals (NAHREP) there were 7,472,000 Hispanic homeowners, an increase of 167,000 from the previous year.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">During that same period, the overall U.S. home ownership rate increased for the first time in 13 years. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today, Hispanics represent 46.5 percent of homeownership gains for the past 17 years. Here\u2019s another statistic: the Hispanic population numbers 58.6 million while at the same time account for more of the U.S. population increase than any other demographic. From the years 2007-2017, Hispanics accounted for nearly 80 percent of labor force growth in the United States.<\/span><span style=\"font-weight: 400;\">* <\/span><span style=\"font-weight: 400;\">If you\u2019re in the mortgage business and you see these kind of numbers, if you haven\u2019t been paying attention to this growing market, it\u2019s time you did. The following tips and stats will help you as a loan officer connect with the Hispanic Market.<\/span><\/p>\n<h2><b>Learning Spanish?<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4792 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic1.png\" alt=\"loan officer hispanic market\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic1.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic1-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic1-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic1-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/> <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Do you need to learn or speak Spanish in order to market to the Hispanic market? If you do then you\u2019re already ahead of the game. Speaking in someone\u2019s native language will automatically build a connection. But it\u2019s not necessarily a requirement. \u00a0Today, second and third generation Hispanics are bilingual, so there\u2019s no need to put together \u201cSpanish only\u201d material in order to properly market to this demographic. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet for those who do not speak Spanish fluently but do want to reach out to this market using Spanish, is a translator the answer? In a practical manner, if you\u2019re a loan officer and you do not speak Spanish and have someone translate your marketing materials from English to Spanish, how do you respond when someone calls you on the phone wanting more information about home ownership? Unless you\u2019re fluent in Spanish, it\u2019s probably best to leave this option alone. Don\u2019t think so? The American Dairy Association\u2019s famous \u201cGot Milk?\u201d campaign their own Spanish translation said, \u201cAre You Lactating?&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, try \u201cSpanglish.\u201d When creating marketing materials as part of a campaign, combine a little Spanish and English in the same copy. \u00a0Hispanics may speak Spanish at home but English elsewhere. Spanglish is both informal and a comfortable way to communicate with other Hispanics.<\/span><\/p>\n<h2><b>The Hispanic Millennial<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4793 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic2.png\" alt=\"loan officer Hispanic millennial\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic2.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic2-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic2-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic2-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The average age of a first time home buyer in the United States is 32 and 27 percent of the country\u2019s millennial generation is Hispanic.<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">This group is very connected digitally, spending 25 percent more time viewing their smartphones than other millennial groups. It\u2019s important to make sure you recognize this bit of data and develop multiple marketing channels that include social media, and especially the smartphone platform. On average, an Hispanic millennial will receive 941 text messages per month, more than any other ethnic group. 25 percent of all millennials in the United States are Hispanic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">40% in this group say they\u2019re influenced by mobile advertising and marketing and half of Hispanic millennials use their smartphones when they shop to research the company and look up past reviews from others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hispanic millennials are bicultural. They comfortably read books in Spanish and speak the language around the house but they can also watch a movie in English just as easily. This tells us that it\u2019s not necessary to market to an Hispanic millennial with just an Hispanic theme. And just as important, while incorporating Hispanic elements in your marketing materials stay away from stereotyping. <\/span><\/p>\n<h2><b>Give Choices<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4794 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic3.png\" alt=\"loan officer give Spanish options\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic3.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic3-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic3-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic3-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re going to market to the Hispanic demographic and you don\u2019t have a loan officer in your office that is fluent in both Spanish and English you should consider finding an experienced loan officer who fits that bill. \u00a0There are many Hispanics who prefer to communicate in Spanish instead of English and others who don\u2019t speak English at all.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On your website and mobile app, consider a choice on your Home Page that says something to the effect of \u201cSpanish\u201d and \u201cEnglish\u201d as a choice of language. Then, when someone clicks on the Spanish button, it takes them to the Spanish version of your website. Your blogs and articles can also be printed in both. \u00a0And of course, the phrase, \u201cSe habla Espanol\u201d should appear prominently on all media.<\/span><\/p>\n<h2><b>Special Programs<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4795 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic4.png\" alt=\"loan officer give Spanish programs\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic4.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic4-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic4-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic4-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The median household income of Hispanics in the United States is around $48,000, or about $4,000 per month. Using traditional debt ratio guidelines, such as 31\/41 for an FHA loan, that works out to a total mortgage payment of about $1,240. \u00a0By estimating a monthly amount for taxes, insurance and parsing out a principal and interest payment of $1,000 every month, that equates to a loan amount of somewhere around $190,000 with a 30 year loan and a 4.5% rate which is essentially the same as the median home value for all of the United States.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Affordability doesn\u2019t appear to be that much of a factor but coming up with a down payment can be. With a $48,000 annual median income, there\u2019s not a lot left over each month for other expenses such as an auto loan, credit card and day to day expenses such as food and utilities. But there are programs that can help with down payment funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Down payment assistance programs can vary by city and state but they most all have the same general characteristics. Most limit the amount of household income based upon a certain percentage of the median household income for the area. The funds can be used for a down payment and\/or closing costs and can come in the form of a grant or no-interest second mortgage. When the property is sold, some grants do not have to be paid back and the second lien does not require a monthly payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There appears to be an education and communication barrier between lenders and Hispanic borrowers. Hispanic consumers commonly believe that a minimum down payment to buy a home is 20 percent of the sales price. 56 percent think it\u2019s difficult to get a home loan in today\u2019s environment yet more than 80 percent think that owning a home is a good long term investment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From this data, home ownership is a long term goal for most Hispanic households but their perception of the approval process, monthly payments and closing costs keeps them from speaking with a loan officer much less applying for a loan.<\/span><\/p>\n<h2><b>Keep Connected<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4796 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic5.png\" alt=\"loan officer stay connected with hispanic market\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic5.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic5-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic5-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic5-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Relationships and family are extremely important in the Hispanic community. When a prospective client contacts you or one of your loan officers for more information, don\u2019t just do a \u201cone and done.\u201d Have the ability to easily enter new prospect information in your database and add them to your marketing campaign. Regular emails, newsletters and tweets catering to the Hispanic market will go a long way in gaining market share with this key group. When your materials are catering to but not pandering to the Hispanic market, it tells them they matter to you and your company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep connected by more than just your marketing materials and join a local Hispanic real estate or professional organization. There are more than 58 chapters and 30,000 members of the National Association of Hispanic Real Estate Professionals, for example. Reach out to these professionals and consider putting on a series of home buying seminars about first time home buying, FHA loans and other housing assistance programs.<\/span><\/p>\n<h2><b>Paying Attention<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4797 size-full\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic6.png\" alt=\"loan officer pay attention to hispanic market\" width=\"1200\" height=\"536\" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic6.png 1200w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic6-300x134.png 300w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic6-768x343.png 768w, https:\/\/bntouch.com\/wp-content\/uploads\/2018\/04\/Hispanic6-1024x457.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><br \/>\n<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to an article first published on Forbes.com<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">Hispanics are much more inclined to respond and are more receptive to commercial advertisements. This means your marketing materials will be more cost effective, providing a greater ROI compared to other ethnic groups.<\/span><\/p>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Successful loan officers and Production Managers know that exploring and dominating a market niche can be more effective compared to trying to be all things to all people. There are loan officers who specialize and promote their services to first time home buyers. The luxury market is a specialty niche as well. Yet the emergence of the Hispanic market should no longer be ignored. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Hispanic market wants to be homeowners yet many feel they won\u2019t be able to qualify and that is simply costs too much to buy a home. By using these strategies to understand how to market to the Hispanic demographic you can take advantage of this class that clearly understands the importance of owning a home but don\u2019t know where to start. \u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Key Takeaways<\/strong><\/h2>\n<ul>\n<li><b>Understand Cultural Nuances<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Tailoring services to Hispanic clients&#8217; cultural values improves trust and connection.<\/span><\/p>\n<ul>\n<li><b>Offer Bilingual Marketing<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Communicating in Spanish broadens your audience reach and enhances accessibility.<\/span><\/p>\n<ul>\n<li><b>Build Community Trust<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Participating in community events fosters stronger relationships with this demographic.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Commonly Asked Questions<\/strong><\/h2>\n<ul>\n<li><b>Why should loan officers focus on the Hispanic market?<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">The Hispanic market represents one of the fastest-growing demographics in homeownership. By addressing cultural nuances and offering bilingual services, loan officers can build trust and expand their client base.<\/span><\/p>\n<ul>\n<li><b>How can bilingual marketing benefit loan officers?<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Bilingual marketing ensures accessibility for Spanish-speaking clients, enhancing communication and demonstrating cultural awareness, which fosters stronger relationships.<\/span><\/p>\n<ul>\n<li><b>What strategies help build trust with Hispanic clients?<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Community engagement, personalized service, and understanding unique financial preferences are key strategies for establishing trust and credibility.<\/span><\/p>\n<ul>\n<li><b>How does catering to this market enhance long-term business growth?<\/b><\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Building relationships within the Hispanic community leads to increased referrals and loyalty, creating sustainable growth opportunities.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center;\">Want To See How BNTouch Can Help You Close More Loans?<br \/>\n<a href=\"http:\/\/bntouch.com\/request-demo\/?sourceTerm=Organic-Blog-Hispanic\" rel=\"attachment noopener wp-att-4149\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/bntouch.com\/wp-content\/uploads\/2017\/12\/WebsiteCTA4.png\" alt=\"BNTouch Mortgage CRM Demo CTA\" width=\"540\" height=\"90\" class=\"alignnone wp-image-4149 \" srcset=\"https:\/\/bntouch.com\/wp-content\/uploads\/2017\/12\/WebsiteCTA4.png 600w, https:\/\/bntouch.com\/wp-content\/uploads\/2017\/12\/WebsiteCTA4-300x50.png 300w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><\/h2>\n<p><strong>Research Sources:<\/strong><\/p>\n<p><i><span style=\"font-weight: 400;\">Translation Gone Bad: Infamous Marketing Busts\u201d<\/span><\/i><span style=\"font-weight: 400;\"> www.branscape.com May 26, 2017<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Hispanic Market \u2018Long Tail;\u201d Five Hidden Growth Opportunities for U.S. CMOs wo Win in 2017<\/span><\/i><span style=\"font-weight: 400;\">\u201d forbes.com \u00a0January 18, 2017<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Hispanic Home Ownership Report<\/span><\/i><span style=\"font-weight: 400;\">, 2017 National Association of Hispanic Real Estate Professionals, February 2018<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201d<\/span><i><span style=\"font-weight: 400;\">Using Spanglish to Take Your Hispanic Marketing to the Next Level\u201d<\/span><\/i><span style=\"font-weight: 400;\"> Hispanic Marketing, May 2, 2015<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201d<\/span><i><span style=\"font-weight: 400;\">What Your Company Needs to Know When Marketing to Hispanic Millennials<\/span><\/i><span style=\"font-weight: 400;\">\u201d Lane-Terralever, August 1, 2017<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary This article discusses strategies for loan officers to effectively serve and market to the&#8230;<\/p>\n","protected":false},"author":13,"featured_media":4798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,30,8,31,32],"tags":[65,35,50],"class_list":["post-4790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-how-tos","category-marketing","category-marketing-ideas","category-mortgage-content","tag-hispanic-marketing","tag-mortgage-crm","tag-mortgage-marketing"],"_links":{"self":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/4790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/comments?post=4790"}],"version-history":[{"count":0,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/posts\/4790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media\/4798"}],"wp:attachment":[{"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/media?parent=4790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/categories?post=4790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bntouch.com\/wp-json\/wp\/v2\/tags?post=4790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}