Rate has surpassed 10,000 mortgage applications through its Spanish-language digital platform, the company announced Thursday. 

Rate introduced its Spanish-language mortgage process in 2022, providing application, processing, loan disclosures, status updates and closing, all in Spanish. The platform was designed to increase access to credit for those with limited English proficiency, which is roughly 26 million people in the U.S., according to the Consumer Financial Protection Bureau. 

Since the program launched, more than 10,000 customers have opted to conduct business with Rate in Spanish, and the company has increased its Latino loan officers from 80 to more than 245.

“Our deep commitment to the Latino community is core to our culture,” Rate’s CEO Victor Ciardelli said in a news release. “We didn’t just build a technology-forward Spanish-language digital platform; we built a platform of trust for the Spanish-speaking people using it. By providing a full mortgage process in Spanish, we’ve made homebuying 100% more accessible. Through culture-led innovation, we have shown that we are fully invested in the vibrant and growing Latino community.

“Competitors offering only partial services fall short in delivering the same efficiency and incredible user experience.” 

Rate noted that of the 10,000 Spanish mortgage applications, 50% are from English-speaking loan officers, showing that the technology is helping all Rate loan officers better service Spanish-speaking customers. The company also said that 30% of the applications are from low- to moderate-income applicants, giving underserved borrowers an opportunity to get into the housing market. 

“Thanks to this platform, we’ve grown our bilingual loan officers from 8% to 16% of our total sales force in a remarkably short time, a rate significantly higher than the industry standard,” said Camilo Escalante, executive director of diverse segments at Rate. “This expansion boosts our ability to serve a diverse clientele and directly drives loan volume growth. By recruiting and empowering more bilingual talent, we’re creating a more inclusive, high-performing team and delivering stronger business results.”