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Beeline to Launch Spanish-Language Version of Home Loan Experience

FinTech mortgage lender Beeline will launch a Spanish-language version of its home loan experience on May 1.

Like Beeline’s existing offering, the new experience, which is dubbed Colmena (“hive” in English), will adjust to applicants on the fly, preapprove them in real time, and offer conventional or non-qualified mortgage products like bank statement loans, the company said in a Monday (April 22) press release.

With Colmena, Spanish speakers will be automatically routed down a Spanish customer journey and matched with a bilingual loan officer with certain loan documents in Spanish, the release said.

“The launch of Colmena underscores our dedication to making a meaningful difference in the lives of Latino families and fostering greater financial inclusion,” Nick Liuzza, CEO of Beeline, said in the release.

Miguel Vega, who has 25 years of experience as a U.S. Hispanic market consultant and is a national affordable housing advocate, is spearheading the Colmena initiative, per the release.

“Colmena will feature tailored mortgage products that are culturally aligned to addressing the specific needs and preferences of Latino homebuyers plus educational resources to promote homeownership and empower individuals and families to achieve their dreams of owning a home,” Vega said in the release.

This new offering will be joined by a new version of Beeline’s artificial intelligence (AI) chatbot, Bob, according to the release. Bob already speaks Spanish when prompted, but the next version will instantly detect the language when asked a question and will give faster, more accurate answers in Spanish.

In another recent development in this space, PropTech startups have been harnessing the power of technology to help accelerate change in real estate practices. These solutions are tailored to the evolving needs of buyers, sellers and investors.

In March, home lending solutions provider LoanDepot said it is preparing for a rebound in industrywide mortgage origination volumes by investing in platforms and systems to boost productivity.

One result of these investments is the company’s new digital underwriting engine, melloNow.

In September 2023, Roam launched a service that helps homebuyers secure home loans through the mortgage assumption process.

By using assumable mortgages — a type of home loan that allows a buyer to take over the existing mortgage terms from the seller — Roam enables buyers to save on monthly mortgage payments compared to buying a home with a traditional mortgage.