Allied Mortgage Capital Corp., one of the largest residential mortgage brokers in the United States, today announced the launch of its Spanish language Internet site, www.prestamopronto.net. According to Ron Litt, executive vice president, the site was created to focus on Hispanics seeking mortgage financing.
Jim Hodge, Allied’s CEO said, “Many of our loan officers and processors in our branch offices are Spanish speaking and are actively working in this community. Our actions acknowledge Hispanic economic power and the opportunity it represents, especially in geographic markets served by Allied Mortgage.”
www.prestamopronto.net is a page for page copy of its English language site, www.mortgageasap.com. The two sites are tightly integrated. A button on each page allows a user to switch between Spanish and English at will. Besides the main corporate site, Allied created Spanish language Web sites for each of its seven hundred branch offices. Using Allied’s proprietary “Web Wizard” technology, a local branch office can customize the information on either Web site to suit the needs of their market.
The new Web sites come equipped with all the tools available on Allied’s consumer Web site www.mortgageasap.com., including Allied’s successful Approval Express platform that gives consumers the ability to receive immediate loan approvals. By special arrangement with leading credit agencies, Allied also provides Spanish-speaking consumers with a bilingual credit report.
Litt stated, “We believe the Spanish-speaking community is one of the most underserved markets in the mortgage industry.” According to a 2001 study by Cheskin Research, between 1998 and 2000, the growth rate in Hispanic household computer penetration has been 80%, compared to 20% in the general market. At the end of 2000, 47% of Hispanic households reported having a computer in the home. Shopping ranks third among the reasons for using the Internet among Hispanics, behind e-mail and education, but Hispanics cited lack of trust as the number one reason for not making online purchases.
“With our seven hundred brick and mortar locations and our high tech tools for the Web, it appears we are well positioned for these purchasing habits. We expect to replace any reductions in refinance volume with increased penetration in new markets like the Hispanic community,” Litt said.
