Bilingual Military Personnel Recruited For Latino Homeownership Push.

A new effort to expand Latino homeownership opportunities by helping America’s bilingual military service members enter the mortgage finance industry was announced by the United States Department of Defense Reserve Forces Policy Board, the Mortgage Bankers Association, National Association of Hispanic Real Estate Professionals, National Puerto Rican Coalition, Univision, and Freddie Mac. Also participating in this exciting new initiative are four prominent lenders — Branch Banking & Trust (BB&T), CitiMortgage, GMAC Mortgage, and U.S. Bank Home Mortgage.

WELCOME HOME provides a tuition-free Internet-based training program designed by the Mortgage Bankers Association to prepare past and present Spanish-speaking members of the armed forces for post-service careers in all phases of the residential and commercial lending industry. The effort seeks to provide an estimated 1,000 new graduates a year for potential careers in mortgage sales, origination, underwriting, servicing, collections, and commercial and multifamily lending.

“WELCOME HOME is a shining example of MBA’s commitment to increasing minority homeownership in the United States and bringing more diversity into the mortgage banking industry,” said Jonathan L. Kempner, MBA’s President and CEO. “We are proud of the men and women who have served this country and are pleased to offer them an opportunity to work in this dynamic industry. MBA salutes the Department of Defense and our other partners for their extraordinary efforts in helping more American families realize the dream of homeownership.”

“WELCOME HOME is a groundbreaking solution to two important challenges: helping our military’s brave men and women pursue rewarding new careers after they retire from active service and helping the mortgage industry bring a new level of opportunity to America’s fast-growing Latino community,” said Freddie Mac vice president of expanding markets Craig Nickerson. “We are delighted to join forces with the Defense Department and the other members of this terrific new alliance to lay the groundwork that will facilitate homeownership for more Latino families.”

A lack of bilingual information about homebuying and mortgage finance may be stopping thousands of Latino families from seriously considering homeownership, according to numerous studies. Eighty-four percent of Mexican-American renters have a strong desire to buy homes, according to a recent survey from the Tomas Rivera Policy Institute at the University of Southern California, but 51 percent are uncomfortable with English and 60 percent say it’s hard to find an advisor they can trust and understand.

Freddie Mac, the Puerto Rican Telephone Company, Univision, the Hispanic War Veterans, and the National Puerto Rican Coalition are supporting the tuition-free WELCOME HOME program in ways ranging from direct financial support to promotion. Lender participants — including BB&T, CitiMortgage, GMAC Mortgage, and U.S. Bank Home Mortgage — will meet with eligible students to discuss potential job options.

“This is a program that addresses the needs of a key segment of the community, those who serve in our nation’s military and their families who share the commitments of military duty,” said National Puerto Rican Coalition president Manuel Mirabal. “We believe this will advance many bilingual service men and women into careers in the banking industry, helping to improve their economic mobility, increasing Hispanic diversity in the banking industry, and fostering improved banking services to Hispanic borrowers.”

“GMAC Mortgage is committed to increasing homeownership among Latinos. Hiring loan officers that can understand and interact with the Latino community in Spanish is vital to our business and our ability to clearly connect with this market. This initiative directly impacts our goals and growth strategy for the coming years.” Ennio Garcia Miera, vice president, New Markets group, GMAC Mortgage

For more information at http://www.welcomehomegi.com