Industry News

Wells Fargo revamps marketing to Hispanic borrowers

Forms joint venture, plans Southwest expansion

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Wells Fargo Home Mortgage has created a new joint venture to market home loans to Hispanic borrowers, which will employ bilingual loan consultants and provide "a culturally sensitive home financing experience tailored to their needs," the company said. The new company, ILUMINA Mortgage LLC, is a joint venture with the Hispanic National Mortgage Association. ILUMINA has begun hiring experienced bilingual and bicultural loan consultants in the Los Angeles and San Diego areas, and will open its first branch this month in Fontana, followed by offices in Riverside and Phoenix. Leonardo Simpser, managing director of HNMA, said ILUMINA is the result of months of research, planning and development. ILUMINA's customers will have access to flexible mortgage programs at competitive rates, he said, and the company plans to "raise the bar when it comes to providing services for this underserved market." According to a recent study of government loan data, immigration and lower home-ownership ...