Striving to Break Barriers & Help Hispanic, Latino Clients Reach Their Financial Goals

The Hispanic community has historically had several barriers when it comes to achieving financial success in America. Between 2022 and 2023, for example, the number of Hispanic households that could afford to pay their mortgage fell by 37%¹.

For bankers of Hispanic descent, breaking down those barriers is a passion they take into the office every day. "It's about understanding people's individual circumstances," saidAna Melo, a Community Development Mortgage Loan Officer with Old National Bank.

Melo was born in Mexico and spent her formative years of middle and high school in her home country. "That experience - being back in Mexico during that time of my life - gave me a strong fundamental understanding of the plight of immigrants, and especially people that have been locked out of traditional systems. It's more than just language. It's understanding culturally where they are and the struggles they've had."

As Hispanic Heritage Month unfolds, Melo,Adiel Abelar, Small Business Banking Relationship Manager, andAna Perez,Banking Center Manager at Old National Bank, opened up about the importance of recognizing and valuing their culture and how they're using that incentive as a backdrop to make financial access for all a reality.

Using heritage to influence client interaction

On any given day, Melo and her fellow Hispanic bankers are using their cultural background in their daily interactions with clients. "As the son of immigrant parents, not only do I work hard, but I'm motivated to find ways to specifically help the Hispanic community," said Adiel Abelar, Small Business Relationship Manager at Old National Bank.

Abelar was born in the central Mexican city of Cuautla Morelos, the third of four children. Watching his parents migrate to the United States in pursuit of the American Dream was integral in his motivation to promote diversity and inclusivity and to give back to the community.

One way he does that is through his work. "As a child, I witnessed within the Hispanic community that we're often scared to speak up, usually because of the language barrier and a lack of knowledge," he said. "Serving as my parents' translator in various situations made me recognize that bridge. Now, when I see small business clients that aren't 100% fluent in English and they're having their children help them translate, I'm proud when I can step in and speak directly with them in their own language."

For Melo, the cultural understanding comes into play when she's trying to help people gather everything they need for a mortgage. "It takes a certain level of understanding and compassion and patience to get people from where they are to where they want to be which, in my case, is a homeowner," she said.

Melo recalled a time when a Hispanic client hoping to buy her first home needed to provide proof of on-time rental payments for a 12-month period. "The woman came in with these tiny paper receipts that had been ripped off larger carbon copy notepads. They were all crumpled, you could barely read them." Whereas a more traditional lender might have considered this too frustrating and turned the woman away as a client, Melo took a different approach. "I just understood that this is what she has. She wasn't trying to be difficult or challenging. I flattened the receipts and made photocopies to send to underwriting. We take for granted that we're taught certain things as specific ages, like how to make PDFs. Tuning into people's circumstances, even in just those minute ways, can make all the difference."

Breaking down the language barrier

Perez says that growing up in a bilingual and bicultural household - her mom is from Mexico and her dad from Puerto Rico - has given her a deeper understanding of the unique challenges faced by Hispanic communities. "This background allows me to be more empathetic and culturally aware when helping clients, ensuring that their financial goals resonate with their values and traditions," she said.

Perez learned early in her career that the language barrier often kept Hispanic clients from asking questions and fully engaging with their bankers. "Coming from a family where my mom learned English through my siblings and me, I knew firsthand how intimidating those moments can be," she said. "This motivated me to become a resource for Spanish-speaking clients and to ensure they felt comfortable discussing their financial needs."

Melo and Abelar agree that being able to speak the same language as their Hispanic clients helps them ensure that the client isn't walking into a situation they don't fully understand, and they can then take a more well-rounded approach to their finances. "Most people don't even think about the fact that the paperwork you sign for a mortgage is in English," said Melo. "I was working with two ladies who spoke very little English, and they were really struggling with the paperwork required for their home loan. I understood my role to be not just as a translator, but also helping them understand what they're signing so they're not blinded sided, and no surprises came up." Melo wanted her clients to be as informed and knowledgeable as possible before making the biggest purchase they've ever made, and to have a good experience throughout the process, as well.

Abelar recalled a similar time when his bilingual skills helped clients beyond his initial goals. "I was working with a Hispanic couple who were small business owners, and they were struggling to secure a loan for the building to operate the business," he said. Not only was Abelar able to guide the husband-and-wife team through a tailored financial solution to help them secure the loan, but he pointed out that one of the reasons they were struggling to secure a loan with other financial institutions was because of their credit score. "There were a lot of things in the credit report that they didn't know about or understand," he said. "So, I reviewed the credit report and made sure whatever needed to be paid could be paid. I helped them put in disputes with credit bureaus for items they didn't recognize."

It took six to eight months to get them approved for a loan, but Abelar also helped set them up for future success by empowering them to understand the importance of reviewing their credit report and knowing what to look for.

Initiatives that make a difference

At Old National Bank, bankers spend their days working closely with clients to secure their dreams. Then, they go out and do the same for the community.

"One thing I'm very proud of us our newITIN Home Loan Program²for people that don't have social security numbers," said Melo. "It's a riskier lending product, but it's a program that will enable us to really help people - and particularly people in the Hispanic community - be able to purchase a home who wouldn't otherwise have been able to because they don't have a social security number. It's currently in the pilot phase in the Chicago and Milwaukee markets only. Once the pilot phase is complete, I'm hoping we'll be able to make it available across our footprint."

Perez is also using her heritage to branch out into the community and beyond. She is one of the Chairs for TODOS Impact Network in Old National Bank's Mnnesota Market, which focuses on developing, retaining, and attracting Latino and Hispanic team members, growing partnerships within the community, and increasing competitiveness in the fast-growing Hispanic market. "Through my leadership in various impact groups, I aim to make financial services more accessible to the Hispanic community," Perez said. "This includes helping clients feel comfortable navigating the banking system and advocating for more inclusive financial practices within the industry."

When it comes to celebrating Hispanic Heritage Month, Perez, Melo and Abelar agree that the opportunity to celebrate and recognize the contributions of the Hispanic and Latino community is essential. "It allows us to highlight our culture's rich history and achievements, fostering a greater understanding and inclusion within the broader community," said Perez. "It also fosters a sense of unity and respect for different backgrounds."

For more on how Old National Bank is creating inclusive financial opportunities for diverse communities,click hereorclick hereto learn more about the ITIN Home Loan Program.

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