Denda noted the bank’s outreach is an offshoot of its ties to the Hispanic community. The lender has long teamed up with National Association of Hispanic Real Estate Professionals chapters in providing financial education sessions in underserved communities. Moreover, the bank continually seeks to have its rank-and-file inclusive of people of color to create greater accessibility to Hispanic clients: “We have a strong percentage of bankers who speak Spanish, and are always looking for more,” she said.
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Education is key to its outreach efforts, particularly to immigrants averse to banking given corruption in their native countries. Such suspicion of banking institutions yields the need to explain regulatory protections over US banks, she suggested. The bank also charges no pre-approval fees even as other lenders impose the charges. “People charge Hispanics for pre-approval when they shouldn’t be charged,” she said. “So, we have a very strong focus on education.”
In its corporate literature, Federal Savings Bank touts Denda’s personal and professional experience in listing her bona fides for the job at hand. Born in Argentina to Italian and Germany parents, she possesses an innately multicultural experience, the company noted. She brings 25 years of marketing experience, including marketing some of the world’s biggest CPG (consumer packaged goods) brands after having earned a master’s degree in global marketing from Harvard University. She is currently adjunct marketing professor at Northwestern University, officials noted.
The bank joins a growing list of institutions taking steps to cater to Latino borrowers. In a July interview with MPA, Denver-based Maxwell’s CTO and co-founder Rutul Davé detailed the launch of its Spanish-language mortgage solutions, a bilingual option for mortgage applications, enabling lenders to better serve the growing Hispanic market – dramatically improving access and user experience for Latinos with limited English proficiency. In his talk with MPA, Davé pointed to limited English proficiency as one of the most significant barriers to homeownership for Hispanics, along with credit score challenges.