Wells Fargo Home Mortgage and the Hispanic National Mortgage Association (HNMA) announced that they have formed a joint venture to assist Hispanic and non-traditional customers who are seeking home mortgage loans.
“Working with a knowledgeable partner like HNMA enables us to better target our efforts with the creditworthy but underserved segments of the Hispanic and immigrant markets,” said Joe Jackson, head of Well Fargo ventures.
The venture is called ILUMINA Mortgage, LLC. The name was given because the two entities aim to evoke clarity and transparency in the homeownership process. ILUMINA will offer Hispanics as well as other immigrant borrowers a broad range of mortgage lending products and services in a culturally appropriate environment and with a culturally sensitive experience.

“Generally, immigrant and other underserved borrowers have limited alternatives when it comes to home financing: Deal with brokers who may be less reputable or try to work with trustworthy but more rigid institutions. Customers seeking home financing often have to sort through a maze of loan options and then go through a home financing experience that isn’t calibrated to their needs,” explained Leonardo Simpser, managing directior of HNMA.
“ILUMINA is the result of months of research, planning, and development,” he continued. “At ILUMINA, customers will deal with experienced bilingual mortgage counselors who are trained to understand the nontraditional circumstances of these borrowers. They will have access to flexible mortgage programs, at competitive rates, all offered by a trustworthy, world-class lender. ILUMINA will raise the bar when it comes to providing services for this underserved market.”
ILUMINA has already started the hiring process of qualified bilingual loan consultants in the Los Angeles and San Diego areas and plans to extend service into the major metropolitan areas across the country. The first branches will open in Fontana (San Bernadino County), Riverside, and Phoenix.
For more information, www.iluminamortgage.com.