Surge in Foreign Language Interpreting Needs Expected Among Financial Institutions

Language Line Services Prepares for Spike in Demand for Assistance Opened up by Obama Plan

Monterey, Calif. - (June 10, 2009) - Language Line Services, the leading provider of interpretation services, predicts a significant spike in demand for non-English language assistance to millions of Americans who will apply for or rework their existing loans as a result of the Obama administration’s new mortgage relief plan.

With the package now signed into law, up to nine million people may be eligible to refinance their mortgages. Limited-English speakers were among those most affected by predatory lending practices of the last decade. Banks can now expect many of their refinancing candidates to require language interpretation services like those provided by Language Line Services.

Other key elements of the relief plan include driving down mortgage rates and a tax break for first-time homebuyers. “For many immigrants, home ownership represents the American dream,” said Louis Provenzano, President and Chief Operating Officer of Language Line Services. “We are excited to help make that dream a reality in every language across America.”

New mortgage applications in the U.S. increased in May as a result of lower borrowing costs. Using history as an indicator for demand, the number of requests at Language Line Services grew by more than 50 percent in 2008 after a series of mortgage rate drops. These requests were mostly for Language Line® Over-the-Phone Interpretation from the banking industry to assist with transactions involving home buyers in languages ranging from Arabic to Vietnamese. Over-the-Phone Interpretation allows institutions to instantly communicate with their customers via a professional interpreter – through a three-way conference call – in more than 170 languages.

Through improved communication, language interpretation services help lending and government organizations save mortgages from foreclosure, increase debt collection and work out more favorable payment terms for at-risk customers, regardless of language.

“Language assistance can remove a major roadblock while easing the stress of a difficult situation for our limited-English speaking mortgage holders and loan customers,” said Melanie Walsh, Vice President of Member Care at Boeing Employees' Credit Union (BECU). “Working with Language Line Services has been a seamless integration to help us meet the growing financial needs of a changing community here in Washington State and to ensure that we provide an equally positive experience to all our members, regardless of language.”

Language Line Services has significantly increased its interpretation workforce to support the expected growth in outbound, in-language customer service programs among financial and other organizations affected by the current economy.

Interpreters for this market segment are required by Language Line Services to complete a specialized Finance Training Program which includes products and terminology on investment, taxation, and mortgages. In the mortgage portion of the training, interpreters learn about handling home loan applications, equity loans, and refinancing, among other loan products. Glossaries on financial terminology as well as scripts from Language Line Services’ financial service clients are provided as additional study material.

Statistics: Mortgage Crisis and Limited-English Speakers

• There are more than 38 million foreign-born residents and 176 languages spoken in the United States today. (Source U.S. Census Bureau)
• One out of every 200 home mortgages will be foreclosed upon this year, with 250,000 new families entering into foreclosure every three months. (Source Mortgage Bankers Association)
• At the end of 2002, Latino households held 88.4% or more of their total net worth in home equity. (Source: Rakesh Kochhar, The Wealth of Hispanic Households: 1996 to 2002 at 20 Pew Hispanic Center, 2004)
• Requests for Language Line Services mortgage-related telephone interpreting grew by 81.2% in 2008 compared with 2003, the last time a major drop in interest rates took place.
• In April alone, Language Line Services saw an increase of 22.7% over the same period last year for language assistance amongst its banking and financial services clients.
• The foreign language most frequently requested by financial institutions for refinancing is Spanish.

About Language Line Services

Language Line Services, the global leader in telephone interpreting and language solutions, serves clients in government, health care, telecom, financial services, insurance and many other industries by quickly connecting them to their customers, patients and sales prospects in over 170 spoken languages and American sign language.

Growth of the language interpreting industry has soared with increased immigration and government regulatory policies mandating that organizations provide services to limited English speakers in their own languages.

Language Line Services is recognized as a trusted partner to thousands of clients throughout the United States, Canada and the United Kingdom, providing access to the industry's fastest language interpreting service at highly competitive rates.

For more information about Language Line Services' suite of telephone and video interpreting, document translation, interactive software-based translation, interpreter training and certification programs, please call +1 (800) 752-6096.