The Mortgage Bankers Association (MBA) recently announced a new policy initiative, “Building Generational Wealth Through Homeownership,” aimed at providing industry leadership and direction for reducing the racial homeownership gap; developing and supporting policies that support sustainable homeownership for communities of color; and promoting fair, equitable and responsible lending for minority borrowers.
Through advocacy, partnerships and connections within the industry, MBA’s initiative will increase homeownership opportunities for minority borrowers, expand homeownership readiness to future borrowers, and assist current homeowners with maintaining and maximizing the benefits of homeownership.
“Homeownership is often the largest source of intergenerational wealth for families. MBA’s new policy initiative serves as a perfect foundation to level the playing field,” said Susan Stewart, 2021 MBA chairman and chief executive officer at SWBC Mortgage Corporation, in a statement. “The mortgage industry has a responsibility to promote minority homeownership by partnering with key stakeholders to remove barriers and support financial education and counseling, with a goal to close the racial homeownership gap and increase generational wealth among minority households.”
“MBA is uniquely positioned to harness its internal and external resources to help more minority families become homeowners,” said Bob Broeksmit, CMB, MBA president and CEO, in a statement. “Through industry advocacy and partnerships with housing experts, consumer groups, nonprofits, and civil rights organizations, our industry will focus on eliminating obstacles and shaping policy to promote and increase minority homeownership.”
MBA’s initiative will complement the marketplace efforts of its signature Affordable Housing Initiative, CONVERGENCE, which was developed by MBA’s Minority Homeownership Joint Task Force, a collection of industry professionals drawn from MBA’s Residential Board of Governors (RESBOG) and the Affordable Homeownership Advisory Council.
To learn more about the policy initiative, click here.
Source: MBA
I love MBA’s core initiative of financial education for all 1st-time homeowners. Additionally, no ready, willing & able buyer should be negatively influenced from their God given right to the pursuit of happiness as expressed through purchasing their own home. The generational impact cannot be overstated.
As a licensed agent I’d like to be educated about the “barriers” and especially the “systemic racist” practices to watch out for that are currently hindering minorities, or anyone, from seeking homeownership?
What specifically should we be looking for in our the mortgage & real estate industries that perpetuate this homeownership gap?
I’d like to confidently be able to call into account the practices/policies of those institutions & individuals that are suppressing potential 1st-time minority homeownership.
I look forward to you sharing your insight.