National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings Inc., is helping to educate mortgage lenders on how to best reach out to multicultural borrowers. The company is educating lenders through speaking engagements, Webinars and social media. For the second year, National MI has joined forces with Kristin Messerli, founder of Cultural Outreach Solutions, which specializes in helping companies reach and serve Millennial and multicultural market segments.
Changing demographics in the U.S. are leading to an increase in the number of Millennials, as well as a more ethnically diverse population, according to Messerli. One in three home purchases today are made by Millennials, who comprise the most ethnically and racially diverse generation in the U.S. Hispanics are the fastest-growing group in the U.S. homebuying market, according to a Freddie Mac report. And by 2024, there will be 33 percent more new minority homebuyers, a study by the Mortgage Bankers Association (MBA) showed.
Multicultural homebuyers represent an important market for mortgage lenders as they look to grow their purchase loan originations business, notes Christina Bartning, vice president of marketing and product development with National MI.
"It's also critical that private mortgage insurance companies work to help address the multicultural segment, as some of those borrowers may not have a 20 percent downpayment to purchase a home," said Bartning.
National MI will host a one-hour Webinar, "Reaching the African-American Home Buyer" on Thursday, Feb. 16th, 2017 at 3:00 p.m. Eastern. Messerli will be presenting. Webinar participants will gain an understanding of critical buyer nuances and how to use practical steps to develop a winning multicultural strategy.
