The Mortgage Bankers Association (MBA) on Monday launched an effort to have its members pledge to promote minority homeownership, affordable rental housing, and company diversity, equity and inclusion.
KEY TAKEAWAYS
Initiative announced during MBA's annual convention urges members to commit to efforts to promote greater racial equity and inclusion.
Newly installed MBA Chairman Kristy Fercho, executive vice president and head of home lending at Wells Fargo, announced the “Home for All” pledge during her keynote address at MBA’s annual convention & expo in San Diego on Monday.
Kristy Fercho
"The Home for All Pledge represents a long-term commitment by MBA member companies and employees to promote and ensure greater racial equity and inclusion in housing," Fercho said. "The time is now for the industry to collaborate on developing policies and best practices to close the racial homeownership gap, remove the barriers to sustainable and affordable housing, and support strategies to increase diversity within our organizations."
Foster public policies and industry practices that promote and sustain minority homeownership and affordable rental housing;
Support market-based solutions through MBA's place-based CONVERGENCE programs; and
Champion diversity, equity, and inclusion in our workplaces and our industry.
"MBA believes there is a significant need and opportunity for member companies to come together to eliminate the racial inequalities that have plagued our communities for generations," said Bob Broeksmit, CMB, president and CEO of the MBA. "With the industry's support, the results-driven action plans outlined in the Home for All Pledge will help expand homeownership opportunities for minority households, improve affordability and stability in the rental market, and ensure our workforce better reflects the diverse makeup of the communities and borrowers we serve."
MBA's Building Generational Wealth Through Homeownership, a policy initiative announced in September, will provide an important framework for the Home for All Pledge. The policy initiative provides 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.
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