Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

MBA announces policy initiative to address homeownership gap

Add This Email A Friend Printer Friendly Version
0 comments
Industry Spotlight, Inside the Beltway
Monday, September 27, 2021
Through a new policy initiative titled, “Building Generational Wealth Through Homeownership,” the Mortgage Bankers Association has taken another step in its efforts to help reduce the racial homeownership gap.

The policy initiative’s goals are to provide industry leadership and direction to reduce the gap; develop and support policies that encourage sustainable homeownership for communities of color; and promoting fair, equitable, and responsible lending for minority borrowers.

“Homeownership is often the largest source of intergenerational wealth for families,” 2021 MBA Chairman and SWBC Mortgage Corp. CEO Susan Stewart said in a release. “MBA’s new policy initiative serves as a perfect foundation to level the playing field. 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.”

To reduce barriers for minority first-time buyers and support opportunities for minority homeowners to maintain homeownership, the MBA will:

  • Advocate for increased access to affordable financing options to expand the pool of minority borrowers eligible for government-sponsored enterprises (GSE) financing.
  • Lead advocacy for regulatory clarity and provide industry support of special purpose credit programs.
  • Support down payment options for Black and Hispanic borrowers that address the lack of generational wealth.
  • Evaluate options for the GSEs, Ginnie Mae, and Treasury to expand secondary market pools and programs that would benefit minority borrowers and communities.
  • Support home retention options for Black and Hispanic homeowners that assist them with maintaining homeownership and accumulating generational wealth.
  • Support pathways to homeownership for Black and Hispanic borrowers who have been previously denied mortgage financing.

The MBA also will support counseling and financial education for homebuyers and homeowners. Its plan requires leading and supporting legislative initiatives to fund counseling agencies and similar organizations that provide pre- and post-home-buying services and raising awareness with minority homeowners of the available resources to improve affordability and maintain homeownership.

“MBA is uniquely positioned to harness its internal and external resources to help more minority families become homeowners,” MBA President and CEO Bob Broeksmit said. “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.”

Today's other top stories
Fifth Circuit opens door for weakening of administrative enforcement actions
Congress may outlaw ‘trigger leads’ in the mortgage industry
CFPB and FDIC address false advertising
CFPB reports on mortgage servicing metrics
Ninth Circuit revives FCRA suit


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1119 times.

Monthly Newsletter

Dodd Frank Update June 2022

Cover Story:

Financial regulators announce CRA overhaul


Tweets from @DoddFrankUpdate/lists/industry-news
News by Topic   News by Edition   News by Agency   News by Industry   Special Reports   Webinars
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update March 2022
Dodd Frank Update April 2022
Dodd Frank Update May 2022
Dodd Frank Update June 2022
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Investment Adviser
Land Title
Mortgage
Mining and Manufacturing
Payday Lending
 
Forbearance Has Ended, Now What?
2022 State of the Industry
Mortgage Technology
Real Estate Compliance Outlook
Optimizing AI and Blockchain for the Future
Archives
 
Utilizing Tech for RESPA Compliance
Collaborating on eClosings
Economic Forecast Series
Industry and Regulatory Outlook
Archives

Library   About   Subscribe   Store
The Dodd-Frank Act Position Papers
Dodd-Frank Summary & History Legislation
Court Actions Regulations
Enforcement Documents Reports, Studies and Surveys
Guidance Documents Federal Register Notices
White Papers  
 
Dodd Frank Update
Contact / Editors
Advertise
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
NS3 The Summit
Other Newsletters
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2022 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
INDUSTRY
SPECIAL REPORTS
WEBINARS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
Best Practices
Forbearance
2022 State of the Industry
2021 Mortgage Technology
Real Estate Compliance Outlook
Archives
Move to ANSI Standards
Tech for RESPA Compliance
Collaborating on eClosings
2022 Economic Forecast Series
Industry and Regulatory Outlook
Complying with the New CFPB
Evolving Lender Relationships
RESPA Section 9
Getting to Know Your Regulators
Webinar Archives
Executive Interview Series
eClosing Solutions Showcase
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Social Media
Are You An Expert?
Subscriber Agreement