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NAMMBA brings together industry and regulators at CONNECT 2022

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Conference Coverage, Nonbank Financial
Tuesday, December 6, 2022

The National Association of Minority Mortgage Bankers of America (NAMMBA) hosted its annual Connect conference in Orlando, Fla. The conference saw industry professionals come together to meet and hear from industry leaders and regulators about the state of the industry and how to prepare for the future.

NAMMBA President and Founder J. Tony Thompson, who launched the organization in 2016, started the organization to support the inclusion of women and people of color in the mortgage industry and sustainable homeownership in local communities.

As part of NAMMBA’s mission, Thompson announced an initiative called Mission 2025 which seeks to connect with college students and introduce them to opportunities in the mortgage and finance industry. Mission 2025 seeks to prepare 50,000 students for careers in the mortgage industry by 2025 through outreach and education programs. NAMMBA is working to connect 100 company sponsors with 100 campuses to create a “college talent pipeline” that encourages a new, diverse generation of mortgage professionals.

Speakers at the conference, including Federal Housing Finance Agency (FHFA) Director Sandra Thompson, touched on the importance of developing a more diverse workforce.

“I think it is critical to make sure that we do have a diverse workforce, and that all of the stakeholders throughout the mortgage process, whether you're a loan originator or processor or underwriter, or an appraiser,” Sandra Thompson said.

In her address, she also spoke on the role of regulators and FHFA specifically and what concerns they have going into 2023 and beyond. Affordability, Sandra Thompson explained, was her chief concern. Market volatility has only increased as interest rates have climbed this year. Rate increases, coupled with inflation has made homeownership for many unattainable, especially in areas that already experience higher than average costs of living.

“Homeownership is the first stage for real wealth building,” Sandra Thompson said. “So, we’re really focused on homeownership, especially first-time homeownership and underserved communities, whether they’re rural, and specifically, minority communities where there’s a huge gap in homeownership rates.”

Sandra Thompson also addressed the question of the conservatorship of Fannie Mae and Freddie Mac. Exiting conservatorship is still the goal, she explained, but meeting the requirements is a much longer-term effort than what many may have originally thought when the conservatorship began in 2008.

“First, they have to meet capital requirements,” Sandra Thompson explained. “And right now, the enterprises are woefully undercapitalized, but they were just able to retain capital last year in January 2021.”

The other main issue in exiting the conservatorship is the portion of the enterprises that is owned by the federal government. Treasury owns a large portion of the stock in Fannie Mae and Freddie Mac. A lot of conversations have to be had with different stakeholders, Sandra Thompson explained.

NAMMBA also was joined by the Consumer Financial Protection Bureau’s (CFPB) former Acting Director Dave Uejio, who offered insight into recent activities by the bureau.

One of the major CFPB initiatives Uejio discussed was the effort to ensure access to financial services to non-English speakers. Uejio spoke of his mother, who taught kindergarten in Orange County, Calif. He talked about her efforts to get certified in Spanish to earn some extra money every month, and the futility of it when a class of 23 kids spoke 17 different languages.

“I think we always have to be cognizant that as we think about a more equitable society, a more inclusive society, a market that works and operates for all things is important,” he said. “I’m not going to tell you it’s not important to abide by America’s fair lending and fair housing laws, but it’s important that we really see the whole picture and all of the different gradients of our differences. That includes language, ability, status, all protected classes, source of income. All of that has to be considered if we’re not going to leave people behind.”

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