The National Association of Minority Mortgage Bankers of America (NAMMBA) has partnered with Mortgage Capital Trading (MCT) to address the housing needs of underserved communities and encourage and develop a more diverse workforce in the mortgage sector.
“We’re extremely excited to partner with MCT, the gold standard for secondary capital markets,” NAMMBA founder and CEO Tony Thompson said in a release. “Like us, MCT believes in the power of diversity and inclusion and wants its team members to reflect the communities in which it does business. It’s gratifying to have MCT’s support at our highest sponsorship level.”
The partnership will provide MCT with NAMMBA’s consulting and recruiting resources and access to its network of like-minded mortgage bankers. In return, NAMMBA will have access to MCT’s secondary expertise. MCT already has participated in round tables and webinars and assisted in creating NAMMBA’s most recent industry survey.
NAMMBA stated that over the next five years, 75 percent of all first-time homebuyers will be women, millennials, or people of color. According to the association’s most recent mortgage market forecast, the three largest diverse borrower groups, Asians, African-Americans, and Hispanics, generated more than $292 billion of purchase opportunity in 2020, 24.2 percent of all purchase dollar opportunities.
“Through our award-winning MCTlive! technology platform, we’re consistently fueling innovation and change within mortgage capital markets,” Curtis Richins, MCT president and CEO, said. “We believe our partnership with NAMMBA is in this same vein. We are committed to moving the needle with regard to diversity, inclusion, and equality.”