Building Generational Wealth through Homeownership Initiative | MBA – Mortgage Bankers Association

MBA is uniquely positioned to harness the necessary internal and external resources to effectuate meaningful change in the morning industry that will help more African-American and Hispanic families become homeowners and to close the racial homeownership gap. Through advocacy, partnerships and connections within the industry, MBA can:

  1. Raise awareness of homeownership opportunities for African-American and Hispanic borrowers;
  2. Secure policy and program changes to expand homeownership readiness to future borrowers; and
  3. Assist current homeowners with maintaining and maximizing the benefits of homeownership.

Recommendations to Reduce Barriers

Homeownership has been an essential element of the American dream for decades and continues to be so today. Purchasing a home brings pride of ownership and the sense of belonging in a community, and it plays a vital role in helping to build strong, stable neighborhoods.

MBA is uniquely positioned to harness the necessary internal and external resources to effectuate meaningful change in the morning industry that will help more African-American and Hispanic families become homeowners and to close the racial homeownership
gap. Through advocacy, partnerships and connections within the industry, MBA can: a) raise awareness of homeownership opportunities for African-American and Hispanic borrowers; b) secure policy and program changes to expand homeownership readiness
to future borrowers; and c) assist current homeowners with maintaining and maximizing the benefits of homeownership.

In this paper, you will read more about our initiative including:

  • Our Core Purpose
  • Our Vision
  • MBA’s Top Areas of Focus
  • Recommendations

Reducing Barriers Together

Stewart’s singular initiative was reducing the racial homeownership gap. “Together, we can harness the incredible power of our big collective voice and step up. We have an opportunity, and an obligation, to open the door to those ready, willing, and able
to own a home. Homeownership is the foundation for generational wealth and social mobility.”

Susan Stewart, 2021 MBA Chairman and Chief Executive Officer, SWBC Mortgage

“MBA is committed to providing industry leadership and direction for reducing the racial homeownership gap. Our campaign will develop and support policies that promote sustainable homeownership opportunities for communities of color, and ensure fair,
equitable, and responsible lending for minority borrowers.”

Kristy Fercho, 2022 MBA Chair and Executive Vice President and Head of Wells Fargo Home Lending

Source: https://www.mba.org/advocacy-and-policy/residential-policy-issues/building-generational-wealth-through-homeownership