Building Generational Wealth through Homeownership Initiative

MBA is uniquely positioned to harness the necessary internal and external resources to effectuate meaningful change in the mortgage 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

We Are Working For You: A Progress Update

With the help of its dedicated members and partners, MBA has begun the work and has made progress. We continue to lead and help African-American and Hispanic families leverage homeownership to create and maintain generational wealth.

In this paper, you can find an overview of what we have accomplished and what we will be tackling next:

• Develop a multifaceted advocacy plan to increase access to affordable housing financing options to expand the pool of minority borrowers
• Lead advocacy for regulatory clarity in support of SPCPs and develop a lender playbook to encourage scalable, replicable programs
• Support down payment options for minority borrowers that address the lack of generational wealth
• Support pathways to homeownership for minority borrowers who have been denied mortgage financing
• Lead and support legislative initiatives that provide resources to counseling agencies and other organizations that offer pre- and post-home-buying services

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 Chair 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

"A commitment to increase homeownership for people of color cannot be just an MBA Chair's one-shot, one-year objective. It needs to be a process where we put a stake in the ground and build a roadmap to it, which includes supporting affordable rental housing options. We need to hold ourselves accountable so we can measure the success that we ultimately want to achieve. This is something I'm passionate about."

Matt Rocco, 2023 MBA Chair and Chair of Grandbridge Real Estate Capital