Cornerstone Capital Bank, a provider of mortgage origination and servicing solutions and consumer, commercial, and institutional banking services, has launched a Community Lending Division to expand homeownership opportunities for underserved communities across the nation.
Based in Arlington, Texas, the new division aims to close racial and economic gaps in homeownership and help families achieve their dream of owning a home. With Cornerstone’s mortgage lending footprint extending across 45 states and Washington, D.C., the initiative will serve communities throughout these markets.
The new division aims to assist 1,000 families in purchasing homes within its first year. Its efforts will include tailored affordable housing programs, homebuyer literacy outreach, as well as Cornerstone’s vast array of secondary mortgage market products.
Part of the Community Lending Division’s mission is to address significant disparities across racial and ethnic groups in the U.S. homeownership rate. As of the fourth quarter of 2023, the homeownership rate among non-Hispanic White Americans was 73.8% compared to 63% for Asian Americans, 49.8% for Hispanic Americans, and 45.9% for Black Americans, according to Census Bureau data.
“These numbers highlight the urgency of our mission,” says Mark Dinkins, regional senior vice president of Cornerstone Home Lending, in a release. “By addressing the barriers that have historically limited access to homeownership, we aim to create meaningful opportunities for families in every community we serve.”