Equifax is partnering with the National Association of Minority Mortgage Brokers of America (NAMMBA) to help meet the housing needs of underserved communities.
NAMMBA partners with banks, lenders, and fintechs to foster diversity and inclusion within these firms, bring financial literacy education to consumers, and mentor students and recent graduates into future innovation, diversity, and financial literacy leaders.
Through this partnership, Equifax will work to expand access to credit to underserved and marginalized borrowers while also working to deliver differentiated data to align with Environmental, Social and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives.
“The Equifax purpose is to help people live their financial best. We are committed to working with the GSEs, lenders and organizations like NAMMBA to help unlock homeownership for all,” says Craig Crabtree, senior vice president and general manager, Equifax Mortgage & Housing Services, in a release. “Expanded inclusion starts with expanded visibility, and Equifax can provide differentiated consumer credit, consumer and marketing insights as well as income and employment information from The Work Number database. As a leader in the mortgage industry, it is our responsibility to deliver solutions and opportunities to benefit the diverse make-up of the communities we serve.”
According to NAMMBA, over the next five years, 75 percent of all first-time home buyers will be women, millennials or people of color.
Additionally, according to NAMMBA’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, which amounts to 24.2% of all purchase dollar opportunity.