The Mortgage Bankers Association (MBA) and 13 mortgage industry stakeholders have formed the Convergence Collaborative, a coordinated effort to identify and develop solutions to help close the racial homeownership gap.
Over the next three years, the collaborative will deploy more than $1 million annually to build on the existing network of location-based sites focused on expanding minority homeownership, the MBA says in a release.
Companies participating in the collaborative include the American Land Title Association (ALTA), DHI Mortgage, Fannie Mae, Fifth Third Bank, Freddie Mac, Lennar Mortgage, National Association of Realtors (NAR), Navy Federal Credit Union, Pulte Financial Services, Taylor Morrison Home Funding, U.S. Mortgage Insurers (USMI) and Wells Fargo Home Lending.
Each stakeholder organization in the collaborative will have an equal say in key strategic and operational decisions, with the goal of leveraging their collective resources, expertise, and insights to have a more significant impact.
“The barriers to minority homeownership require a collective effort. In recognition of this challenge, we believe the approach embodied in the Convergence framework can have a greater impact with this new industry partnership,” says Bob Broeksmit, president and CEO of the MBA. “By working together, we can produce more and faster results that will reduce the racial homeownership gap.”
Photo: Dylan Gillis