Kristy Fercho, MBA chairman and executive vice president and head of home lending at Wells Fargo, has announced the Home for All Pledge, a Mortgage Bankers Association (MBA) member company action pledge to promote minority homeownership; affordable rental housing; and company diversity, equity and inclusion.
“The Home for All Pledge represents a long-term commitment by MBA member companies and employees to promote and ensure greater racial equity and inclusion in housing,” says Fercho. “The time is now for the industry to collaborate on developing policies and best practices to close the racial homeownership gap, remove the barriers to sustainable and affordable housing, and support strategies to increase diversity within our organizations.”
Member companies are encouraged to sign the Home for All Pledge and commit to aligning with MBA’s efforts to foster public policies and industry practices that promote and sustain minority homeownership and affordable rental housing. They should support market-based solutions through MBA’s place-based CONVERGENCE programs as well as champion diversity, equity and inclusion in workplaces and industry.
“MBA believes there is a significant need and opportunity for member companies to come together to eliminate the racial inequalities that have plagued our communities for generations,” comments Bob Broeksmit, CMB, president and CEO of the Mortgage Bankers Association. “With the industry’s support, the results-driven action plans outlined in the Home for All Pledge will help expand homeownership opportunities for minority households, improve affordability and stability in the rental market, and ensure our workforce better reflects the diverse makeup of the communities and borrowers we serve.”
MBA’s Building Generational Wealth Through Homeownership, a new policy initiative announced in September, will provide an important framework for the Home for All Pledge. The policy initiative provides industry leadership and direction for reducing the racial homeownership gap; developing and supporting policies that support sustainable homeownership for communities of color; and promoting fair, equitable, and responsible lending for minority borrowers.