NAMMBA and Finastra Announce Partnership to Effect Positive Change in the Mortgage Industry
- Payments , Banking
- 12.07.2021 02:00 pm
he National Association of Minority Mortgage Bankers of America (NAMMBA) and Finastra have partnered to bring about positive change in the mortgage industry, meeting the needs of underserved communities and developing a more diverse mortgage workforce. As a Diamond Plus Partner to NAMMBA, Finastra will support the purpose-driven organization’s efforts to enrich and improve the situations of women and minorities who work in the real estate finance industry. This vision aligns with Finastra’s own commitment to Diversity, Equity and Inclusion in the financial services industry and the idea that finance can be a source of change for the good of society.
“We’re extremely excited to forge this long-term partnership with Finastra and welcome their support in pursuing our vision for the mortgage space,” said NAMMBA Founder/CEO Tony Thompson, CMB. “Over the next five years, NAMMBA will expand its mission to foster diversity and inclusion in other areas of financial services, such as retail banking and wealth management. As the largest pure-play software vendor serving the entire financial services industry, Finastra will be a meaningful partner in helping NAMMBA achieve this goal.”
The partnership will lead to a greater understanding of how technology can be leveraged to drive positive change in mortgage decisioning, from eliminating bias in lending to making funding accessible to communities in need. In addition to gaining access to the diverse and experienced talent pool of NAMMBA’s members, Finastra will have the opportunity to work with NAMMBA to provide training, education and career development resources to the real estate finance industry, and support sustainable home ownership in communities across the United States.
“Finastra believes that when technology and real-life challenges meet, the global community is presented with the opportunity to build a better tomorrow that tackles significant challenges around financial inclusion, fairness in financial decisions, and support for individuals and communities as they navigate through change,” said Puja Agrawal, Chief Operating Officer, Americas, Finastra. “We are proud to partner with NAMMBA in its mission to support women and minorities in the real estate finance industry, and in doing so, bring greater opportunities for all on the path to home ownership. Together we can redefine finance for good - driving meaningful change in the financial services industry and building a more equitable world for all.”
According to NAMMBA, over the next five years, 75 percent of all first-time home buyers will be women, millennials or people of color. Although there is concern across the industry about a stagnant or shrinking housing market, purchase mortgage opportunity is not only growing, it’s changing. 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 percent of all purchase dollar opportunities. However, this borrower group faces systemic obstacles to realizing their goals of home ownership, which can be overcome through a mix of education, understanding, representation and technology.