MBA and NFHA bolster fair housing efforts with new online toolkit

“MBA is committed to bringing the mortgage industry together to develop effective policy and resources to help to close the racial homeownership gap,” said Broeksmit. “We have been at the forefront of encouraging regulators, the GSEs, lenders, and other industry stakeholders to enable the creation of SPCPs to increase mortgage credit availability to underserved communities.”

“NFHA has championed Special Purpose Credit Programs as an excellent tool for expanding credit access for underserved markets, including consumers who live in credit deserts and are credit invisible,” added Lisa Rice, president and CEO of NFHA. “Our collaboration in developing the SPCP toolkit demonstrates that NFHA and the MBA share a commitment to promoting justice, fairness, inclusion, and equity. We also share a commitment to strengthening communities, increasing sustainable homeownership, and growing our economy. We urge all lenders to use this toolkit to develop impactful programs to better serve borrowers of color, women, people with disabilities, and other underserved groups.” 

Both the MBA and NFHA have previously launched programs to address common issues in housing and the mortgage market impacting underserved communities. The MBA’s CONVERGENCE program and NFHA’s Keys Unlock Dreams Initiative were both designed to close the racial homeownership gap with the goal of reaching over 16 million mortgage-ready borrowers of color.