NAMMBA Announces Partnership with New American Funding
New American Funding increases commitment to better serve today's rapidly changing housing
"New American Funding is a great match for a partnership with NAMMBA," says NAMMBA Founder/CEO Tony Thompson, CMB. "Not only are they committed to serving the communities in which they are based, they want to grow their workforce to reflect that community. Their forward-thinking in this endeavor is key to showing other industry leaders how to make a difference in the lives of every American."
Through this partnership with New American Funding, NAMMBA will roll out a comprehensive strategy to engage employees via access to focused training, new hire programs, and leadership development. NAMMBA will position New American Funding to support the communities in which it currently conducts business and create an economic opportunity that focuses on business development for minority brokers while meeting the housing needs of underserved areas.
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, but 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.
"We are honored to be partnering with NAMMBA," said Patty Arvielo, President of New American Funding. "Our passion for serving underserved communities perfectly complements NAMMBA's focus on the enrichment and betterment of women and minorities in the real estate finance industry. We are pleased to be associated with NAMMBA and look forward to growing a more diverse talent pool that will help build and revitalize communities across the US."
The National Association of Minority Mortgage Bankers of America is a purpose-driven organization that is dedicated to the inclusion of minorities and women in the mortgage industry who are advocates for sustainable homeownership in local communities. To fulfill its mission, NAMMBA provides programs and initiatives to introduce minorities and women into the mortgage industry, including recruiting, advisory, networking and training for enterprises and individual professionals.
For more information, visit: http://www.nammba.org.