ATLANTA—Equifax said it is partnering with the National Association of Minority Mortgage Brokers of America (NAMMBA) to help support its efforts to assist underserved communities and their housing needs.
The NAMMBA seeks to partner with banks, lenders, and fintechs to “foster diversity and inclusion within these firms, bring financial literacy education to consumers, and mentor students and recent graduates into future innovation, diversity, and financial literacy leaders.”
Through the partnership Equifax said it will work to expand access to credit to underserved and marginalized borrowers while also working to deliver differentiated data to align with environmental, social and governance (ESG) and diversity, equity, and inclusion initiatives, the company stated.
"The Equifax purpose is to help people live their financial best. We are committed to working with the government-sponsored enterprises, lenders and organizations like NAMMBA to help unlock home ownership for all," said Craig Crabtree, senior vice president and general manager, Equifax mortgage and housing services. "Expanded inclusion starts with expanded visibility, and Equifax can provide differentiated consumer credit, consumer and marketing insights as well as income and employment information from The Work Number database. As a leader in the mortgage industry, it is our responsibility to deliver solutions and opportunities to benefit the diverse make-up of the communities we serve."
Women to be Primary Buyers
According to NAMMBA, over the next five years 75% of all first-time home buyers will be women, Millennials or people of color. Additionally, 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% of all purchase-dollar opportunity.