Minority mortgage bankers group partners with Fulton Bank
The National Association of Minority Mortgage Bankers of America announced a partnership with Fulton Bank, an important lending sponsor in NAMMBA’s effort to affect positive change in meeting the housing needs of underserved communities and developing a more diverse mortgage workforce.
“Fulton Bank is stepping up their commitment to workplace culture and diversity by partnering with NAMMBA,” said Tony Thompson, CMB, NAMMBA founder and CEO. “By taking this step, they are broadcasting their intent to create a more diverse and inclusive workplace that reflects the communities they serve.”
Through this partnership with the bank and its Fulton Mortgage Company division, NAMMBA will support the bank’s strategy to engage employees via focused training, new-hire programs and leadership development. NAMMBA will partner with Fulton to further support the communities it serves and create economic opportunity that focuses on business development for minority brokers while meeting the housing needs of underserved areas.
“We are pleased to partner with NAMMBA to provide an additional way to support and develop our mortgage team members and our service to customers,” said Jeff Scheuren, president of Fulton Mortgage Company. “This initiative will build on programs we offer across the spectrum of mortgage lending, including those focused on underserved communities and first-time homebuyers. It also aligns with key pillars of our Fulton Forward initiative to enhance our communities through affordable housing and homeownership.”
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 in purchase opportunities during 2020, which amounts to 24.2 percent of all purchase dollar opportunities.
