Marcia's Blog

How you can contribute to a stronger mortgage industry

One of the biggest lessons I’ve learned from working with homebuyers is that people feel most comfortable dealing with mortgage professionals they can relate to. Many consumers would prefer to work with someone who comes from their community or shares their cultural background.

That finding is particularly important in light of the fact that homebuyers are becoming more and more diverse. Young people of color will account for four of five newly created households over the next decade. Yet, a 2015 study by the Stratmor Group found:

  • The average age of a mortgage loan officer is 47.
  • About 10% of loan officers are over the age of 60; only 3.3% are younger than 30.
  • Only 10% of loan officers who reported their ethnicity were Hispanic or Latino, and only 3% identified as black or African-American, while 81% self-identified as white.

So how can we create a more diverse mortgage industry? One way is through The Center for Financial Advancement, a program that will introduce college students from Historically Black Colleges and Universities (HBCUs) to the mortgage industry as a career choice. Not only will it prepare them for the industry and elevate their money management skills but it will teach them about credit and building wealth while expanding diversity and inclusion in the mortgage industry.

Jeffrey Schummer, the vice president of Education Business Development for the Mortgage Bankers Association, said, “Diversity is critical to the future success of the mortgage industry.” The Center for Financial Advancement can play a major role in making that happen.

You can help us by supporting this important initiative. If you become a sponsor of the Center for Financial Advancement, you will be a part of a movement to create a workforce that reflects the diversity of the millennial generation. You will also increase your market share among millennial homebuyers, gain CRA credit for contributing to the HBCU of your choice and access a new pipeline of homebuyers of color through interaction with parents and faculty.

A diverse mortgage industry is a strong mortgage industry. In other words, it benefits everyone.

Let’s create that reality together.