Equifax Inc. announced a partnership with the National Association of Minority Mortgage Brokers of America (NAMMBA) to help support its efforts to assist underserved communities and their housing needs. This relationship aligns directly with the ongoing Equifax commitment to advance financial inclusion and help all consumers access and better understand their credit profiles.
NAMMBA partners 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 this partnership, Equifax 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 (DEI) initiatives.
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“The Equifax purpose is to help people live their financial best. We are committed to working with the Government Sponsored Enterprises (GSEs), lenders and organizations like NAMMBA to help unlock homeownership for all,” said Craig Crabtree, Senior Vice President and General Manager, Equifax Mortgage & 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.”
According to NAMMBA, over the next five years, 75 percent 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 percent of all purchase dollar opportunity.
“We are proud to be partnering with Equifax,” says NAMMBA Founder/CEO Tony Thompson, CMB. “Their pledge to NAMMBA’s mission of strengthening the mortgage and finance industry with a more diverse and inclusive workplace culture shows that they are looking to the future of homeownership in America.”
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