HousingWire

The Mortgage Bankers Association (MBA) on Monday announced the launch of a new initiative involving 12 other corporate stakeholders. The entities will seek to find potential solutions for closing the racial homeownership gap.

The new initiative comes in the form of a group called the "CONVERGENCE Collaborative," which is a "coordinated effort to identify and develop solutions to help close the racial homeownership gap," according to an announcement published by MBA. The group is committing more than $1 million per year "to build on the existing network of location-based CONVERGENCE sites focused on expanding minority homeownership."

In addition to MBA, the organizational roster includes the American Land Title Association (ALTA), DHI Mortgage, Fannie Mae, Fifth Third Bank, Freddie Mac, Lennar Mortgage, the National Association of Realtors® (NAR), Navy Federal Credit Union, Pulte Financial Services, Taylor Morrison Home Funding, U.S. Mortgage Insurers (USMI) and Wells Fargo Home Lending.

"The launch of the CONVERGENCE Collaborative marks a pivotal step in our commitment to bridging the racial homeownership gap," NAR President Kevin Sears said. "By uniting these leaders from across the industry, we are not only addressing systemic barriers in housing but also fostering lasting change in communities across this country. Together, we can empower aspiring homeowners with the tools and resources they need to achieve the dream of homeownership."

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