Diversity inspires creativity, drives innovation and increases understanding, all critical elements in the home finance sector. Luckily, per the National Association of Realtors, the racial and ethnic diversity of homeseekers is evolving, a movement that should be reflected in the mortgage workforce as well. Yet, according to the U.S. Bureau of Labor Statistics, 79.6% of finance professionals in 2019 were white. This statistic is disheartening, to say the least – especially as we celebrate Black History Month. What does that mean for homebuyers, the industry, and for mortgage professionals?
In good company with various home finance industry trade groups, the National Association of Minority Mortgage Bankers (NAMMBA) stands out for its mission to foster a workforce that more closely resembles customers served. Afterall, the home finance industry should help all individuals achieve the American dream, and NAMMBA is working to ensure the profession reflects that.
Overview
According to its mission statement, NAMMBA is a trade association “dedicated to the inclusion of minorities and women in the mortgage industry who are advocates for sustainable homeownership in local communities.” The organization was established by mortgage industry executive Tony Thompson, CMB, in 2016. Members come from diverse backgrounds and sectors of the housing industry, with membership not limited solely to minorities and women. Any professional in the greater housing industry with a dedication to the betterment of minorities and women is welcome to join.
Services
NAMMBA provides unique opportunities for education and development, advocacy for public policy supporting the mortgage industry, and key relationship building among home finance institutions and professionals. The organization also partners with colleges, universities and historically black colleges and universities (HBCU’s) for development programs and engagement initiatives, effectively introducing a new generation to the mortgage industry.
NAMMBA members receive access to exclusive, members-only events and networking opportunities, such as conferences, seminars, chapter meetings and, at a discounted price, NAMMBA National. Members may also take advantage of leadership and mentorship opportunities, advocacy opportunities, and professional and business development, including “new education programs, business models, partnerships and alliances where diversity is highly valued and recognized.”
Get involved
To support NAMMBA and utilize their services, consider joining your local affiliate chapter. If no local chapter exists, start your own or become a national member! Remember, you don’t have to be a minority to become a NAMMBA member, but you must have a strong passion for and commitment to the housing industry as well as an interest in the inclusion of minorities and women.
Owning a home serves as an economic milestone, deepens feelings of security and represents a piece of the American Dream everyone deserves access to. As the homeseeker and greater U.S. populations evolve and change, in order to best serve, the mortgage industry will need to follow suit. Organizations like NAMMBA are making great strides in growing, developing and supporting women and minorities in the home finance industry, with the help of a passionate, dedicated member base. Consider lending a hand, and get involved today.
Published on February 12, 2020
