‘The partnership to help better serve today’s rapidly changing housing’
ATLANTA, GA – Jan 15, 2021 -The National Association of Minority Mortgage Bankers of America (NAMMBA) today announced a partnership with Peoples Processing. This will help in NAMMBA’s effort to effect positive change to the housing needs of underserved communities and the development of a more diverse mortgage workforce.
“We’re extremely excited to partner with Peoples Processing,” said NAMMBA Founder/CEO Tony Thompson, CMB. “Like us, they have a strong commitment to diversity and inclusion, and a leadership team that is committed to representing all the communities in which it does business.”
Through this partnership with Peoples Processing, NAMMBA will roll out a comprehensive strategy to engage employees via access to focused training, new hire programs, and leadership development, and position the organization to support the communities in which it currently conducts business, creating economic opportunity that focuses on business development for minority brokers while meeting the housing needs of underserved areas.
According to NAMMBA, over the next five years, 75 percent of all first-time homebuyers will be women, millennials, or people of color. Although there is a concern across the industry about a stagnant or shrinking housing market, purchase mortgage opportunity is not only growing, but also changing. According to NAMMBA’s most recent mortgage market forecast, the three largest diverse borrower groups (Asians, African-Americans, and Hispanics) will generate more than $292 billion of purchase opportunity in 2020, which amounts to 24.2 percent of all purchase dollar opportunities.
Sam Verma, CEO, Peoples Processing, said, “I am delighted to be part of NAMMBA as a Board Member. This is an invaluable opportunity to be able to make a real difference in the real estate finance industry and become a NAMMBA Visionary! Together we will increase diversity and inclusion in Mortgage and Real Estate Finance by connecting over 50,000 undergraduates and graduates to careers in the industry. This partnership is an important step in revolutionizing our industry and bring in a creamy pool of talent.”
Sam added “We are pleased to be associated with NAMMBA in this way and look to grow a more diverse talent pool that will create great experiences for the consumer to have sustainable homeownership. Putting people in homes is one thing but making sure we help people stay in homes is also just as important to building a community.”
The National Association of Minority Mortgage Bankers of America is a purpose-driven organization that is dedicated to the inclusion of minorities and women in the mortgage industry who are advocates for sustainable homeownership in local communities. To fulfill its mission, NAMMBA provides programs and initiatives to introduce minorities and women into the mortgage industry, including recruiting, advisory, networking, and training for enterprises and individual professionals.