The Business Case for Why Lenders Are Embracing Diversity
More than one-third of the 13.9 million to 15.9 million new households being created by 2024 will be Hispanic households, and that represents a huge opportunity for the mortgage banking industry, says the Mortgage Bankers Association.
Lenders are already identifying and adapting to meet the needs of this new generation of homebuyers.
“Mortgage banking needs to reflect the changing demographics in America in order to stay current and remain competitive,” says Patty Arvielo, president and co-founder of New American Funding. “We need to ask ourselves, ‘How will the future borrower look?’ and prepare ourselves based on that.”
To underscore the importance of diversity, MBA’s Diversity and Inclusion Committee is chaired every year by the association’s chairman-elect, notes Rodrigo López, executive chairman of NorthMarq Capital Finance LLC, who holds that position.
“We are intentionally engaging the real estate finance industry’s leadership because MBA views diversity and inclusion as a business imperative,” says López.