The National Association of Minority Mortgage Bankers of America (NAMMBA) recently announced a partnership with Fulton Bank, a lending sponsor in NAMMBA’s effort to affect positive change with the housing needs of under-served communities and with the development of a more diverse mortgage workforce.
“Fulton Bank is stepping up their commitment to workplace culture and diversity by partnering with NAMMBA,” said NAMMBA Founder/CEO Tony Thompson, CMB. “By taking this step, they are broadcasting their intent to create a more diverse and inclusive workplace that reflects the communities they serve.”
Through the partnership with the bank and its Fulton Mortgage Company division, NAMMBA will support the bank’s strategy to engage employees via focused training, new-hire programs and leadership development. NAMMBA will partner with Fulton to further support the communities it serves and create economic opportunity that focuses on business development for minority brokers while meeting the housing needs of under-served areas.
“We are pleased to partner with NAMMBA to provide an additional way to support and develop our mortgage team members and our service to customers,” said Jeff Scheuren, president of Fulton Mortgage Company. “This initiative will build on programs we offer across the spectrum of mortgage lending, including those focused on underserved communities and first-time homebuyers. It also aligns with key pillars of our Fulton Forward initiative to enhance our communities through affordable housing and homeownership.”
According to NAMMBA, over the next five years, 75 percent of all first-time home buyers will be women, millennials or people of color. Although has been some concern across the industry about a stagnant or shrinking housing market, representative said, purchase mortgage opportunity is not only growing, but it’s changing.
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 opportunities in 2020, which amounts to 24.2 percent of all purchase dollar opportunities.
The National Association of Minority Mortgage Bankers of America is a purpose-driven organization 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. For more information, visit http://www.nammba.org.
Fulton Bank N.A. is a subsidiary of Fulton Financial Corporation, a $26 billion financial-holding company headquartered in Lancaster, Pa. Fulton Bank operates more than 200 financial centers and serves customers in Pennsylvania, New Jersey, Maryland, Delaware, Virginia and Washington, D.C. For more information about Fulton Bank, including its Fulton Forward initiative, visit www.fultonbank.com.