At the Mortgage Bankers Association (MBA) Annual Convention & Expo this week, Kristy Fercho, MBA chair and head of home lending at Wells Fargo, announced MBA’s new initiative, the Home for All Pledge.
MBA’s Home for All Pledge is a pledge by MBA member companies to promote minority homeownership, affordable rental housing, and company diversity, equity, and inclusion.
“The Home for All Pledge represents a long-term commitment by MBA member companies and employees to promote and ensure greater racial equity and inclusion in housing,” Fercho said. “The time is now for the industry to collaborate on developing policies and best practices to close the racial homeownership gap, remove the barriers to sustainable and affordable housing, and support strategies to increase diversity within our organizations.”
MBA member companies are encouraged to sign the Home for All Pledge today and commit to aligning with MBA’s efforts to foster public policies and industry practices that promote and sustain minority homeownership and affordable rental housing. Signing the pledge also means supporting market-based solutions through MBA’s place-based CONVERGENCE programs and championing diversity, equity, and inclusion in their workplaces.
“MBA believes there is a significant need and opportunity for member companies to come together to eliminate the racial inequalities that have plagued our communities for generations,” Bob Broeksmit, president and CEO of MBA, said. “With the industry’s support, the results-driven action plans outlined in the Home for All Pledge will help expand homeownership opportunities for minority households, improve affordability and stability in the rental market, and ensure our workforce better reflects the diverse makeup of the communities and borrowers we serve.”
In September, MBA introduced another initiative, the Building Generational Wealth Through Homeownership. This new policy will provide a framework for the Home for All Pledge in that it seeks to provide industry leadership and direction for reducing the racial homeownership gap. It looks to develop policies that support sustainable homeownership for communities of color and promote fair, equitable, and responsible lending for minority borrowers.
“As MBA Chair, the first priority I have is you. Full stop. I’m here to serve you. I’m here to strengthen you. And I don’t just mean for the next year alone. I want to help you thrive for years to come. And I have a plan to make it happen,” Fercho said during her keynote address at the convention. “I’ve chosen two priority issues for my year in the hot seat. They’re two causes I’m passionate about– both personally and professionally. They’re also two issues that are vitally important for our industry’s future.
The first one is simple. I will empower our industry to do even more to expand minority homeownership.”