NAMMBA Announces Partnership with FINASTRA

By: PRLog

Finastra increases commitment to better serve today's rapidly changing housing market.

ORLANDO, Fla. - June 14, 2021 - PRLog -- The National Association of Minority Mortgage Bankers of America (NAMMBA) and Finastra have partnered to bring about positive change in the mortgage industry, meeting the needs of underserved communities, and through the development of a more diverse mortgage work force. As a Diamond Plus Partner to NAMMBA, Finastra will support the purpose-driven organization's efforts to enrich and improve the situations of women and minorities who work in the real estate finance industry – a vision that aligns with Finastra's own commitment to diversity and inclusion in the financial services industry and the idea that finance can be a source change for the good of society.

"We're extremely excited to forge this long-term partnership with Finastra and welcome their support in pursuing our vision for the mortgage space," said NAMMBA Founder/CEO Tony Thompson, CMB. "Over the next five years, NAMMBA will expand its mission to foster diversity and inclusion in other areas of financial services, such as retail banking and wealth management. As the largest pure-play software vendor serving the entire financial services industry, Finastra will be a meaningful partner in helping NAMMBA achieve this goal."

Today, this partnership between NAMMBA and Finastra will lead to a greater understanding of how technology can be leveraged to drive positive change in mortgage decisioning, from eliminating bias in lending to making funding accessible to communities in need. In addition to gaining access to the diverse and experienced talent pool of NAMMBA's members, Finastra will have the opportunity to work with NAMMBA to provide training, education and career development resources to the real estate finance industry, and support sustainable home ownership in communities across the country.

"Finastra believes that when technology and real-life challenges meet, the global community is presented with the opportunity to build a better tomorrow that tackles significant challenges around financial inclusion, fairness in financial decisions, and support for individuals and communities as they navigate through change," said Simon Paris, CEO, Finastra. "We are proud to partner with NAMMBA in their mission to support women and minorities in the real estate finance industry, and in doing so, bring greater opportunities for all on the path to home ownership. Together we can drive meaningful change in the financial services industry and build a more equitable world for all."

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 there is concern across the industry about a stagnant or shrinking housing market, purchase mortgage opportunity is not only growing, 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 opportunity in 2020, which amounts to 24.2 percent of all purchase dollar opportunities. However, this borrower group faces systemic obstacles to realizing their goals of home ownership, which can be overcome through a mix of education, understanding, representation and technology.

Over the next five years, NAMMBA will expand its mission to foster diversity and inclusion in other areas of financial services, such as retail banking and wealth management. As the largest pure-play software vendor serving the entire financial services industry, Finastra will be a meaningful partner in helping NAMMBA achieve this goal.

About NAMMBA

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. For more information, visit: http://www.nammba.org.

About Finastra

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com.

Contact
Meghan Heath
Chief Development Officer
***@nammba.org

Photos: (Click photo to enlarge)

National Association of Minority Mortgage Bankers Logo Finastra

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