Org Recognizes Financial Wellness Platform EarnUp as Key to Borrower Success in Underserved Markets 

APRIL 18, 2023 – The National Association of Minority Mortgage Bankers of  America (NAMMBA), the nation’s only trade group dedicated to the enrichment and betterment of women and minorities who work in the real estate finance industry, today announced a partnership with EarnUp.  EarnUp is slated to be a tool in  NAMMBA’s white-label financial literacy instruction delivered to Loan Officers who complete the ASIL Certification.

According to the NAMMBA, the mortgage industry is not fully prepared to handle the upcoming minority mortgage demographic. Between 2010 – 2025 there will be 17 million projected new households, NAMMBA projects. More than 13 million of those will be from diverse populations and NAMMBA is enabling Loan Officers, through technology and education, to help meet this coming demand.

“Mortgage Lenders are committed to equitable homeownership, but the job doesn’t end there,” said Tony Thompson, Founder & CEO of NAMMBA.  “To ensure a homeowner’s long-term success, and the advantages that come from homeownership, mortgage lenders must set homeowners up for success throughout the life of the loan. EarnUp brought us a program that does just that.” 

According to EarnUp, one way homeowners can insulate themselves from recession worries is by making “bite-size” payments that align with their payday, thus avoiding the shock of making one big payment at month-end. Not only does this facilitate more realistic budgeting habits, but it also assists in the acceleration of home equity and intergenerational wealth creation.  Unfortunately, most lenders don’t have the technology infrastructure or team in place to support this type of program that saves borrowers tens of thousands of dollars over the life of a loan.

In the aftermath of the housing crisis in 2008, 6 million homeowners lost their homes to foreclosure. Today, talks of a recession create fears of being unable to keep up with mortgage payments, leaving homeowners to wonder if they will face a similar fate. EarnUp offers a financial wellness program to allay this fear. 

“Direct requests to enroll in our My EarnUp program increased substantially in Q1.,” said Nadim Homsany, EarnUp’s Co-Founder and Chief Executive. “Many of them were program participants that refinanced, but their servicer can’t accommodate Pay as you get Paid flexibility.  Homeowners need tools that help them manage their mortgage payments. Over the years more than 250,000 homeowners have used EarnUp to schedule weekly, bi-weekly, and bi-monthly payments, and we expect to see many add auto, student, and other loan payments to their schedules.”

About NAMMBA

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.

About EarnUp

EarnUp is an award-winning, consumer-first financial wellness platform that gives consumers the ability to tackle debt on their own terms. A Fintech for Good, EarnUp is the platform of choice for Lenders, Servicers, Financial Planners, Employers, and other organizations committed to promoting financial health among consumers. Investors in EarnUp includeBain Capital Ventures, SignalFire, Blumberg Capital, LendingTree, KeyBank and Flourish Ventures. To learn more, please visit www.EarnUp.com.

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Brandie Young
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brandie@marketingtbd.com