NAMMBA and Enact Mortgage Insurance Launch Innovative Programs to Aid Lenders and Borrowers
The National Association of Minority Mortgage Bankers of America (NAMMBA) and Enact Holdings, Inc. (Nasdaq: ACT) (Enact) a leading provider of private mortgage insurance through its insurance subsidiaries, announce two new programs to help borrowers achieve the dream of homeownership.
NAMMBA’s Accredited Social Impact Lender (ASIL) program provides lenders with credibility as a leader in social impact lending, as well as helps them understand how to use data to grow market share and profitability. ASIL is a 12-month accreditation program (that can be completed sooner with increased dedication) that helps companies reach their goals by combining their desire to be a force for good within the communities they serve, along with their need to improve their revenue and profit margins.
Enact recently expanded its nontraditional credit guidelines that provide mortgage insurance for borrowers without a credit score. This program is one of Enact’s diversity, equity, and inclusion priority initiatives focused on finding new ways to assess credit risk to help address the minority homeownership gap. Borrowers with nontraditional credit history can use rental, utility, and other payments to qualify for mortgage insurance.
Tony Thompson, Founder & CEO of NAMMBA, states “The ASIL program and nontraditional guidelines expansion really go hand in hand. They operate in a way that lenders who are originating home loans are able to drive a stake in the ground of the importance of creating a social impact, and Enact’s program affirms that commitment by assessing the credit of homebuyers through other avenues that can determine credit worthiness.”
“We’re honored to work closely with NAMMBA as we continue expanding our nontraditional credit guidelines,” said Matt Young, Senior Vice President, Sales, Enact Mortgage Insurance. “We know that the minority homeownership gap is larger today than it was over 50 years ago when housing discrimination was legal, and 33% of Black households have credit records that don’t support traditional scoring methods, compared to 18% for White households. With that knowledge and this program, we’re able to determine a borrower’s creditworthiness through rental, utility, and other payments, allowing renters to become homeowners sooner.”
NAMMBA and Enact’s partnership will continue to support efforts to minimize the minority homeownership gap, one loan at a time.
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 Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Jade Winfrey
NAMMBA
8773630340 ext.
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn