Equifax Partners With National Association Of Minority Mortgage Bankers Of America (NAMMBA) to Assist Underserved Communities and Their Housing Needs

Rhea-AI Summary

Equifax (NYSE: EFX) announced a partnership with the National Association of Minority Mortgage Brokers of America (NAMMBA) on Sept. 29, 2021, aimed at addressing housing needs in underserved communities. This collaboration will help expand access to credit and enhance financial literacy, particularly for diverse borrower groups, as NAMMBA estimates 75% of first-time homebuyers over the next five years will be women, millennials, or people of color. Equifax aims to utilize its data services to support these initiatives and promote financial inclusion.

Positive

• Partnership with NAMMBA to enhance financial inclusion and support underserved communities.
• Focus on expanding access to credit for diverse borrower groups, crucial for future homeownership.
• Aligns with Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives.

Negative

• None.

ATLANTA, Sept. 29, 2021 /PRNewswire/ -- Equifax Inc. (NYSE:  EFX) today announced a partnership with the National Association of Minority Mortgage Brokers of America (NAMMBA) to help support its efforts to assist underserved communities and their housing needs. This relationship aligns directly with the ongoing Equifax commitment to advance financial inclusion and help all consumers access and better understand their credit profiles.

NAMMBA partners with banks, lenders, and fintechs to foster diversity and inclusion within these firms, bring financial literacy education to consumers, and mentor students and recent graduates into future innovation, diversity, and financial literacy leaders. Through this partnership, Equifax will work to expand access to credit to underserved and marginalized borrowers while also working to deliver differentiated data to align with Environmental, Social and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives.

"The Equifax purpose is to help people live their financial best. We are committed to working with the Government Sponsored Enterprises (GSEs), lenders and organizations like NAMMBA to help unlock homeownership for all," said Craig Crabtree, Senior Vice President and General Manager, Equifax Mortgage & Housing Services. "Expanded inclusion starts with expanded visibility, and Equifax can provide differentiated consumer credit, consumer and marketing insights as well as income and employment information from The Work Number™ database. As a leader in the mortgage industry, it is our responsibility to deliver solutions and opportunities to benefit the diverse make-up of the communities we serve."

According to NAMMBA, over the next five years, 75 percent of all first-time home buyers will be women, millennials or people of color. Additionally, 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 opportunity.

"We are proud to be partnering with Equifax," says NAMMBA Founder/CEO Tony Thompson, CMB. "Their pledge to NAMMBA's mission of strengthening the mortgage and finance industry with a more diverse and inclusive workplace culture shows that they are looking to the future of homeownership in America."

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 fulfil 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 EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 12,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com

FOR MORE INFORMATION
Kate Walker for Equifax
MediaInquiries@equifax.com 

 

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SOURCE Equifax Inc.

FAQ

What is the purpose of Equifax's partnership with NAMMBA?

The partnership aims to enhance financial inclusion and support underserved communities in accessing credit.

When was the partnership between Equifax and NAMMBA announced?

The partnership was announced on September 29, 2021.

What percentage of future first-time homebuyers will be women, millennials, or people of color, according to NAMMBA?

NAMMBA projects that 75% of first-time homebuyers in the next five years will fall into these categories.

How much purchase opportunity did diverse borrower groups generate in 2020?

In 2020, the three largest diverse borrower groups generated more than $292 billion in purchase opportunities.

What initiatives is Equifax undertaking to meet DEI goals?

Equifax is expanding access to credit and delivering differentiated data aligned with ESG and DEI initiatives through its partnership with NAMMBA.