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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 46 April 2024 F E A T U R E S T O R Y A study published by Iowa State University found that the mortgage loan approval rate for same sex couples was 3%-8% lower than that of heterosexual couples, and when they were approved, they paid more in interest and financing fees, despite the fact that research shows their loans perform better than those of heterosexual couples. Again, this commu- nity has many elements that make them great candidates for homeownership, but are still often put at a disadvantage in spite of those facts. The fear of discrimination can make LGBTQ+ individuals hesitant to take that first step towards homeownership. No matter who you are, buying a home can be intimidating, even under the best of cir- cumstances. Knowing you are likely to face extra hurdles can be incredibly discourag- ing and helps keep a significant group of borrowers out of the market. Inclusion T his segment of the market needs professionals who will serve them the same way they serve heterosexual and cisgender couples. Many lenders and real estate agents may want to work more with this community, but simply do not know how to begin. Starting with education is always the best step and can ensure that this community's needs are understood throughout the homebuying process. There are many resources housing professionals can use to educate them- selves about the LGBTQ+ community. A great one to start with is the LGBTQ Real Estate Alliance, which has both educa- tional resources and courses for industry professionals. They also offer a resource, LGBTQPlus Homes, which community members can use to find housing profes- sionals who are either part of the LGBTQ+ community or allies. There are other organizations with educational resources as well, such as The Human Rights Campaign, the National Center for Transgender Equality, and PFLAG. Once housing professionals have a better understanding of the community, it is time to reach out and become an ally. Getting involved will help make connec- tions and show the community who is tru- ly there to serve them. Some people may want to become involved with their local LGBTQ+ community center or partici- pate in "Pride Day" or "Coming Out Day" events, while others may start by joining their company's LGBTQ+ employee resource group, if there is one. Regardless of what they choose, it's critical to get in- volved and demonstrate a sincere interest in helping the LGBTQ+ community. During a time when lenders are exploring every source of business, the LGBTQ+ community cannot be over- looked. This group has great potential for homeownership, if only people will work with them. Making a sincere effort to build relationships with the LGBTQ+ communi- ty not only helps them get into the market, but helps lenders and real estate agents grow their business and create a new source for referrals. Pursuing education and reaching out to the LGBTQ+ community will help lending and real estate professionals build their business and advance the homeown- ership rate within the community. Allyship is a journey, but it only requires only one step to begin making a difference. The fear of discrimination can make LGBTQ+ individuals hesitant to take that first step towards homeownership. Knowing you are likely to face extra hurdles can be incredibly discouraging and helps keep a significant group of borrowers out of the market.