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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 30 July 2024 I N D U S T R Y U P D A T E "Mortgage Connect Risk Solutions is solely focused on protecting its clients from the risks inherent in mortgage lend- ing, a mission that it started as Adfitech 40 years ago and one that it continues now as part of the Mortgage Connect family," said Jeff Coury, CEO of Mortgage Connect. "As seasoned experts on loan quality, Kim and her team are dedicated to providing unparalleled knowledge, expertise, and reliability for our clients. We are excited to show the industry what this next chapter holds for the industry's most trusted due diligence provider." NEW AMERICAN FUNDING ANNOUNCES NAF BLACK IMPACT TO INCREASE LENDING AMONG BLACK COMMUNITIES N ew American Funding (NAF), a national mortgage lender, has announced the launch of NAF Black Impact, formerly known as NAF Dream. NAF Black Impact empowers and supports the Black community in their pursuit of homeownership. NAF Dream launched in 2016, focus- ing on loan officer recruitment, educa- tion, and efforts to expand Black home- ownership. Acknowledging the ongoing success of the program, NAF is renaming the program NAF Black Impact to signify the company's commitment to taking direct, action-oriented steps to address credit accessibility and promote sustain- able and equitable homeownership for Black individuals and communities. Additionally, this name change reflects the company's growing dedi- cation to assisting Black borrowers in overcoming systemic barriers that have perpetuated disparities in homeown- ership for many years, as highlighted in NAF's recently released white paper, Empowering Homeownership in Diverse Communities. "Increasing homeownership rates in the Black community is a critical step toward closing the racial homeownership gap," said Patty Arvielo, New American Funding Co-Founder and CEO. "For us, this is much more than a rebrand of the initiative. This was a necessary step to demonstrate our responsibility to the Black community. NAF Black Impact means that we commit to providing access to mortgages and financial resources to help more Black families achieve homeownership. By providing the necessary support, we believe that we can make a difference and create a more equitable society for all." Through NAF Black Impact, NAF will help to foster opportunities for Black families and break down barriers to homeownership. To this end, NAF has committed to extending $20 billion in new mortgages to Black homebuyers by the year 2028. "We are thrilled to continue the legacy of NAF Dream and extend our support to more Black families," said Mosi Gatling, NAF SVP of Strategic Growth and Expansion. "We are firm in our belief that homeownership should be within everyone's reach, and we are dedicated to transforming this vision into a reality. We want NAF to become the place where all Black families feel comfortable and supported in their homeownership journey. We want them to know that NAF is here for them." NAF Black Impact is partnering with real estate agents, lenders, and commu- nity organizations to ensure that Black homebuyers have access to fair and affordable housing options. NAF is also providing the Black community with ac- cess to educational resources, products, services, partnerships, and in-market support to drive sustainable homebuying and investment purchase goals. By offering resources and advocacy, NAF Black Impact will help individuals and families achieve their dreams of homeown- ership and work towards creating a brighter future for generations to come. OCWEN FINANCIAL OFFICIALLY REBRANDS AS ONITY GROUP O nity Group Inc., a nonbank mortgage servicer and origi- nator, has announced that it has officially started operating under its new brand name effective June 10, 2024, replacing its former name, Ocwen Finan- cial Corporation. "Increasing homeownership rates in the Black community is a critical step toward closing the racial homeownership gap." —Patty Arvielo, Co-Founder and CEO, New American Funding