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25 November 2024 November 2024 » I N D U S T R Y U P D A T E "We hope the entire industry gets behind this," Jacobson said. "It's time for unity—if we are really here to help and serve others, why not come together when it is needed?" Fairway is making assistance avail- able to those who have received loans through Fairway, as well as Fairway employees who have been negatively impacted by damages caused by Hurri- cane Helene. CONVERGENCE COLLABORATIVE FORMED TO ADDRESS THE RACIAL HOMEOWNERSHIP GAP T he Mortgage Bankers Asso- ciation (MBA), along with 13 industry stakeholders, have an- nounced the formation of the CONVER- GENCE Collaborative, a coordinated effort to identify and develop solutions to help close the racial homeowner- ship gap. Over the next three years, the CONVERGENCE Collaborative will deploy more than $1 million annually to build on the existing network of location-based CONVERGENCE sites focused on expanding minority home- ownership. MBA will be joined in the CONVER- GENCE Collaborative by the American Land Title Association (ALTA), DHI Mortgage, Fannie Mae, Fifth Third Bank, Freddie Mac, Lennar Mortgage, National Association of Realtors (NAR), Navy Federal Credit Union, Pulte Financial Services, Taylor Morrison Home Funding, U.S. Mortgage Insur- ers (USMI), and Wells Fargo Home Lending. Each stakeholder organization in the CONVERGENCE Collaborative will have an equal say in key strategic and operational decisions, with the goal of leveraging their collective resources, expertise, and insights to have a more significant impact. "The barriers to minority home- ownership require a collective effort. In recognition of this challenge, we believe the approach embodied in the CONVERGENCE framework can have a greater impact with this new indus- try partnership," said Bob Broeksmit, MBA's President and CEO. "By working together, we can produce more and faster results that will reduce the racial homeownership gap." The current CONVERGENCE cities—Memphis, Tennessee; Colum- bus, Ohio; and Philadelphia—are part of a major initiative launched by MBA in 2019. CONVERGENCE initiatives involve cross-sector partnerships featuring local and national partners from the private, public, and nonprofit sectors working together to close the information, trust, market, and resource gaps that create barriers to homeown- ership for Black, Hispanic, and other underserved consumers. These pilot sites amplify and leverage existing tools and resources as well as test and incu- bate new solutions to improve access to homeownership. Homebuyers utilizing these programs have access to both on- line tools, such as a down payment assis- tance finder, and in-person resources, such as homebuyer education courses. The goal of the CONVERGENCE Collaborative is to expand and utilize the CONVERGENCE network to create evidence-based tools and roadmaps to help all industry stakeholders better reach aspiring minority homeowners. Over the next three years, the Collab- orative will use the CONVERGENCE network to create a robust "Knowledge Community," the learnings from which will help inform new and innovative strategies, tactics, and partnerships. "The housing industry coming together collaboratively is bringing fresh ideas and new approaches to address the homeownership gap in CONVER- GENCE communities. As a result, this effort will have a lasting impact on gen- erations of families," said Diane Tomb, ALTA's CEO. "As longstanding partners in CONVERGENCE, we've seen first- hand the value of this approach." "The barriers to minority homeownership require a collective effort. In recognition of this challenge, we believe the approach embodied in the CONVERGENCE frame- work can have a greater impact with this new industry partnership." —Bob Broeksmit, MBA's President and CEO