MBA Launches CONVERGENCE Philadelphia

Partners with Radian, TD Bank, and Wells Fargo to Help to Close Racial Homeownership Gap

The Mortgage Bankers Association on Wednesday launched CONVERGENCE Philadelphia, its third city-based pilot program to promote and increase minority homeownership. CONVERGENCE Philadelphia joins initiatives underway in Memphis, Tenn., and Columbus, Ohio.

CONVERGENCE Philadelphia will be led by MBA and three cornerstone partners: Radian, TD Bank, and Wells Fargo. The multiyear commitment will involve key community and industry stakeholders working together to identify and address homeownership barriers for people and communities of color.

“MBA is developing stronger and more effective affordable housing partnerships to close the minority homeownership gap and create meaningful change in underserved communities. CONVERGENCE Philadelphia will bring together a local network of housing leaders, non-profits and other stakeholders to collaborate on sustainable housing opportunities in the city,” said MBA President and CEO Bob Broeksmit, CMB. “We are grateful for the generous support from Radian, TD Bank and Wells Fargo and will work together with housing advocates and city leaders to strengthen existing programs and develop new solutions that increase affordable homeownership opportunities for Black, Hispanic and other diverse households.”

A forum celebrating the launch of CONVERGENCE Philadelphia took place Wednesday in Philadelphia hosted by MBA and its cornerstone partners.

What CONVERGENCE Philadelphia Cornerstone Partners are saying:

“We are excited to join with MBA and support this important effort to address homeownership barriers for communities of color,” said Derek Brummer, President, Mortgage with Radian. “CONVERGENCE Philadelphia will enable us to work closely with key stakeholders to develop impactful solutions to the persistent and pressing challenge of housing access and affordability, which continues to disproportionately affect minority communities in Philadelphia.”

“COVERGENCE Philadelphia truly aligns with our ongoing commitment to find meaningful and equitable solutions to accelerate homeownership for Blacks and Hispanics,” said Michael Innis-Thompson, Head of Community Lending & Development and the Fair Lending Center of Excellence for TD Bank. “We look forward to leveraging resources and collaborating with key stakeholders to not only help close the homeownership gap, but to also have a long-term, sustainable impact on keeping families in their homes, a pivotal part in the journey to building generational wealth.”

“Wells Fargo remains committed to helping all hopeful homeowners fulfill their dreams of homeownership – but especially minorities and people of color,” said Ernest Campbell, Mortgage Retail Sales Senior Manager for Pennsylvania at Wells Fargo. “We know that it takes multiple stakeholders to dismantle deeply entrenched barriers to homeownership, and that is why we are proud to be part of CONVERGENCE Philadelphia.”

For more information on CONVERGENCE, click here.