Mortgage executive stresses the benefits of homeownership to those in the multicultural community
With continued challenges in the mortgage market thanks to higher rates, brokers are looking for new business wherever they can find it. One mortgage executive urges loan originators to turn to a major buyer segment that mortgage loans have historically underserved.
Tony Thompson (pictured top), founder and CEO of the National Association of Minority Mortgage Bankers of America (NAMMBA), believes there is an excellent opportunity for brokers in what he calls the multicultural market.
He feels that much of the discourse around diversity, equity, and inclusion (DEI) programs is detracting from the true mission of homeownership.
“There’s been a lot of conversations around DEI, what it is, what it's not about,” Thompson told Mortgage Professional America. “One of the things that we're helping the companies that partner with NAMMBA and everyone in the industry understand is that home ownership is not about DEI. We have certain opportunities and certain niches in the marketplace where there's just a great opportunity to serve.
“It doesn’t matter who you are, whether you're Black, white, Latino, Asian, African American, it doesn't matter. If you're a mortgage or real estate professional, there's a large segment looking to purchase a home. They just don't know how and need that guidance.”
$2.9 trillion market
Thompson said one of his primary focuses when speaking with mortgage brokers is to let them know the potential that exists in the multicultural market.
“We're helping to get everyone focused back on the market opportunity,” Thompson said. “It’s a $2.9 trillion market. Anyone who's looking for business today and they're looking to do another loan every month, the multicultural market, single females, millennials, communities of color, LGBTQ is a $2.9 trillion market over the next three years.”
Another factor that Thompson hopes will help this community is the recent changes announced in the mortgage industry, whether it’s a potential IPO for Fannie Mae and Freddie Mac or the inclusion of VantageScore.
“Will those help increase home ownership?” he said. “While we don't know the exact road map for the GSEs, and while we haven't quite gotten the feedback yet in terms of the various credit score models that are coming forth in the markets, I hope that these will be areas that will open up more sustainable home ownership. Hopefully, they will allow more affordable home ownership in communities across the country.”
Steve Marks (Ohana Mortgage Solutions) is successfully utilizing multigenerational mortgage loans in Hawaii, where cultural norms often include multi-family living arrangements, to help first-time homebuyers qualify for mortgages they otherwise couldn't. https://t.co/jzdqjxSdKl
— Mortgage Professional America Magazine (@MPAMagazineUS) July 23, 2025
In addition to the generational wealth improvement for people who own their own home instead of being lifelong renters, Thompson says it also improves the overall health of these communities when they are full of homeowners.
“Studies have shown homeownership is a key to reducing crime,” Thompson said. “It is a key to helping children grow up in a more stable community to perform better in school. It is also a key to building stronger, healthy communities because there is a vested interest in that.”
NAMMBA’s mission
To build stronger, healthier communities full of homeowners, Thompson works to educate those in the industry through NAMMBA to help continue elevating underserved communities.
“Our goal right now is to help lenders, agents, and real estate partners understand that there are people out there who want to own a home,” he said. “They need the right guidance and understanding and the right road map, but by serving this ‘not served market,’ there's a huge opportunity for lenders and real estate firms to do good while doing good. They can make money while making a difference in the communities where they live and serve.”
As part of those outreach programs, NAMMBA will be hosting its annual Connect event Aug. 20-22 in Orlando, Florida. Thompson said the event is all about the attendees and is a great way to network with other industry professionals.
“If you're a mortgage broker and you're trying to elevate your business, we're going to give you insights,” Thompson said. “We're going to give you best practices, and most importantly, we're going to share with you and introduce you to a network that can truly help you grow your business in every part of the community that you live in. We're going to help show you how to connect and engage with a $2.9 trillion market. If that is interesting to you, you need to be in the house.”
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