Navy Federal, Mortgage Bankers join forces to help minorities buy homes
The $178 billion-asset Navy Federal is collaborating with Fifth Third Bank, Fannie Mae and others to close the homeownership gap between Whites and minorities.
Navy Federal Credit Union is joining the Mortgage Bankers Association and a dozen other stakeholders to form the CONVERGENCE Collaborative to help close the racial homeownership gap.
The $178 billion-asset Navy Federal, the largest credit union in the U.S., said the partnership is designed to address systemic barriers to homeownership among Black, Hispanic and other minority groups in America.
“[We} must help to address systemic problems that have persisted in our nation for too long,” said Navy FCU’s CEO Dietrich Kuhlmann in a press release Monday.
The Mortgage Bankers said the Black homeownership rate was 45.8% in the first quarter of 2023, according to data from last December’s US Census Housing Vacancy Survey. That compares to a 74.4% rate for non-Hispanic Whites, a 28.6% gap that has “diminished insufficiently since the turn of the century.”
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