Gated Communities

FairPlay, the world’s first “fairness-as-service” solution for algorithmic decision-making, published a study that shows an alarming drop in mortgage fairness for Native American mortgage applicants. FairPlay Founder & CEO Kareem Saleh discusses the study's findings and how AI can help increase fairness among these groups.

Mentioned in this episode:

OCN events

Womens magazine

How do you reach new communities and gain their loyalty? How do you hire a diverse staff and ensure everyone gets along? How can you market to non-white or younger communities without coming off as too cringe? Malia Lazu, CEO of the Lazu Group, covers all this and more in this episode of Gated Communities.

Mentioned in this episode:

OCN events

Womens magazine

By now, most of you are familiar with the history of redlining, but what current events are preventing us from closing the racial homeownership gap? Urban Institute Principal Research Associate Michal Neal breaks down why the Black community is harder hit during recessions and what loan officers can do to help.

Mentioned in this episode:

Womens magazine

OCN events

In Islam, it is forbidden for Muslims to both receive and pay interest, preventing them from being able to get mortgages, student loans, and auto loans. Many Muslim Americans are forced to rent for the entirety of their lives, but luckily, there are a few banks and lenders out there that offer faith-based financing. Vice President of Islamic Residential Financing, Ali Farooq, tells us what financing options are out there for Muslim Americans and how much their bank has grown from helping this underserved demographic.

Mentioned in this episode:

OCN events

Womens magazine

The next generation of first-time homebuyers is expected to be the most ethnically-diverse group yet. Big lenders, like Guild, are beginning to take notice and market to these clients. Guild's Vice President of Marketplace Diversity Strategy, Victoria Garcia DeLuca, provides us insight on what policies could help your organization adapt.

A wide variety of people shop at Walmart, including underserved borrowers. Now they can get access to mortgage solutions where they frequently shop and get financial advice directly from their lender.

Is it too early to talk to Gen Z? What about their student debt, low credit, and unrealistic expectations? Rajin Ramdeholl, a top-producing MLO who has tons of experience working with Gen Z, addresses these misconceptions and tells us this generation is a lot more financially savvy than you think.

Is Boston as racist and segregated as everyone says it is? We brought on Dave Wood, a Black realtor working in the Greater Boston area, to share his experiences and thoughts on the matter.

Black borrowers have enormous spending power — $1.6 trillion, collectively — but own the lowest amount of asset-earning products. All they need are experts like you to guide them on how to build their credit and achieve generational wealth.

Home ownership is supposed to lead to wealth creation. University of Tennessee-Knoxville Assistant Professor of Finance Ashleigh Eldemire says even there, disparities exist. Her study of low-income buyers using HUD vouchers found white homeowners accumulated wealth faster than Black households. But originators can help close that gap.

Link to study:

https://academic.oup.com/rcfs/article/11/3/465/6572823?login=false

Link

https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/homeownership#:~:text=The%20Housing%20Choice%20Voucher%20