February 25, 2021

Kristie King Welcome to Ask the Expert where we are asking industry leaders about their unique perspectives on how to navigate the most difficult challenges faced by the broader real estate and financial services ecosystem. My name is Kristie King and I’m the senior director of diversity and inclusion at States Title. Today, I’m excited to welcome Tony Thompson, founder and CEO of The National Association of Minority Mortgage Bankers of America, to talk about the topic “Strengthening Diversity in The Mortgage Industry.”

Tony founded NAMMBA in 2016 with a vision to positively grow, develop, and improve the industry by introducing women and people of color to the industry and investing in America’s youth. Tony previously served as vice president of growth and strategy at Silverton Mortgage Specialist. Welcome, Tony.

Tony Thompson Thank you, Kristie. It is a pleasure to be here today.

Kristie King Can you give us just a bit more of a deeper overview of exactly what NAMMBA is and also what inspired you to begin the organization?

Tony Thompson NAMMBA is all-inclusive. In fact, 25 percent of our members are White. We help provide training, education, and professional jobs to help people grow their careers, perform better on their jobs, and impact their communities. We focus on providing resources to originators, real estate agents, operations professionals, and title companies. So many people might mislead themselves because of the name, but it is truly an organization needed to support a push to strengthen diversity in this industry.

Kristie King Where do you think the greatest opportunity is to really support African-Americans and other people of color?

Tony Thompson Understanding the difference between diversity and inclusion is key. Companies must realize that initiatives around diversity and inclusion lead to greater fulfillment for employees and better outcomes for companies. It's important for every employee to engage in making their organization better.

Kristie King Thank you, Tony. There is a significant gap in homeownership between Black families and White families. Why is there such a large gap in homeownership?

Tony Thompson At NAMMBA, we focus on training, educating, and developing professionals, and also on providing financial literacy education to connect young people to the industry. Financial literacy is crucial in communities of color and we have to make a more intentional focus on connecting with students at a younger age.

Kristie King Does history, like redlining, contribute to this current state?

Tony Thompson Yes, certain communities have been impacted differently. The consumer has also seen two extremes, from bad times a decade ago to the recent boom. This has left scars and mistrust which we need to address as an industry.

Kristie King What are you seeing done on various levels to help support communities of color in breaking down housing inequality?

Tony Thompson The MBA has a project called CONVERGENCE that aims to increase homeownership in communities of color. When we buy homes, we build neighborhoods and communities, and that will have a positive economic impact.

Kristie King How important is marketing and technology in engaging the African-American market?

Tony Thompson It’s vital to understand that every demographic within the multicultural market is different. Companies need to create strategies that resonate specifically with each group and recognize diversity within these groups.

Kristie King Is NAMMBA partnering with organizations on education and training?

Tony Thompson Yes, through Mission 2025, we’re connecting college students to careers in our industry and providing financial literacy. We aim to launch chapters on college campuses and engage high school students through similar initiatives.

Kristie King Have there been market changes for African-Americans as a result of COVID-19?

Tony Thompson Anecdotal evidence suggests a potential trend towards millennials moving to suburban areas as remote work opportunities increase.

Kristie King How can we mobilize groups of people to work together?

Tony Thompson NAMMBA has 30 chapters across the country and is adding more. Our goal is to have local chapters for employees to get involved and represent their organizations while paying it forward.

Kristie King What do you hope the future looks like in five to ten years for communities of color in this industry?

Tony Thompson We want to see more women and people of color in leadership positions and help frame, find, and cultivate those leaders. It’s essential for individuals to invest in their professional development to impact their companies and communities positively.

Kristie King Thank you so much for taking the time to share your insights today. Your mission and the work NAMMBA is doing to invest in financial literacy for youth are vital for closing the gaps in this industry.