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A coalition of 14 trade associations, financial institutions and government-sponsored enterprises have joined forces to create the Convergence Collaboration, a new endeavor designed to address the issues that contribute to racial disparities in homeownership.

Over the next three years, the Convergence Collaborative will allocate over $1 million annually to build on the existing network of location-based Convergence sites focused on expanding minority homeownership. The current Convergence cities – Memphis, Philadelphia and Columbus, Ohio – are part of an initiative launched by the Mortgage Bankers Association (MBA) in 2019 that provide programs and resources needed to bring more Black and Hispanic buyers into homeownership.

Joining the MBA will be joined in the CONVERGENCE Collaborative by the American Land Title Association, DHI Mortgage, Fannie Mae, Fifth Third Bank, Freddie Mac, Lennar Mortgage, National Association of Realtors (NAR), Navy Federal Credit Union, Pulte Financial Services, Taylor Morrison Home Funding, US Mortgage Insurers, and Wells Fargo Home Lending.

“The barriers to minority homeownership require a collective effort,” said MBA President and CEO Bob Broeksmit. “In recognition of this challenge, we believe the approach embodied in the Convergence framework can have a greater impact with this new industry partnership. By working together, we can produce more and faster results that will reduce the racial homeownership gap.”

“The launch of the Convergence Collaborative marks a pivotal step in our commitment to bridging the racial homeownership gap,” added NAR President Kevin Sears. “By uniting these leaders from across the industry, we are not only addressing systemic barriers in housing but also fostering lasting change in communities across this country. Together, we can empower aspiring homeowners with the tools and resources they need to achieve the dream of homeownership.”