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However, Broeksmit also noted the need for a robust heads up before implementation of the sweeping reforms. “While the report notes that many of the reforms can be put in place under existing authorities, it will be important for Task Force agencies to provide ample notice and comment opportunities for stakeholders during the implementation process,” he said.
The importance of housing in creating generational wealth was noted by the White House in announcing creation of the task force. “Homeownership is the primary contributor to wealth building for Black and Brown households and continues to hold promise for building multigenerational wealth and housing stability for households of colors,” federal officials said. “But bias in home valuations limits the ability of Black and Brown families to enjoy the financial returns associated with homeownership, thereby contributing to the already sprawling racial wealth gap.”
To buttress the point, the White House offered sobering statistics that contribute to the sprawling racial wealth gap: “Today, the median white family holds eight times the wealth of the typical Black family and five times the wealth of the typical Latino family. According to a recent study, eliminating racial disparities in the amount of wealth families gain from owning a home would narrow the wealth gap by an additional 16% between Black and White households and by an additional 41% between Latino and White households.”
The MBA endorsement is key, given the group’s sizable rank and file of some 2,000 companies in and industry of more than 390,000 people covering the breadth of real estate finance – including independent mortgage banks, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies, credit unions and others in the mortgage lending field.
Read next: How one firm is overcoming racial bias in the mortgage industry
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