The National Association of Real Estate Brokers has entered into a two-year training partnership with Radian Guaranty.
The mortgage insurance subsidiary of Philadelphia-based Radian Group said in a press release Monday that it will offer private mortgage insurance education to the African American real estate professional association's 93 chapters, which are located in 33 states.
The partnership will focus on educating NAREB members about the specific needs of African-Americans and other minority homebuyers who cannot afford a 20% down payment and will need private mortgage insurance, said NAREB's president, Donnell Spivey.
Under the agreement, Radian will develop a nationwide training program for NAREB member agents and lenders through on-demand training, face-to-face sessions, video and interactive webinars. The collaboration may be extended by mutual agreement beyond 2016, the release added.
Minorities will constitute nearly 13 million of the 17 million new households formed from 2010 to 2025, NAREB and Radian said in the release, citing the Harvard Joint Center on Housing Studies' "State of the Nation's Housing" report.
"Minorities are critical to the recovery of the housing market and the U.S. economy," said Brien McMahon, Radian's chief franchise officer.