The program, announced last October, looks to provide services to minority-owned banks and credit unions so they can increase homeownership rates in their communities.

Housing experts and advocates disagree on the biggest factor in advancing the Black homeownership rate — and that's part of the problem.

“Our goal is by after Labor Day to effectively be back to where we were in January of 2020,” Chief Executive Brian Moynihan said.

Nonprofits connecting Historically Black Colleges and Universities to mortgage career education courses seek to increase the number of Black professionals in the field, who in turn may help to increase homeownership among underserved populations.

Estimates suggest the government-sponsored enterprises did encourage increased lending to this demographic last year but ran into challenges related to the pandemic's impact and their own fluctuating business models.

The programs from the trade group are aimed at helping the bank improve its employee representation and workplace culture.

In a pandemic-scarred year, boards and compensation committees at 60 large and regional banks relied less on the normal performance metrics and more on qualitative criteria to determine bonus payments.

There is a persistent undersupply of moderately-priced homes, which continues to push affordability and the dream of homeownership further into the future for millions of potential first-time minority homeowners, writes the president of mortgage for Radian Group Inc.

The top executives at Bank of America, Citigroup and Wells Fargo all received less compensation during a year shaped by the pandemic, while several regional bank CEOs got large pay hikes.

Also, Roostify names new CTO, Elite Digital gets a new partner, and Mortgage Contracting announces leadership changes.

The confirmation of the U.S. Housing and Urban Development secretary presents an opportunity to restore the legacy of homeownership in America, something that for communities of color has long been out of reach, writes CBC Mortgage's Tai Christensen.

Even in the best-case scenario, it would take 45 years to achieve an equal amount of housing-related capital between Blacks and whites.

The lender will expand certain mortgage products, like its HomeRun program, which requires lower down payments and removes mortgage-insurance requirements for lower-income borrowers.

At the metro level, Buffalo, N.Y., had the worst undervaluation for Black-owned homes at 86% followed by 72% in both Memphis, Tenn., and Indianapolis, Redfin found.

“You all will not let me breathe” is just one example in the Consumer Financial Protection Bureau's complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

Long-term home-based operations are more likely than they were prior in March of last year, but some origination and servicing professionals will return to the office, a recent survey suggests.

There’s a 20 percentage-point gap between Black and white consumers who have the income necessary to qualify for a mortgage on a new median-priced home.

Half of Facet Wealth’s employees haven’t met face-to-face. Here is how the fintech is working to strengthen community.

Efforts to improve representation in the workforce have to be measurable in order to avoid becoming an empty trend, according to the Mortgage Bankers Association’s chief financial officer and diversity & inclusion officer.

The $10 million program appears to be the first of its kind in the nation.