“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.

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.

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.