National Association of Minority Mortgage Bankers of American has partnered with Touchstone Closing.
The real estate closing law firm is a gold sponsor in NAMMBA’s efforts to meet the housing needs of underserved communities by developing a more diverse mortgage work force.
The partnership will help NAMMBA engage with Touchstone Closing employees with focused trainings, new hire programs and leadership development. According to the company release it will also help Touchstone Closing support the communities it works with while “creating economic opportunity that focuses on business development for minority brokers while meeting the housing needs of underserved areas.”
“We’re extremely excited to partner with Touchstone Closing,” NAMMBA founder and CEO Tony Thompson said in a news release. “They are making a strong commitment to diversity and inclusion and a leadership team that is committed to representing all the communities in which it does business.”
Data from NAMMBA found 75% of first-time home buyers will be women, millennials or people of color in the next five years. The organization’s recent mortgage market forecast found the three largest diverse borrower groups — Asians, African-Americans and Hispanics — have generated more than $292 billion of purchase opportunity in 2020, or 24.2% of all purchase dollar opportunities.
“We are grateful to be associated with NAMMBA in this way, and look to grow a more diverse talent pool that will better represent the Massachusetts population,” said John K. O’Donohue, Touchstone Closing co-founder and managing partner. “This partnership is an important step forward in building out our commitment to diversity and inclusion for our employees, candidates, consumer clients, and referral partners.”