What one executive did about the homeownership gap and hiring

Patty Arvielo, co-founder and CEO of New American Funding, is so closely associated with promoting the inclusion of two racial groups that typically lag in homeownership that E! Magazine called her "The Oprah of Hispanic and African American lending" But Arvielo, who feels honored by the comparison but acknowledges there could be mixed feelings about it, said that it doesn't mean the work ever has or will come easy for her company, particularly now. In a candid interview, Arvielo shared challenges and achievements that she, her husband and co-founder/CEO, Rick, and company have experienced as they've worked toward more equitable hiring and lending in hopes of building more momentum for change in the industry.

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How mortgage firms stack up on diversity, equity and inclusion

Mortgage employees have a more positive impression about their company's diversity, equity and inclusion efforts than workers in other verticals, a report from Arizent, parent company of National Mortgage News, found. More than half said their company was healthy or extremely healthy when it comes to DEI. But for the sample as a whole, it only totaled 41%. Yet when it comes to inclusivity, many in the industry feel more can be done. A good sign is that the mortgage business had the highest share of white, non-Hispanic women participating, at 39%, with another 13% being BIPOC/Hispanic women. White, non-Hispanic males were just 28% of the sample. But is this perception reality??

FHFA nears target date for final rule on capital framework

The Federal Housing Finance Agency may soon deliver another capital rule update to a mortgage industry that's juggling other ongoing and potential policy changes in this area. The final rule on the Enterprise Regulatory Capital Framework is on track to arrive later this year, according to the agency's latest performance plan for fiscal year 2024, a period that started Oct. 1. The Dec. 31 target date set for that final rule means mortgage companies could face new shifts in how two major government-related mortgage investors, Fannie Mae and Freddie Mac, price loans for nonbanks and depositories.

Higher rates may be loosening credit conditions, MBA says

Higher mortgage rates in September led lenders to loosen credit conditions, although trends are still historically tight, the Mortgage Bankers Association reported. Its Mortgage Credit Availability Index rose by 0.6% in September to 97.2, from 96.6 in August and 102.5 one year ago. The index value of 100 was set in March 2012, as the mortgage business was still dealing with the excesses of the Great Financial Crisis. September was the sixth consecutive month in which the index was under that benchmark. Credit offerings were increased across the spectrum, but loan types like adjustable rate mortgages and non-qualified mortgages in particular benefitted.

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