October 7, 2024 USMI Joins CONVERGENCE Collaborative

USMI joins the Mortgage Bankers Association and other leading industry stakeholders in the formation of the CONVERGENCE Collaborative - a coordinated effort designed to help address the racial homeownership gap. Over the next three years, the CONVERGENCE Collaborative will deploy more than $1 million annually to build on the existing network of location-based CONVERGENCE sites focused on expanding minority homeownership. The goal of the CONVERGENCE Collaborative is to expand and utilize the CONVERGENCE network to create evidence-based tools and roadmaps to help all industry stakeholders better reach aspiring minority homeowners. Over the next three years, the Collaborative will use the CONVERGENCE network to create a robust "Knowledge Community," the learnings from which will help inform new and innovative strategies, tactics, and partnerships.

"USMI's members work every day to help borrowers overcome one of the biggest barriers to homeownership for first-time, low- and moderate-income, and minority homebuyers: the need for a large cash down payment," said Seth Appleton, USMI's President. "We welcome the opportunity to partner with the CONVERGENCE Collaborative on collective strategies to support sustainable and affordable homeownership for underserved communities across the country."

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