Alterra Home Loans is making good on its commitment to increase African-American homeownership, announcing today that it will open another new branch.
This brings its total of new branches up to three. One each in Dallas, Atlanta and Baton Rouge.
"The African-American homeownership percentage rate today is only 43% and this is 20% below the national average," Alterra Home Loans Legacy Division President Ben Slayton said in a statement.
"Today, less than 1% of all mortgage originators in America are African Americans. This is a problem that cries out for a solution and I'm honored to lead that effort through Alterra's Legacy Division. Our goal is to open branches in every major city in America that has 25% of more African-American population," he added.
Increasing African-American homeownership is also a main goal for the National Association of Real Estate Brokers, and this initiative from Alterra Homes is a welcome aid to NAREB’s goal of attaining 2 million new African-American homeowners over a 5-year period.
"Given the number of African-American families that are entering homeownership each year, coupled with a small percentage of African-American Loan Originators, NAREB's goal is very ambitious," Slayton said.
"But it is achievable. But, it will take an industry wide mortgage lending effort, and a focus on the African-American market to achieve [our goal]. We are leading that effort through carefully curated products, education and community partnerships. We will recruit loan officers from the communities we serve and train them to help our borrowers build a legacy for their families through homeownership," he added.