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Another $700 million is expected to be invested in mortgage lending, with a focus on rural areas, the development of community mortgage loanofficers, small-dollar mortgages and home improvement loans, among other products for LMI borrowers.
Multichannel mortgage lender New American Funding (NAF) announced this week the relaunch of its initiative designed to recruit, educate and expand loanofficer understanding around issues faced by borrowers of color as “ NAF Black Impact.”
Through the partnership, loanofficers can introduce their clients to an RIA within Encompass. Executives expect net revenue synergies of up to $125 million by 2028 largely through cross-sell opportunities.
NAF Dream launched in 2016, focusing on loanofficer recruitment, education, and efforts to expand Black homeownership. To this end, NAF has committed to extending $20 billion in new mortgages to Black homebuyers by the year 2028. “We
The earnout will be reported as compensation expenses through 2028 and subject to continued employment with the company. The Nationwide Multistate Licensing System (NMLS) shows that Michigan-based brokerage firm Next Door had 61 sponsored loanofficers as of Thursday, along with four branches in Arizona, Nevada, Ohio and Texas.
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