Industry NewsMortgage

Real estate lenders eye ’emerging’ markets

Change in perspective needed to reach minority, immigrant communities

SAN FRANCISCO–The so-called emerging markets of minority and immigrant populations often have intense brand loyalty, and yet they largely remain an untapped source of potential income for the mortgage industry. To reach those potential home buyers, mortgage lenders must have employees who look and sound like and relate to their communities, California Congressman Xavier Becerra said Tuesday at the Mortgage Bankers Association's annual convention. Doing so will establish trust with those groups and often earn the company dedicated customers who will refer family and friends. "They're out there, they're ready and they're looking for people they can partner with," Becerra said. Becerra's comments came as part of a roundtable discussion on "Emerging opportunities: the changing landscape of residential finance." He was joined by MBA staff members and a host of others involved in various aspects of the mortgage and real estate industries. Becerra, who is Latino, said referring to mino...