FICO partners with minority bankers in lending certification program

The National Association of Minority Mortgage Bankers of America is teaming up with Fair Isaac Corp. in an effort to increase industry knowledge about lending opportunities within underserved communities. 

The collaboration between the two organizations is aimed at encouraging more lenders to attain NAMMBA-certified community lender status, a designation currently held by less than 5% of industry professionals. Through the partnership with FICO, the credit-scoring agency will provide its Score A Better Future education curriculum for all participants seeking certification. 

The CCL designation denotes a commitment to education and ethics in serving client interests, according to the association. The curriculum brings resources to mortgage bankers that they can use to better understand how credit works while helping to get their customers on track to make a home purchase in the future. 

"By fostering a culture of continuous education and ethical practices, we believe that this partnership will not only enhance the capabilities of loan originators but also create lasting positive impacts within the communities they serve," said Julie May, vice president and general manager of scores at FICO, in a press release. 

"We look forward to witnessing the transformative outcomes that will arise from this initiative to increase sustainable homeownership," she added.

Certified loan originators will play a significant role in promoting financial wellness, attainable homeownership and generational wealth in diverse communities, NAMMBA also noted. 

"This collaboration will help us expand the reach of our certified community lender program, ensuring that more loan originators are equipped with the knowledge and skills to serve underrepresented communities effectively," said NAMMBA founder and CEO Tony Thompson.

The new partnership comes as some lenders begin ramping up their focus on previously underserved communities, recognizing the potential business opportunities held in the segment. A 2024 report from the National Association of Realtors determined that 1.5 million Black households will reach median home buying age within five years. Potential buyers from the Hispanic community are even larger, at an estimated 2.2 million near the median.  

The past spring saw the rollout of several affordable housing initiatives offered by both lenders and federal agencies. 

At the same time, a proliferation of down payment assistance products arrived into the market over the past two years, as well as various special-purpose credit programs specifically focused at increasing home lending in minority census tracts. 

CCL designation is attained through online training featuring eight sessions that cover business development strategies. Course completion also earns an annual membership to the minority trade group as well as marketing collateral to help a lender promote their brand and CCL status.