Navy Federal Credit Union has joined the CONVERGENCE Collaborative as a founding member. This group, convened by the Mortgage Bankers Association (MBA), aims to address barriers to homeownership among minority groups in America. The collaborative seeks to create strategies that will allow the U.S. housing sector to adapt to changing dynamics.

The MBA highlighted that the Black homeownership rate was 45.8% in early 2023, compared to 74.4% for non-Hispanic Whites, revealing a significant gap that has not sufficiently narrowed over time.

“Navy Federal is grateful for the Mortgage Bankers Association’s leadership in bringing together the CONVERGENCE Collaborative,” said Navy Federal CEO Dietrich Kuhlmann. “We’re proud to serve as a founding member of this group, knowing the voice and influence of the world’s largest credit union must help to address systemic problems that have persisted in our nation for too long.”

A report from the Urban Institute predicts 8.5 million new households between 2020 and 2030, with many expected from minority populations.

Navy Federal's involvement will be led by its Office of Financial Opportunity (OFO). Pam Perry, a former Freddie Mac executive, will lead this office alongside Brittani Ivey, who oversees real estate lending and financial opportunity at Navy Federal.

The MBA outlined four areas for policy focus: addressing information gaps about homeownership criteria; building trust within communities wary of financial institutions; tackling market challenges like housing quality; and improving access to resources for first-time buyers.

Established in 1933, Navy Federal Credit Union serves over 14 million members globally and operates more than 360 branches worldwide.