Helping minority-owned banks expand mortgage access

Promontory MortgagePath announced an initiative today to support minority-owned financial institutions’ efforts to expand access to credit and homeownership in underserved communities. Through the initiative, Promontory MortgagePath will partner with minority-owned depository institutions (MDIs) such as banks and credit unions, including community development financial institutions (CDFIs), to offer exclusive pricing, resources and joint marketing opportunities, the company said in an email to MPA. “The challenges facing community banks in low- to moderate-income areas will not be fixed immediately,” Promontory MortgagePath founder and CEO Gene Ludwig said. “But we must take action now to ensure that these vital institutions are supported, because when these institutions thrive, the positive impact on their communities is profound.” The initiative is meant to accelerate the ability of minority-owned banks to help their comm