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Sign into your accountHoward Hanna Financial Services Launches Community Lending Initiative to Help Close the Homeownership Gap
February 21 2023
Howard Hanna Financial Services announced the launch of United Purpose Mortgage (UPM), a new community-based mortgage company. Under the leadership of LaMarcus Thurman, vice president of community lending for Howard Hanna Financial Services, UPM will focus on making homeownership more attainable for clients in underserved communities, specifically those in majority-minority census tracts.
"This is a huge deal for the Hanna Family of Companies," said F. Duffy Hanna, president of Howard Hanna Financial Services. "UPM has such an important mission, and we're committed to investing in communities that have historically been left out by the mortgage industry."
Howard Hanna's intent in creating UPM is to impact local communities by establishing outreach programs, working alongside local non-profits and housing finance agencies to offer financial education opportunities for minorities, multicultural and underserved homebuyers and borrowers. Currently, UPM has offices in Pittsburgh, Pa., and Cleveland, Ohio, and aims to grow market operations throughout the Howard Hanna multi-state footprint.
"It's a privilege to help people achieve their dreams of owning a home," said Thurman. "Buying a home is one of the best ways to help a family build wealth, and our team at UPM is working hard to help more families make that happen."
According to the National Association of Realtors®, currently, there is a 30% gap in homeownership between Black Americans and white Americans. For Hispanic homeowners, there is a 21% gap. Decades of unfair lending practices and discrimination have led to these inequities, and UPM is committed to helping bridge the gap.
"The wealth gap in America is growing, and we're committed to making homeownership more accessible," said Hanna.
As part of UPM's financial education offerings, they will host and partner with local churches and other community organizations to offer workshops on homeownership, credit, economic awareness and affordable lending opportunities.
You can visit the United Purpose Mortgage website to learn more about the company's mission.