Fulton Bank announced Monday that it has partnered with the National Association of Minority Mortgage Bankers of America to improve its diversity and internal training programs.
The Lancaster, Pennsylvania-based bank aims to help underserved communities with better representation in its mortgage business and to break down prejudice with targeted training for employees and managers. How much the bank intends to expand its attitudes within minority groups and what the training programs will include will be determined as the partnership develops, a company spokesman said. The partnership is expected to run until the end of 2022.
The commitment fits in perfectly with the bank's Fulton Forward program, which was founded in 2019 to promote racial equality and economic empowerment through financial literacy. The bank also launched the Fulton Forward Foundation in July 2020, which provides donations of $ 20,000 or more to organizations working for home equity.
"This initiative will build on programs we offer across the spectrum of mortgage lending, including those that target underserved communities and first-time buyers," said Jeff Scheuren, president of Fulton Mortgage Company, in a press release. "It also aligns with the key pillars of our Fulton Forward initiative to improve our communities through affordable housing and home ownership."
The bank has approximately $ 12 billion in assets under management and has more than 200 locations in Delaware, Maryland, New Jersey, Pennsylvania, Virginia and Washington D.C.
Founded in 2016, NAMMBA is an Atlanta-based trade association committed to creating sustainable home ownership by helping women and minorities with real estate finance. It is estimated that minority borrowers accounted for 24.2% of purchase volume in 2020, a percentage that projects will only increase over time.