Need Cultural Sensativity in Agents

Homeownership among Hispanics and Asians is expected to double in the coming years. The fear is that the housing industry won’t be ready for it. There’s a panel called “Reigniting the First-Time Homebuyer Market,” are the ones worried about this.

The panel is currently in Dallas, Texas at the George W. Bush Presidential Library. It’s being hosted by J. Ronald Terwilliger Foundation for Housing America’s Families.

They predict the market for purchase mortgages to Hispanics and Asians will see major growth well into 2060. The problem lies in the fact that mortgage bankers aren’t capable in dealing with these communities.

Hispanics represent an astounding 3% of the mortgage banking industry. Having such misrepresentation allows for a lot of misunderstanding to occur. If they had more of their own people there to help, certain problems could be avoided.

The panel suggested an increase in “cultural sensitivity” among real estate agents could help. There is work being done to get more Latinos in the mortgage pool.  

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