Investing Even More in Our Communities
Trident Mortgage Company and the Department of Justice, the Consumer Financial Protection Bureau, and the attorneys general of Pennsylvania, New Jersey, and Delaware have agreed to expand homeownership opportunities in the five-county region of Philadelphia as well as in Delaware and New Jersey. As the industry continues to evolve and ensure that all potential homebuyers are well served by the mortgage lending community, we are committed to setting a standard of excellence for closing the racial homeownership gap.
We are investing more than $18 million to expand homeownership and have a positive impact in the diverse communities we serve. Helping more people achieve their goal of owning a home is a meaningful way to help push back against this longstanding problem.
Continuing Our Commitment to Equity
We have a long commitment to housing equity and support a variety of programs aimed at increasing minority homeownership and furthering advancement in underserved areas of our marketplace, including:
- outreach and sponsorships with community organizations and local housing authorities
- partnerships with industry associations focused on minority outreach
- donations totaling over $8 million and counting to more than 250 non-profit organizations throughout the Pennsylvania, New Jersey and Delaware Tri-State Region.
The additional funding we have announced will allow us to do even more. Helping consumers achieve homeownership is our goal every day, and this additional investment will allow us to put even more resources to work on their behalf.
Expanding Access to Homeownership, for Everyone
These efforts will be focused on expanding minority homeownership throughout the Philadelphia area, as well as in Delaware and New Jersey.
Here are a few ways these communities will benefit from this program:
- Increased access to affordable mortgage loans, helping build generational wealth through homeownership
- No-cost financial literacy, credit education and homeowner education programs—teaching renters and would-be homeowners how to turn their dreams into reality
- Partnerships with community non-profit organizations and local housing authorities, increasing awareness of the program and all it has to offer
In addition, we secured a first-of-its-kind expansion in eligibility requirements that will help increase homeownership opportunities for minority borrowers in connection with the program. Even more importantly, this development will help set a new standard that puts people first and directly improves home lending opportunities.
Our mission and culture have always demanded an unwavering dedication to integrity and fairness to all. We look forward to exceeding expectations for our customers in the communities we serve, and this program will be an important demonstration of that commitment.
Frequently Asked Questions
How will this program benefit minority homebuyers?
This program allows us to do even more to help people achieve their dream of homeownership. Working with federal agencies, we have created a loan subsidy and grant program for home purchase or refinancing. We’ll also enhance long-standing partnership programs with community-based housing authorities, broaden consumer financial education and counseling, and provide ongoing fair lending education.
$18.4M is a lot of money. What are you using it for?
We have created this loan subsidy and grant program for home purchase, refinancing or home improvement. It also enhances long-standing partnership programs with community-based housing authorities, broadens consumer financial education and counseling, and continues to provide ongoing fair lending education.
When will this program begin?
The programs will begin in the next several months. We will provide more updates as they become available.
What geographic communities will benefit?
The program will benefit communities in Pennsylvania, New Jersey, and Delaware within the greater Philadelphia metropolitan area.