REALTIST Nation - August Newsletter

Edition 1 | Volume 1 | August 2019

Welcome NAREB's 31st President

Donnell Williams

Realtists,

It is with current and forward-looking enthusiasm that I invite you to read the first edition of the NAREB newsletter of my administration. Yes, there is a new name… REALTIST NATION . Yes, the new title reflects not only how I view NAREB, but also how I want all of our external audiences to know who we are, that we are a vibrant, active, connected assembly of proud, qualified real estate professionals and increasing in numbers.

For those of you who attended the 72 ^nd Annual NAREB Convention just a few weeks ago in Atlantic City, I previewed the term REALTIST NATION during my installation remarks along with my administration’s guiding motto: Educate…Empower…Mobilize . Please know that these three words do not replace NAREB’s time-honored, three-word motto of Democracy in Housing . In fact, my administration’s motto clearly supports and hopefully energizes our Realtist membership to act so that we move closer and closer to the reality of our founding slogan.

Realtists, we have an aggressive agenda. We will need all of your energy, knowledge base, and commitment to raising the Black homeownership rate above its current level. As long as it remains anywhere near what the U.S. Census Bureau reports at a staggering 40.6%, Black Americans are in economic jeopardy. That untenable and unacceptable situation also jeopardizes a Realtists' ability to grow their business.

It is both an and or proposition that’s driving my administration’s agenda. When Black America’s economic outlook improves, ours also advances. That’s why my agenda includes strengthening each member’s capacity as well as expanding NAREB’s membership base. With this approach we are empowered to make significant strides toward reversing the dire economic outlook of Black America. We are the beacon of light , we will lead the charge to educate, empower and mobilize Black Americans to wealth building through homeownership and or taking advantage of real estate investment opportunities.

I encourage you to take time to read through this first issue and be on the lookout for the upcoming editions. Each one communicates the “where we are, the where we’re going and how we intend to get there.” Stay tuned!

In the Realtist spirit,

Donnell Williams

President

NAREB President Sets Agenda Urging Millennials to Build Wealth Through Homeownership

72nd Annual NAREB Convention - President Donnell Williams Speech

MAKE YOUR RESERVATIONS!

Regional Vice President Sharon Henry

Kudos to Sharon Henry, Regional Vice President, Region VI and the Birmingham Alabama Board for their inspiring collaboration to energize the board . Creative strategies for engagement have resulted in an increase in the board's membership base and NAREB's brand recognition locally. The board members were empowered by their experience, resulting in their creation of a video clip. The video clip is an excellent vehicle for branding the association. Click the link below to experience the Realtist Spirit and do not forget to contribute your local newsworthy stories to the Realtist Nation

Watch Video: I Am A REALTIST

PUBLIC POLICY UPDATES

NAREB ADVOCACY HELPS EXPAND

GSE CREDIT MODELS

In August 2019, after many years of NAREB advocacy, the Federal Housing Finance Agency (FHFA) issued a final rule on third party credit models that Fannie Mae and Freddie Mac (GSEs) can approve. This victory opens the door for third parties to present alternative credit models to modernize an outdated credit modeling system that does not fully capture a consumer’s ability to repay on a mortgage loan.

Credit scores are a key component in loan underwriting. In NAREB’s 2018 edition of the State of Housing in Black America (SHIBA) report it was documented that Black applicants were twice as likely to be denied a mortgage loan (18%) compared to their nonwhite counterparts (9%).

As a result, the outdated credit scoring system prevented millions of potential Black mortgage loan applicants from purchasing a home and building generational wealth.

It is estimated that from the initial solicitation of credit score application stage to the final business assessment, it will be about a 24-month process for a new credit score model to be approved by the soliciting GSE before the new model is implemented. For a further review of the final rule please click the link here .

NAREB will continue to advocate for legislation and policies that foster and encourage affordable and sustainable homeownership.