Lenders need to step up in catering to minorities – particularly to those in the fast-growing Hispanic demographic – if they are to remain viable amid dramatic shifts in the mortgage landscape, an industry veteran told Mortgage Professional America .
Lender Price CEO Dawar Alimi (pictured) took time to chat with MPA about the state of the industry, which has been rocked by a confluence of market forces, including increasing rates, inflation, housing affordability erosion, inflation and more. Alimi provided the benefit of his insights based on a career in the mortgage industry spanning more than two decades.
“I’m based in Pasadena, essentially Los Angeles,” Alimi said, noting the abundance of Hispanic clients there given the area’s culturally diverse population. “I got into this industry after being an engineer working for a mortgage company owned by a Hispanic individual by the name of Jaime Garcia,” he said. “Our office was in Monterey Park, right next to East L.A. All the originators in our office were Hispanic, with the exception of me. It’s just the way it is here.”
Elsewhere, he noted, it’s decidedly different. “I think there’s a need for more outreach,” he said. “What I don’t understand – it’s one thing […]