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Article: Minority Home Loans Coming Out of Silos: Second in a series.
- Article from:
- American Banker
- Article date:
- January 31, 2003
- Author:
CopyrightCOPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the middle and late 1990s, after realizing that minorities were becoming one of the fastest-growing groups of homebuyers, mortgage lenders starting producing non-English ads, setting up special units, and hiring more bilingual consultants.
Now a few have started Phase 2 of their efforts.
Some of the largest originators say their initial strategy for selling more home loans to minority immigrant and ethnic groups was flawed. A commonly cited mistake was establishing stand-alone lending units, which attacked these sectors with only a fraction of the parent company's strength.
In the past Bank of America Corp. mirrored the rest of the industry ...