By: KeyCrew Media
As the nation observes Black History Month, the Broker Action Coalition‘s Black Homeownership Council has released a comprehensive playbook addressing a stark reality: Black and Hispanic homebuyers face 72% higher denial and predatory lending rates compared to white applicants.
Council Chair Dr. Jennifer Gormer leads the initiative with both professional expertise and personal understanding. At just 24, as a mother of five and sole breadwinner, she became the first person in her family to achieve homeownership, breaking a generational pattern.
“I closed at five o’clock on Christmas Eve,” Dr. Gormer recalls. “We went to Home Depot, got the last tree they had, and celebrated Christmas in our first home. That experience completely changed my outlook on homeownership. If I could do it at 24 as a mom of five, then I believe anybody can do it.”
Identifying the Barriers
The playbook reflects months of research by mortgage brokers nationwide, drawing on HMDA data and Urban League statistics. The council identified three critical barriers:
Lack of Credit and Financial Education: Many prospective Black homebuyers lack foundational knowledge of credit building and financial literacy, which directly affects their loan approval rates.
Limited Access to Down Payment Assistance: “How would you feel if you saw you need 5% down to purchase a home?” Dr. Gormer asks. “It’ll take a lifetime to save 5%. But we have down payment assistance available; it’s about education and making sure borrowers know these programs exist.”
Lender Overlays: Some lenders impose requirements above standard guidelines, disproportionately impacting Black and Hispanic borrowers. “Why are we sending our borrowers to lenders with overlays that make it harder?” Dr. Gormer questions.
The playbook also addresses rising costs, credit reports have surged from $25 to over $100, and insurance increases that disproportionately affect Black homebuyers’ affordability.
“All these things impact a consumer’s ability to not only apply, but to get approved for the loan,” Dr. Gormer explains. “Just because you get initial approval doesn’t mean you’re going to close. The goal is getting them to the closing line.”
Partnership and Action
The Black Homeownership Council partners with the Black Mortgage Professional Alliance (BMPA), which Dr. Gormer founded, to bring critical data and professional networks to the initiative.
Dr. Gormer was drawn to BAC because she could see tangible results. The organization successfully passed the Homebuyers Privacy Protection Act in 2025, mobilizing thousands of mortgage brokers and delivering over 25,000 letters to Congress.
“They understand that what we’re advocating for, whether it’s Hispanic homeowners, veterans, or Black homeowners, it’s all for the same purpose: to move all of us forward,” she says.
A Call to Action
Dr. Gormer encourages mortgage professionals to engage: “You should be leaning in. You should be asking questions. Not only can you ask what’s going on, but you can also say, ‘I have a voice, and I would like to give my time.’
The playbook provides concrete strategies for mortgage brokers to better serve Black homebuyers, from identifying lenders without restrictive overlays to connecting borrowers with down payment assistance programs and financial education resources.
“By attacking these issues one by one, we’re going to close this gap and ensure our borrowers are not receiving 72% higher denials and predatory lending,” Dr. Gormer declares. “It should not be that way. That’s why we exist.”
This Black History Month, the playbook stands as both recognition of ongoing challenges and a roadmap toward equitable homeownership—honoring the past while building a more accessible future.
About the Black Homeownership Council: The Black Homeownership Council operates under the Broker Action Coalition, bringing together national mortgage brokers to address systemic barriers facing Black homebuyers. The playbook is available at brokeractioncoalition.com.
