“Radian and AREAA have made impressive inroads toward advancing the policy goals and housing market education of the (Asian American and Pacific Islander) community, and we are pleased that our partnership has helped contribute to the growth of AREAA’s membership by more than 1,000 professionals,” said Brien McMahon, Radian’s chief franchise officer. “Looking ahead through to the end of 2018, we look forward to helping expand AREAA’s reach across the country’s main markets and contributing to continued member education about new developments in MI, smart ways to leverage MI and the various mortgage options available.”
Data from the 2015 Home Mortgage Disclosure Act (HMDA) reported the Asian American/Pacific Islander (AAPI) community as the “largest minority users of conventional conforming products in terms of dollar amounts as well as units.”
In addition, the AAPI community is projected to remain the fastest-growing segment of the country’s population until 2050.
The AAPI community makes up 5% of the general population as well as 5% of all homeowners in the US, while 7% of Asian Americans and Pacific Islanders are millennial homeowners, according to data from Zillow.
“AREAA is proud to extend our partnership with Radian as our exclusive mortgage insurance partner through December 2018,” said 2017 AREAA National President Angie Lee. “Many Asian Americans mistakenly believe that you need to have 20 % down payment to finance a home. This concept delays homeownership and slows down wealth creation in our community. AREAA is excited to work with Radian to educate our community about ways to responsibly make homeownership a reality today and build wealth for our future.”
Millennials bridging the racial divide in homeownership
Understanding cultural barriers key to successful diverse lending
Moving forward from a successful exclusive two-year agreement in which Radian was the exclusive mortgage insurance partner for the Asian Real Estate Association of America (AREAA), the two organizations have decided to renew their partnership to last until December 2018, according to a news release.