I wrote about this last year in Mortgage Banking. While emerging markets are poised to be bring the lion's share of new mortgage deals to the table in the future, most ethnic communities either don't know or don't trust existing mortgage brands. While some companies, like Countrywide, are reaching out to these markets in an effort to build new bridges, others just start from scratch.
You may have read recently in the REAL Trends e-mail update that "the Hispanic National Mortgage Association (HNMA), a company focused on increasing homeownership opportunities within the Hispanic market, and Wells Fargo Home Mortgage, a division of Wells Fargo Bank, have announced that they have formed a retail joint venture that will offer traditional mortgage lending products and services, and special resources, to assist Hispanic and non-traditional customers seeking residential mortgage loans."
In simpler language, Wells Fargo is working with this group to launch a new brand into the Hispanic marketplace. ILUMINA Mortgage, LLC, will reportedly "evoke clarity and transparency in the homeownership process."
At the very least, it will make it clear to this very important emerging market that Wells Fargo is willing to invest in a new operation in order to begin building some trust. Partnering with HMNA will pay some dividends as well. Expect to see more of this in the future.