About Laird
Laird Nossuli is CEO of iEmergent, an analytics and advisory firm that helps lenders leverage data and diversity to develop sustainable lending strategies. Her educational background in community development and her passion for housing equity led to iEmergent’s role as a national CONVERGENCE partner and her own participation as a Steering Committee member in CONVERGENCE Columbus.
Four Lessons from CONVERGENCE Columbus Research
From “Mind the Gap,” April 11, 2023 — iEmergent’s analysis of a CONVERGENCE Columbus survey of local loan originators and real estate agents.
Lesson 1: Don’t Make Demographic Assumptions
Columbus’ racial homeownership gap is 21% within city limits and 35% in the metro area. Most housing professionals had a fair understanding of the gap, but market intelligence tools are needed to identify households that could likely support homeownership. Nearly 92% of survey respondents said they would use such a tool if available.
Lesson 2: Spread Affordable Lending Program Awareness
84% of loan originators vs. only 52% of real estate agents agree that sufficient affordability programs exist — demonstrating a critical education gap. Lenders must educate their real estate agent referral partners on available down payment assistance, closing cost assistance, and Special Purpose Credit Programs.
Lesson 3: Explore Alternatives to Credit Scores
Only 65% of Columbus LOs offer loan options for credit scores below 640. Low credit scores disproportionately affect minority households. GSE tools for borrowers with no or thin credit and alternative underwriting assessments can expand the pool of qualified buyers.
Lesson 4: Invest in Community Education
Two-thirds of housing professionals say partnering with nonprofits has helped reduce the homeownership gap. Financial classes, outreach events, and training courses build mutual understanding and generate tangible borrower experience, repeat business, and referrals.
“The lenders who are actively leading and participating in Memphis and Columbus seem energized, excited and empowered as they collaborate with other stakeholders. Increasing homeownership by improving diversity and equity in lending will result in more lending opportunity — it’s a win-win for communities and lenders.”
— Laird Nossuli, iEmergent