What is your organization’s role in advancing affordable housing or financial inclusion in your community, and how has your work intersected with CONVERGENCE?
I’ll start by stating the obvious: We can all agree that there is a need to address historic and systemic home lending disparities across the finance industry. TD is committed to that work, providing access to financial services across our diverse customer base in all of the communities we serve, including Philadelphia. Our goal is to help our customers establish a more secure and sustainable future for themselves, their families, and their communities.
And in support of that work, we’ve made strides:
- TD expanded the number of mortgage loan officers in Philadelphia.
- We’ve implemented several initiatives and new products in our efforts to diversify our customer base and enhance our ability to provide home-lending options to all borrowers.
- We offer a special purpose credit program called TD Home Access Mortgage®. It’s a product designed to increase homeownership opportunities in Black and Hispanic communities. Since launching in March 2022, we’ve continually evaluated the product, increasing the lender credit from $5,000 to $10,000 to address economic conditions that have increasingly made home affordability a challenge.
- We also enhanced our TD Bank Right Step Mortgage® product, reducing the FICO score requirements, expanding the DTI ratio and lowering the borrower minimum contribution from 3% to $500.
- We’ve reduced our home equity loan minimum from $25,000 to $10,000 to improve accessibility.
- We’ve held a series of Realtor Lunch and Learns to build relationships with real estate professionals that serve Black and Hispanic communities, including in Philadelphia.
In addition, the TD Charitable Foundation recently announced $10 million in available grants through its 20th annual Housing for Everyone grant initiative. Since its inception in 2005, the program has awarded more than $63 million to help more than 630 affordable housing initiatives.
CONVERGENCE Philadelphia gives TD the opportunity to align with our ongoing commitment to find impactful solutions to accelerate homeownership for Blacks and Hispanics, and to have a long-term, sustainable impact on keeping families in their homes.
Can you share an example of a successful public-private partnership you’ve participated in through CONVERGENCE?
TD is actively engaged with the City of Philadelphia’s Turn the Key (TTK) program. This initiative provides affordable homeownership opportunities to income-qualified first-time homebuyers. TTK is on track to help build 1,000 new, energy-efficient homes on publicly-owned land. Eligible buyers may receive up to $75,000 to make purchasing a home more attainable.
As part of this city-led program, TD’s team of Community Mortgage Loan Officers help turn renters into homeowners. For example, one homebuyer TD assisted noted: “As a single mom, my income allowed me and my daughter to afford a modest apartment, but the rent kept going up each year. Now, even though I’m paying about $300 more a month than my rent was, we have a beautiful new home with our own bedrooms, and our loan payments are fixed for 30 years.”
She started her homeownership journey about 18 months before by attending a city-sponsored seminar for first-time homebuyers. After connecting with a TD community mortgage loan officer, she was pre-qualified for a mortgage. “He explained the whole process in simple terms, gave me tips on improving my credit score. Every step of the way, he was there for me.”
How has CONVERGENCE contributed to your efforts or helped deepen local partnerships?
CONVERGENCE Philadelphia has been invaluable in helping TD deepen partnerships with local practitioners. Through regular convenings, TD has connected with new leaders in the city across all sectors. By providing a no-cost, low barrier to entry forum, everyone focused on addressing racial disparities in homeownership has a seat at the table, creating endless partnership opportunities.
“TD has roots in metro Philadelphia and with that comes the responsibility to serve all communities here,” said Rob Curley, Regional President, Mid-Atlantic Metro for TD Bank. “By making tangible increases in resources and economic opportunities in Philadelphia, diverse and underserved individuals and families can realize their full potential.”
Have you hosted or participated in any events? What lessons or successes can you share?
TD is a leader in providing financial education, particularly homebuyer education, in the city of Philadelphia. Leveraging our community stores in Juniata and West Philadelphia, the expertise of our community mortgage loan officers, and relationships formed through CONVERGENCE Philadelphia, our colleagues are focused on setting homebuyers up for success.
CONVERGENCE Philadelphia has helped amplify our outreach to consumers. For instance, TD sponsored and participated in the Homeownership House Party in 2025. This event provided prospective homebuyers and current homeowners with tools that set them up for success. The one-day event was spread across 4 neighborhoods in Philadelphia and included workshops for the homebuying process before, during, and after you purchase, as well as a resource fair with housing counselors, legal aid organizations, and other housing advocates.