The National Association of Minority Mortgage Bankers of America (NAMMBA) introduced the first accredited social impact lender (ASIL) certification. This certification allows lenders to demonstrate a commitment to social impact and racial equity in the lending marketplace, according to a NAMMBA press release.

“I am sure most have seen the announcement from the [Department of Justice] and [Consumer Financial Protection Bureau] regarding the $4 million civil penalty for Trident Mortgage,” NAMMBA founder and CEO Tony Thompson said in the release. “NAMMBA has created the accredited social impact lender certification to help lenders grow multicultural market share while creating a playbook for the regulators: less than 5 percent of lenders will have an ASIL.

“The accredited social impact lender certification will provide a blueprint for organizations to use to demonstrate to regulators, shareholders and industry stakeholders a comprehensive plan to increase homeownership in communities in which they serve, backed by NAMMBA,” Thompson added.

Through this certification program, NAMMBA will help lenders conduct a “holistic” review of their organizations with the goal of helping the organization “do good by doing good.” This will help lenders engage with and tap into the $300-plus billion in untapped growth potential from multicultural markets.

The program will help lenders and their organizations establish baselines and create a game plan for achieving attainable goals.

“This is real, credible, and quantifiable diversity, equity and inclusion work,” NAMMBA states on the ASIL webpage. “It builds your business’ reputation, balance sheet and future outlook.”