Preparing for millions of minority homebuyers The future is not guaranteed

Didier Malagies • July 12, 2021


Since day one of my mortgage career, my main role was to help Hispanic borrowers with responsible lending. For the past 21 years, I have been deeply entrenched in truly understanding the unique needs and cultural nuances of homebuyers with diverse backgrounds. Being an active originator helps me keep a pulse on the market and the current issues borrowers face every day on their journey to homeownership.


Minority mortgage-ready millennials


I interact daily with first-time buyers and buyers of diverse backgrounds and continue to help them achieve the dream of homeownership. In my role as national vice president of multicultural lending, I’m involved at a high level with the executive leadership team here at New American Funding, providing input regarding what is really going on at the “street-level” and being the liaison between our sales force and executive leadership.


According to the U.S. Census Bureau, there are now 60.6 million Hispanics in America. That is almost 19% of the entire US population. And according to Freddie Mac, in 2019, there were 8.3 million Hispanic mortgage-ready millennials, or as we like to call them at New American Funding, “Hispennials”. The Hispanic market presents a tremendous business opportunity now and for years to come if approached correctly. Despite the recent COVID-19 pandemic, the Hispanic homeownership rate increased to 49% in 2020, compared to 47.5% in 2019, per the National Association of Hispanic Real Estate Professionals’ 2020 State of Hispanic Homeownership Report.


According to the Urban Institute, all future homeownership growth will come from non-White households, with Hispanics accounting for 70% of homeownership growth over the next 20 years. Per Freddie Mac, in the 31 largest MSAs, there are over 1.7 million Black millennials who would qualify for a mortgage. New York City, Atlanta, Washington D.C. and Chicago each have more than 100,000 Black residents ready for homeownership.


And according to a November 2020 report released by the National Association of Realtors, 5% of homebuyers during the first three quarters of 2020 were Black, compared to 4% in 2019. Despite a 1% increase, U.S. Census data shows Black millennials raised the homeownership rate for African Americans more than 2% over the same time frame. The homeownership rate for Black Americans grew to 47% during the second quarter of 2020 compared to 44% during the first quarter.



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Finally, putting a stop on the trigger list

By Didier Malagies • September 10, 2025
Excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations.  Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

Finally putting a stop to the Trigger leads from happening

By Didier Malagies • September 10, 2025
We're excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. Didier Malagies nmls212566 DDA Mortgage nmls324329 

When is the right time to refinance your mortgage

By Didier Malagies • September 8, 2025
Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh: 1. Interest Rates If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money. Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month. 2. Loan Term Goals Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher). Extending your term may lower your monthly payment but increase total interest paid. 3. Equity in Your Home Lenders usually want you to have at least 20% equity for the best rates and to avoid private mortgage insurance (PMI). If your home’s value has increased, refinancing can help eliminate PMI. 4. Credit Score If your credit score has improved since you got your mortgage, you may now qualify for much better rates. 5. Life Situation Planning to stay in the home at least 3–5 years? That’s often how long it takes to “break even” on refinance closing costs. If you might sell sooner, refinancing may not make sense. 6. Debt or Cash Needs A cash-out refinance can help if you want to consolidate higher-interest debt, fund renovations, or free up cash — but it raises your loan balance. ✅ Rule of Thumb: Refinance if you can lower your rate, shorten your term, or eliminate PMI, and you’ll stay in the home long enough to recover the costs. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
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