Home Mortgage Alliance Corporation: Bringing Equality to Homeownership
Owning a home is a luxury that many people may never have the opportunity to enjoy. Owners get the chance to enjoy privacy and security and have the opportunity to build equity. Although having a mortgage may seem like a burden, these payments will lead to a day when that house becomes free and clear. The benefits are undeniable, but what happens when individuals struggle to access credit to buy a home? This is the situation for 22% of Americans who live in unbanked or underbanked communities, leaving would-be homeowners without financing. Mortgage industry leaders are working hard to change that, including Alfred and Hanan Hanna, a husband and wife team who are the founders of Home Mortgage Alliance Corporation (HMAC) located in Santa Ana, California. Hanan agreed to tell us why HMAC chose to join the movement to provide more credit options to underserved communities and how she thinks HMAC is making a difference.
“I deeply believe in helping others,” says Hanan, reflecting on the journey that led to the creation of HMAC. “It’s one of the things I love most about America. When I immigrated to America from Egypt in 1991, I witnessed a spirit of compassion and opportunity. Even though I didn’t speak a word of English, so many people helped me adjust to life here.
As Hanan immersed herself in American society and learned the culture and language, she spoke with everyone she could. “I was so looking forward to learning more about people’s lives. It becomes a challenge when you don’t speak the language because you are forced to live a somewhat superficial existence. As time passed and I really started to immerse myself in the community, I was able to understand those around me. I was shocked to learn of the common struggles many people faced, especially financially.
Hanan reveals that she made friends with many minorities and was surprised by the stories they told her. “Even though the banking system here is strong compared to other countries, so many people have not been able to access adequate financial institutions. This made it difficult for people to take care of their families and provide them with dignified and safe housing. I was so surprised to learn that many people didn’t even have a checking account let alone access to home loans. Despite their strong desire to become homeowners, they simply did not have access to credit. They were sucked into a generational cycle of poverty.
The solution, according to Hanan, lies in mortgages. “We saw a key opportunity to rethink the entire industry. We wanted to open it up to underserved communities nationwide and provide assistance to people who had historically struggled to access credit,” she recalls, “I learned everything I could about mortgages and really took the time to learn about the business. My husband is a genius in this industry, so it was so nice to be there.” “to have to guide me when I felt lost at first. I sat with him one night at our kitchen table and laid out my vision, and he was enthusiastic and extremely supportive. We wanted to dedicate our careers to service, so we teamed up with Rami Elmasry, a genius in business development and compliance risk analysis, and the three of us brainstormed and created a vision for HMAC: we would help millions of underserved people access credit for their housing and ensure that everyone can access financial literacy education resources. »
Since 2013, the company has worked with community-minded individuals to improve economic and homeownership opportunities for African Americans, Hispanics, and low-to-moderate income people nationwide. HMAC has expanded its offices to over fifteen states. “We are growing rapidly,” confirms Hanan. “We are licensed in over 45 states, and as we educate more people about home loan options, we are seeing increased interest in home ownership. We are delighted to accomplish exactly what we set out to do. »
The mortgage industry, Hanan believes, has a strong and promising future. “However, as in all industries, there is certainly room for improvement, especially in the communities served. America is the greatest country in the world, and we certainly have the manpower to change the systemic inequality we have seen throughout history. As mortgage bankers, we dream of a world where this inequality dissipates into thin air. We focus on the underserved community because we believe that’s the only way to truly make a difference.
Hanan says HMAC has launched a purpose-built program that focuses on providing financial education classes to anyone from pre-K through adulthood. “The company’s goal,” says Hanan, “is to eradicate generational poverty in America. You can’t even begin to imagine the happiness a person feels when they are finally able to get approved for their first home loan. “When they sign these papers and know they can now afford a home for their family, it completely changes their face. The joy on their faces is unforgettable, and HMAC is grateful to be there to witness it.
Home Mortgage Alliance Corporation (HMAC) is a full-service lender that has provided more than one million people with the opportunity to achieve financial stability. HMAC is a Fannie Mae and Freddie Mac Approved Seller/Fixer and is able to offer a wide range of mortgages including purchases and refinances on one to four unit properties. For more information on how HMAC can help you become a homeowner, please visit www.homemac.com.