TD Bank ranked No. 13 on The Fair360, formerly DiversityInc Top 50 Companies for Diversity list in 2022.
Homeownership is the single most effective way for Americans to build wealth, but it remains a difficult goal in the Black community.
According to the Federal Reserve Bank of St. Louis, the median wealth for white families is $184,000, compared to $23,000 for Black families. The difference is largely attributed to the major difference in homeownership rates among the different races.
To increase homeownership among the Black community, TD Bank is working to diversify its mortgage salesforce. Increasing representation in the banking field can help prospective customers feel more comfortable and welcome.
TD has also launched the Home Access Mortgage, which was designed to increase homeownership opportunities for Black and Hispanic individuals.
“Be part of that change. Talk about where Black communities have been so people can better understand where we are and where we’re going,” said Michael Innis-Thompson, Head of Community Lending & Development and the Fair Lending Center of Excellence at TD Bank. “And if there is someone in your life who might be open to buying a home but is on the fence, encourage them to speak to a mortgage professional that can help them and connect them to free resources.”
Read more at stories.td.com.
