TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/699063
TH E M R EP O RT | 15 COVER STORY By: MReport Staff A s Bob Dylan famously crooned, the times they are a-changin'. This rings particularly true for today's housing market. As the baby boomer generation looks to scale down their housing needs, it's the millennial that's critical to the future of the mortgage industry. However, unlike their parents before them, millennials often aren't sure whether the dream of homeownership is one they want to strive for. Reaching tomorrow's buyer will take more than the same old strategies—it will require truly understand- ing the buyer psyche. Kathy Cummings, Affordable Housing and Strategic Relationship Executive, supports Bank of America (BofA's) commitment to being a responsible lender and creating successful homeowners through delivering quality homebuyer education with the bank's network of 500-plus nonprofits. When she joined BofA in 2003, Cummings served as Technology Service Delivery Manager, helping build up the mortgage giant's tech solutions. She also previously served as national pricing manager, where she represented BofA during the Countrywide transition. Smart, witty, and with a sense of fair play, Cummings' leader - ship style is "innovative, deliberate, and determined." That's what Yaisa Johnson, Cumming's colleague and BofA SVP, said. "It's been an incredible learning experience working with Kathy, as she is always coaching me to the next level and pushing me to try some- thing new," Johnson continued. The same drive and wealth of knowledge that Johnson cites is exactly why we turned to BofA's resident first-time homebuyer expert to better understand the often misunderstood millennial and how the industry can adapt to make their first home-buying experience more appetizing. MREPORT // Millennials seem hesitant to make their way into the housing market. Why do you think they might be avoiding the home-buying experience, and what do they really want? KC // I'm the mother of two millennials myself, one of which is looking for a home in New York City, so this I can definitely relate to. There are a couple different things. Our homebuyer Pictured left to right: Kathy Cummings, Affordable Housing and Strategic Relationship Executive; Glenda Gabriel, BofA Neighborhood Lending Executive; Yaisa Johnson, Homeownereship Solutions and Education Regional Manager