Ashley Thomas III has assumed the presidency of the National Association of Real Estate Brokers (NAREB) \u2014 the nation\u2019s oldest and largest Black real estate organization \u2014 with an agenda focused on expanding homeownership access.<\/p>\n
Thomas, a housing policy and wealth equity strategist with more than 25 years of experience across real estate<\/a>, lending and community development, is leading NAREB\u2019s national strategy \u201cClosing the Gap: Advocacy, Affordability and Access.\u201d<\/p>\n He is also CEO and founder of LA Top Broker<\/strong> and managing broker of First Security Investment Co.<\/strong><\/p>\n This week, Thomas is in Washington, D.C., attending the National Urban League\u2019s<\/strong> Legislative Policy Conference, engaging with policymakers and industry leaders on advancing equitable housing policy<\/a>.<\/p>\n In an exclusive interview with HousingWire<\/strong>, Thomas said his administration is prioritizing homeownership access by examining outdated credit models and underwriting guidelines.<\/p>\n \u201c[We want to see how] these barriers are impacting any first-time homebuyers, and them actually getting into homeownership,\u201d he said. \u201cPolicy-wise, we\u2019ve been focusing on that. Two days ago, I spent the whole day on (Capitol Hill), talking with congressional leaders on some things that we\u2019re working on, specifically around policy and HUD and FHA.\u201d<\/p>\n NAREB<\/a> is launching an eight-city affordable homeownership bus tour as part of its grassroots outreach.<\/p>\n The organization is also mobilizing 100-plus local boards through its Realtist Restore Day \u2014 supporting families through home restoration and stabilization.<\/p>\n Thomas highlighted a specific policy push NAREB is making with the Department of Housing and Urban Development (HUD)<\/strong> and Federal Housing Administration (FHA)<\/strong> called the Community Property Fairness Initiative.<\/p>\n The initiative addresses what Thomas describes as an underwriting<\/a> imbalance affecting married couples in nine states who apply for FHA mortgages.<\/p>\n \u201cIf you\u2019re applying for an FHA mortgage, I believe 83% of first-time homebuyers go through FHA, and if you\u2019re married, you have to use your spouse\u2019s income in the approval process, he said. \u201cSo, a husband and wife are married \u2014 only the husband is getting a loan. The wife\u2019s debt goes into that calculation of the application, not her income.<\/p>\n \u201cShe\u2019s not going on the loan, but her debt is being calculated, which makes it very challenging for someone to qualify.\u201d<\/p>\n States affected are California, Texas, Nevada, Arizona, New Mexico, Wisconsin, Washington, Louisiana and Idaho, Thomas said. \u00a0<\/p>\n He added that government-sponsored enterprises like Fannie Mae<\/strong> and Freddie Mac<\/strong> do not require this treatment of spousal debt.<\/p>\n \u201cWe look at that as an imbalance of underwriting,\u201d Thomas said. \u201cWe are challenging HUD. For some time, we\u2019ve been having conversations, but now we\u2019re actually bringing it out publicly.\u201d<\/p>\n On recent federal efforts to address housing affordability, Thomas expressed support for inventory-focused measures while noting shortcomings. <\/p>\n \u201cI think the bills that are being passed are taking great strides to combat our inventory shortages,\u201d Thomas said. \u201cBut the other issue is access, and I think that\u2019s not a part of the conversation as much as it should be.\u201d<\/p>\n He pointed specifically to the 21st Century ROAD to Housing Act<\/a>.<\/p>\n \u201cThere\u2019s nothing in the [Act] that speaks to interest rates, nothing that\u2019s directly impacting the consumer at a point of application or qualification,\u201d Thomas said. \u201cThis is merely about inventory, which is an issue, and we need to tackle it. So, we\u2019re excited that at least we\u2019re tackling something. But we\u2019re looking forward to increasing the conversation around access.\u201d<\/p>\n Thomas also noted a lack of federal policy focus on rising insurance costs and property taxes<\/a>.<\/p>\n \u201cEven if the interest rates come down, for example, in Louisiana, there\u2019s studies where the insurance payment is greater than the mortgage payment,\u201d he said. \u201cThose are new realities that we\u2019re facing. And I think that we missed an opportunity to address that in these bills.\u201d<\/p>\n Thomas said the industry needs more innovation in product offerings to address affordability challenges given that income has not kept pace with housing costs and inflation.<\/p>\n \u201cThere\u2019s an opportunity for us to look at products to see how we can better align in terms of creating some gain towards affordability,\u201d he said. \u201cSo, we have to be more innovative in terms of our product offering to allow people to get into homeownership.\u201d<\/p>\n On the concept of a 50-year mortgage<\/a>, Thomas said he and NAREB are not in support of that measure.<\/p>\n However, he suggested exploring how loans are amortized, noting that interest is front-loaded in mortgages, making it challenging for homeowners to build early equity.<\/p>\nCommunity Property Fairness Initiative<\/h2>\n
Assessing federal housing legislation<\/h2>\n
Rethinking mortgage products<\/h2>\n