Home Mortgage Alliance Corporation: Bringing Equality to Homeownership

Owning a home is a luxury that many people may never have the opportunity to enjoy. Homeowners are fortunate enough to enjoy privacy and security and are given a chance to build equity. Although having a mortgage may seem like a burden, those payments will lead to a day when that home becomes free and clear. The benefits are undeniable, but what happens when individuals struggle to access credit in order to buy a house? That is the situation for 22% of Americans who live in communities that are either unbanked or underbanked, leaving would-be homeowners without financing. The mortgage industry’s leaders are working hard to change this, 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 has agreed to speak to us about why HMAC has chosen to join the movement of bringing more credit options to underserved communities and how she believes HMAC is making a difference.

“I deeply believe in helping other people,” Hanan says, reflecting on the journey to starting HMAC. “It’s one of the things I love most about America. When I immigrated to America in 1991 from Egypt, 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 anyone that she could. “I was so eager to learn about people’s lives. It becomes a challenge when you don’t speak the language because you’re forced to live a bit of a superficial existence. As time went on and I really started to dive into the community, I was able to understand those around me. I was shocked to learn about the common struggles a lot of people were facing, 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 as compared to other countries, so many people could not find access to adequate financial institutions. This made it hard for people to take care of their families and provide dignified, safe housing for them. I was so surprised to learn that many people did not even have a checking account let alone access to home loans. Despite deeply wanting to become homeowners, they just did not have access to credit. They were being sucked into a generational cycle of poverty.”

The solution, Hanan felt, lay in mortgage lending. “We saw a key opportunity to rethink the whole industry. We wanted to open it up to underserved communities nationwide and provide assistance to those individuals who had historically struggled with accessing credit,” she recalls. “I learned everything I could about mortgages and really took the time to become well-versed in the field. My husband is a genius in this industry so it was so nice to have him guide me when I felt lost at the beginning. 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 devote our careers to service, so we partnered with Rami Elmasry, a mastermind in business development and compliance risk analysis. The three of us brainstormed and created a vision for HMAC: we would help millions of underserved people access credit for their homes and ensure that anyone could access financial literacy education resources.”

Since 2013, the company has been working with community-minded individuals to enhance economic and homeownership opportunities for African Americans, Hispanic Americans, and low-to-moderate income individuals throughout the country.  HMAC has expanded its offices to over fifteen states. “We are growing fast,” Hanan confirms. “We are licensed in over 45 states, and as we educate more people about  home loan options, we are seeing increased interest in homeownership. We are thrilled to be accomplishing exactly what we set out to do.”

The mortgage lending industry, Hanan believes, has a strong and promising future. “However, just like every industry, there is definitely room for improvement, especially in the communities that are served. America is the greatest country in the world, and we certainly have the manpower to change the systemic inequality that we have seen throughout history. As mortgage bankers, we dream of a world where that inequality will dissipate into thin air. We are focused on the underserved community because we believe that is the only way to truly make a change.”

Hanan says that HMAC has launched a specially designed program that focuses on providing financial literacy education courses to anyone from Pre-Kindergarten through Adulthood. “The company’s goal,” Hanan states, “is to eradicate generational poverty in America. You cannot 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 those papers and know that they can now afford a house for their family, it completely changes their countenance. The joy on their face is unforgettable, and HMAC is thankful to be there to witness it.”

Home Mortgage Alliance Corporation (HMAC) is a full-service lender that has provided over 1M people with the opportunity to achieve financial stability. HMAC is a Fannie Mae and Freddie Mac approved seller/servicer and is able to deliver 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.