This month marks the 55th anniversary of the passage of the Fair Housing Act, prohibiting discrimination in housing based on race, religion, sex, disability, or family status.
Ateca Foreman, Simmons Bank’s Vice President of Risk Management and Director of Fair and Responsible Banking shares her industry insight for National Fair Housing Month.
Q: Can you share how the Fair Housing Act protects consumers?
The Fair Housing Act provides a pathway for consumers to obtain quality housing without fear of being treated differently based on the seven protected classes found in the Act, which are race, color, national origin, religion, sex, familial status, and disability. Since its passage, the Act has broadened its definition to ensure that people not only are able to obtain quality housing, but are able to attain affordable housing, and be able to purchase or rent wherever they desire. As our country becomes more diverse and inclusive, I am happy to say that the Act continues to expand. All persons are protected by the Act.
Q: From an industry perspective, how do financial institutions ensure customers are protected?
Financial institutions protect customers by ensuring that they stay abreast of the latest regulations changes, new laws and amendment changes from both the state and federal governments, and then applying those changes to its internal policies and procedures. Banks want the business of qualified customers. When assessing a person’s qualifications, banks are looking at determining factors that anyone would be eligible for, and not basing decisions on any prohibited basis such as race, color, religion, national origin, sex, marital status, age, income from public assistance, or good faith under the Consumer Credit Protection as well as the protected classes found in the Fair Housing Act.
Q: What resources are available for consumers to find out more about becoming a homebuyer?
Of course, I would recommend a consumer to explore Simmons Bank to read about our mortgage products and speak with an experienced Simmons lender about options that would fit the consumer’s budget. Additionally, the consumer should research in general, not just Simmons but other lenders to learn about competitive rates, the difference between closing costs and down payment, debt-to-income ratio, etc. Hopefully, after conducting exhaustive research, the consumer will return to Simmons as their option for financing. Additionally, there is the Arkansas Association of Realtist, the Arkansas Real Estate Commission, and Arkansas Development Finance Authority to name a few. As a first-time homebuyer, or even someone deciding to explore refinancing or embarking on new construction, it is important for the consumer to research and ask lots of questions.
Q: Can you share your industry experience and tell us more about you?
I know that people overuse the phrase, “It was destiny,” but my becoming involved in the industry really was my destiny. I grew up in public housing, but the apartment community in which I was raised, was not the stereotypical projects people think of when referencing public housing. The community was diverse in race, gender, traditional families, single-parent, families, senior citizens, and even an emancipated teenager. There was a beautiful gazebo on the property, where birthday parties were held, and even a playground that had a slide, monkey bars, and a merry-go-round. It was not until I was a teenager that I realized we were ‘poor’ as it pertains to material things. My family and I had summer vacations, and I participated in lots of activities. I enjoyed the friendships that I developed with my neighbors, and some of those relationships still exist today. Having a safe and fun environment to grow up in is extremely important to the social and emotional well-being of a child. Having affordable and quality housing for families to raise their children or to enjoy retirement statistically has shown to have positive impacts on one’s health. When I began my career in the housing industry thirteen years ago, I made it my mission to encourage families to use the assistance to provide a good life for their children and themselves, and to take opportunities to better their lives by eventually closing out their housing assistance cases, and being able to pay their living expenses exclusively on their own. As an adult, I have not had to use assistance to pay for my housing expenses, but I am grateful that those resources are there for those who need it. One of the proudest moments of my life was when I was able to purchase my first home. It was a new construction, and I found the perfect shade of yellow to paint my kitchen. After years in the public sector working to ensure that people have access to quality, affordable, and equitable housing, along with aiding in the prevention of housing discrimination, I am excited to work in the private sector and share my wealth of knowledge and making sure that Simmons continues the practice of providing fair and responsible banking products and services to its customers and potential new customers.