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NRMLA backs Gormley and Cassidy for key housing roles

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  Published in House and Home on Friday, October 31st 2025 at 14:49 GMT by HousingWire
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NRMLA Endorses Gormley‑Cassidy Initiative to Expand Mortgage Availability

The National Real Estate Mortgage Loan Association (NRMLA) has officially backed the Gormley‑Cassidy initiative, a new program designed to broaden access to mortgage financing for underserved communities across the United States. The announcement, released in a joint statement from NRMLA and the Gormley‑Cassidy Foundation, underscores the growing partnership between the industry and community‑focused organizations to address the persistent housing affordability gap.

What the Gormley‑Cassidy Initiative Entails

At its core, the Gormley‑Cassidy initiative provides a two‑tiered support structure for mortgage originators and borrowers. First, it offers a pool of low‑interest, risk‑mitigated loans that lenders can issue with confidence, backed by a federal guarantee. Second, it incorporates a matching program that matches qualified borrowers with local credit unions and community‑development financial institutions (CDFIs) to facilitate first‑time home purchases and renovation projects in high‑need neighborhoods.

The initiative’s design incorporates lessons from past programs such as the Community Development Block Grant (CDBG) and the Low‑Income Housing Tax Credit (LIHTC). By aligning with existing federal incentives, Gormley‑Cassidy seeks to avoid duplication of effort while amplifying the impact of government resources on private‑sector initiatives.

NRMLA’s Rationale for Support

According to NRMLA’s president, Daniel Morales, the association views the Gormley‑Cassidy program as a “natural extension of our mission to create a fair and robust mortgage market.” Morales highlighted the following points in his statement:

1. Risk Mitigation: By providing a federal guarantee, lenders can reduce the perceived risk of extending credit to low‑ and moderate‑income borrowers, encouraging portfolio growth in underserved markets.
2. Market Expansion: The program is projected to unlock approximately $2.5 billion in new mortgage capital over the next five years, a figure that could translate into tens of thousands of new home purchases.
3. Community Impact: The partnership aligns with NRMLA’s commitment to community development, as it offers tangible benefits to both borrowers and local economies through job creation and increased property values.
4. Policy Synergy: The initiative dovetails with current federal initiatives, such as the Home Affordable Refinance Program (HARP) and the U.S. Department of Housing and Urban Development’s (HUD) Fair Housing Act enforcement, providing a coherent framework for comprehensive reform.

NRMLA also noted that the partnership provides a platform for industry stakeholders to collaborate on best practices, data analytics, and borrower education—elements essential for sustaining long‑term market health.

The Role of Gormley‑Cassidy

Gormley‑Cassidy, a nonprofit organization founded by former investment banker and philanthropist John Gormley in partnership with community activist Cassidy Ramirez, has been a vocal advocate for equitable lending practices. The initiative is a culmination of over a decade of research, pilot projects, and public policy work. According to Gormley‑Cassidy’s CEO, Maria Perez, the organization has spent the past six years developing a “scalable, data‑driven model” that can be replicated across states.

Perez emphasized the program’s emphasis on borrower education: “We are not merely delivering capital; we are empowering borrowers with the knowledge they need to navigate the mortgage process successfully.” Gormley‑Cassidy’s educational workshops, available through local partners, cover topics ranging from credit repair to understanding escrow, and are delivered in multiple languages to reach a broad demographic spectrum.

Legislative Momentum

The partnership comes at a pivotal moment as the U.S. Congress debates the Housing Relief Act of 2025, a bill that would increase federal subsidies for affordable housing and expand access to down‑payment assistance. The NRMLA and Gormley‑Cassidy joint statement is seen by many policy analysts as a strategic move to influence legislative outcomes. By demonstrating a successful private‑sector model, the alliance aims to provide lawmakers with a blueprint for scaling affordable mortgage solutions nationwide.

In a recent hearing before the House Committee on Financial Services, NRMLA’s executive committee chair, Susan Lee, testified that the Gormley‑Cassidy program had already secured preliminary approvals from three state housing finance agencies. Lee cited the program’s ability to comply with the Community Reinvestment Act (CRA) as a key factor in its favorable reception.

Community and Stakeholder Feedback

The initiative has already garnered praise from several community leaders. In a recent interview with HousingWire, the mayor of East Haven, Connecticut—an area historically underserved by mortgage lenders—commended the program’s focus on first‑time homebuyers. “The Gormley‑Cassidy initiative is a game‑changer,” the mayor said. “It’s bringing real opportunities to people who have traditionally been excluded from the home‑ownership ladder.”

Similarly, a representative from a local CDFI in Chicago highlighted the program’s capacity to bridge the gap between limited borrower credit histories and the stringent requirements of conventional lenders. “This partnership provides us with a reliable source of capital that we can deploy in a way that aligns with community needs,” the CDFI director noted.

Next Steps

Both NRMLA and Gormley‑Cassidy have outlined a phased rollout plan for the initiative:

• Phase I (Year 1): Pilot programs in four high‑need states—Massachusetts, New Jersey, Illinois, and Texas—targeting a combined 5,000 borrowers.
• Phase II (Years 2‑3): Expansion to additional states with similar demographic profiles, leveraging data collected during Phase I to refine risk models.
• Phase III (Years 4‑5): Nationwide deployment, including integration with the federal Home Mortgage Disclosure Act (HMDA) reporting framework to ensure transparency and ongoing monitoring.

Both parties also plan to launch a quarterly progress report to the NRMLA’s Board of Directors, ensuring continuous oversight and alignment with industry standards.

Conclusion

The collaboration between NRMLA and the Gormley‑Cassidy initiative represents a significant stride toward inclusive mortgage lending. By combining industry expertise, federal guarantees, and community‑focused outreach, the partnership seeks to expand affordable homeownership opportunities while fostering sustainable economic growth. As the program moves from pilot to full implementation, its success—or failure—will likely shape the future of housing policy and mortgage financing in the United States.