New business unit to focus on Black and Hispanic prospective homebuyers
Southern Bancorp, a Community Development Financial Institution (CDFI), has tapped Jeremy Davis (pictured) to lead its mortgage business unit as president.
According to the bank’s press release, Davis will lead its mortgage company – which will serve as a standalone division under the Southern Bancorp umbrella – and expand its efforts in the retail lending space. The new division will be based in Arkansas and serve additional communities in Mississippi and other states in the Southern region.
Southern CEO Darrin Williams commented: “The expansion of our mortgage business, with a particular focus on reaching Black and Hispanic prospective homebuyers, aligns with our efforts to help close an approximate 30-point homeownership gap these minority households face when compared to White households. In order to address this long-standing and systemic challenge, we needed a leader with a proven track record of providing affordable and responsible mortgages and homebuyer education to first-time homeowners.”
Davis brings over two decades of experience in the mortgage industry and as an advocate for advancing financial equity in under-resourced communities. Before joining Southern, he was the president and CEO of InQlusion Mortgage Capital – a diversity-focused home lending company. Prior to InQlusion, he served as director of mortgage at FirstBank.
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“Jeremy hits the mark perfectly, bringing extensive experience in both building and operating successful mortgage companies focused on minority communities, as well as a passion for this work that we believe will be key as he builds a team of like-minded lenders to serve communities across the South and Mid-South,” Williams added.
“I am honored to join the Southern Bancorp team and to be part of this endeavor to expand our mortgage footprint,” said Davis. “Homeownership is one of the most important ways for families to build generational wealth, and Southern Bancorp has, for decades, been working to bridge long-standing gaps in the homebuying industry. By expanding our reach and impact in this field, we can further those efforts and help even more families realize the American Dream.”
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