Foundation has impacted thousands of lives since starting out in 2011
The tragic recent passing of industry icon David Stevens (pictured below), former president and chief executive officer of the Mortgage Bankers Association (MBA) saw tributes flood in from all corners of the mortgage space – with Stevens’ tireless work as co-founder of MBA’s Opens Doors Foundation among his lasting legacies.
Stevens launched the foundation in 2011 alongside wife Mary and fellow MBA member Dan Arrigoni to help keep families with critically ill or injured children in their homes while treatment was ongoing – and it has subsequently impacted almost 16,000 families across the country and produced a blockbuster figure of over $25 million in housing assistance.
Current Opens Doors president Deborah Dubois (pictured top), who has served in the role for the past six years, told Mortgage Professional America it had been “phenomenal” to see the organization’s rapid growth since its establishment.
She described the foundation’s work as a reflection of the true essence of the mortgage industry and its purpose for Americans and their families.
“I think when people look at what the foundation does, which is to provide mortgage and rental grants to families with critically ill children who are in danger of losing their homes, it’s sort of families over files,” she said. “It brings home what the true heart and soul of the industry is.
“The real estate finance industry itself has gone through so many changes and had its ups and downs. But one thing that has remained a constant is the industry’s commitment to families – and you can see that as evidence in their investment in Opens Doors.”
The foundation has emerged, in Dubois’ view, as something of a “charity of choice” for the industry – “because it lies at the intersection of what they do personally and professionally.”
Partnerships, fundraising continue to blossom
Starting out with one children’s hospital as a partner and helping 37 families in its first year in existence, the foundation now partners with 13 children’s hospitals and worked with more than 3,300 families last year.
Opens Doors launched its annual charity wine auction in 2019 at an MBA Chairman’s Conference in Napa when CMG Financial’s Chris George served as MBA chair and on the foundation’s board of directors – and while it had to pause that annual industry engagement in 2019 during the pandemic, it returned with a bang in 2021 by raising $112,000.
Last year, that figure surged to over $234,000, with the target for the 2024 event (scheduled for June 11 in Santa Barbara, California) pencilled in at $250,000.
The foundation also partners with Lennar Mortgage, whose annual Lennar Derby each spring raises roughly $100,000 each year, and Radian Guaranty, which raised $216,090 in 2022/23 through its Radian Opens Doors Opens Hearts initiative in conjunction with the MBA Annual Convention.
Pulte Financial Services runs several events throughout the year while NationalMI puts forward $0.24 for each new loan insured in 2024 and routinely raises over $25,000 per annum for the foundation.
The June conference, meanwhile, will also see affinity groups including mPact, the MBA’s young professionals network, and state associations including NJ MBA host a fun run in support of Opens Doors.
For Dubois, a national focus, which sees Opens Doors involved with hospitals in eight states across the length and breadth of the US (plus DC), is “absolutely critical” to helping make a real difference.
“I think when you talk about families with critically ill children, it doesn’t stop at any state border. And some of the states that we’re in have really seen some of the families challenged beyond belief – rents are high, mortgages are high,” she said. “Those are states and cities where Opens Doors has been able to make a really, really big difference.”
Making a difference in trying times
The foundation anticipates helping roughly 2,400 families with $3.6 million in support this year, with Dubois noting that its work in a present climate marked by affordability struggles and high borrowing costs has been especially appreciated.
“I can’t tell you how many times we get a ‘thank you’ email or voicemail from a family that received the grant,” she said. “This one is a particularly telling story: we got a ‘thank you’ letter from a family that told us they had placed the letter letting them know they had received the grant in their son’s baby books so that he would know the kindness of strangers as he grew up, and the strangers that helped his family.
“So for the families that are struggling, it’s enormous. It’s transformational for them. We provide that [solution] that gets them through a crisis. And for that, we’re very proud. We’re very excited and happy to do it.”
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