Joining us for this episode is special guest host Elyse Mitchell, MGIC's Vice President of National Accounts. Elyse interviews Lenny McNeill, Executive Vice President of U.S. Bank Home Mortgage. Lenny has more than 35 years of service in the finance industry and has held executive and senior leadership roles in both banking and mortgage. His knowledge and expertise in sales development, multicultural lending strategies, and implementation allow him to address housing, sustainability and affordability issues on a national level.
In this episode, Lenny shares:
Thanks for listening to Mortgage Connects, an MGIC podcast. If you have questions, comments, or want to get involved, send an email to mortgageconnects@mgic.com.
Looking for even more expert insights? Check out our mortgage industry content portal, Mortgage Connects knowledge hub. Subscribe today so you don't miss out on the latest! Subscribe
Joining us for this episode is special guest host Elyse Mitchell, MGIC's Vice President of National Accounts. Elyse interviews Lenny McNeill, Executive Vice President of U.S. Bank Home Mortgage. Lenny has more than 35 years of service in the finance industry and has held executive and senior leadership roles in both banking and mortgage. His knowledge and expertise in sales development, multicultural lending strategies, and implementation allow him to address housing, sustainability and affordability issues on a national level.
In this episode, Lenny shares:
Thanks for listening to Mortgage Connects, an MGIC podcast. If you have questions, comments, or want to get involved, send an email to mortgageconnects@mgic.com.
Looking for even more expert insights? Check out our mortgage industry content portal, Mortgage Connects knowledge hub. Subscribe today so you don't miss out on the latest! Subscribe
Concepcion:
So welcome to mortgage connects by MGIC bringing you the latest insights from top mortgage professionals around the industry. I'm your host Concepcion Guerrero. And joining me today is a very special guest host for the day MGIC's vice president of national accounts. Elise Mitchell Elise, be doing the honors of interviewing our special guest for today. Elise, take it away.
Elise:
Thanks Concepcion. It is a privilege to introduce today's interviewee Lenny McNeill with more than 35 years of service in the finance industry, Lenny has held executive and senior leadership in both banking and mortgage. His knowledge and expertise in sales development, multicultural lending strategies, and implementation. Allow him to address housing, sustainability and affordability issues on a national level. As a member of the us bank, home mortgage executive leadership team, Lenny leads a team that applies advanced market and to enhance affordable home ownership programs throughout the country. Lenny has also been named in black professional and sevo magazine as one of the most influential 100 African American executives in corporate America. He is the immediate past chairman of NAREP corporate board of governors and has board affiliations with aria and NAREP. Lenny welcome. That's a lot to throw out there. I personally, before we get started, I personally wanna thank you for taking time with us today to be a guest speaker for our podcast and full disclosure for all of those listening US Bank and MGIC, our long term business partners. And I am very fortunate enough to be us bank national account manager. I'm I'm also on the leadership team for MGIC. So I'm professionally and personally, so vested in, in today's conversation. So Lenny, I'm just, I'm grateful for your participation. Well, thank
Lenny:
You, Elise. I really appreciate you having me.
Elise:
Well, I'm just gonna jump in head first. Are you ready to join me? Let's do it. All right. First question, us bank is one of the nation's top lenders with a focus on development and implementation of an affordable lending sales process and enhanced products catering to a very diverse client base. Can you tell us why it's so important that companies, organizations, and lenders have a diverse perspective, especially when it falls within the home ownership process?
Lenny:
Well, I think it's important to have a diverse perspective when you think about home ownership because it's just like anything else in today's environment. If you have any type of growth strategy whatsoever, if you are obviously building an infrastructure within your company to have success of any kind that usually means that there's a growth initiative and with a growth initiative, that means that you obviously have to find ways in which you're going to grow your or business in this particular case. As we talk about home ownership, the ability to grow our business is based on home ownership. And the last time I checked home ownership is something that is made available to everyone, whether you are black, brown, white, it doesn't, it matter whether you're male, female old, young, the privilege. And I will use that word cuz it's a very, very monumental opportunity to be a homeowner. But the privilege of owning a home is something that should not be denied on the basis of any of those things that I just mentioned. So the reality of it is, is that when you take diversity into consideration, not only are you doing some good in certain communities, you are doing good in all communities, you are affecting the way that they live. You are affecting their futures. You are affecting generation after generation and at the end of the day, whatever company and whatever organization you represent, you have done your part to obviously stimulate growth. And that's what it's all about. So, you know, diversity is that trigger is that, you know, connector, if you will, when you talking about the home ownership process and anybody that wants to have any type of success in this space, better recognize that that has to be paramount. That has to be number one.
Elise:
So it's not just a business imperative, then there's, there's a moral imperative to it as well because it's not just about owning the home, but all of the benefits that come from an individual and a family when they own a home.
Lenny:
Well, absolutely statistics have absolutely proven the impact that home ownership has not only on families and not only on generations of families, but on neighborhoods and communities and cities for, for that matter. It has a way of stimulating a level of positivity, you know, the concept of owning something home ownership, and that in itself is a powerful word in itself. And, you know, think about all of the things that come from that. Obviously you, I mentioned neighborhoods and, and clearly within the neighborhoods, you have businesses, you have schools, home ownership has a way of stimulating all of those things and you know, why not give everybody that opportunity? Why not give everybody that privilege of being able to be a part of something that not only is, is good for that moment, but good for the long term.
Elise:
Absolutely. And speaking of communities and neighborhoods last year, us bank launched the us bank commitment approach with the overall focus on increasing home ownership, education as one of the goals. So can you share with us more about this commitment and how it plans to help racially diverse communities?
Lenny:
Yeah, well, the us bank access commitment was obviously a program that was implemented by the organization to really touch on various areas of the bank, whether it's small business, whether it's mortgage and it was our commitment to make sure that, you know, not only do we connect into these communities, but we have a significant impact. Well, one of the things that that I was personally involved with was access home. This happened to be the, the leg, if you will of the overarching program, access commitment program, where we focused on delivering home ownership opportunities in five pilot markets, we made the decision that we wanted to target these five markets. And those markets were identified not by just luck or, you know, pulling a name out of hat, but we did some pretty extensive research in determining, you know, where we would have the most opportunity for impact those areas where the percentage of black home ownership was was down. So it gave us an opportunity to target a segment that for many, many years has been unfortunately overlooked and underserved and the disparity gap just continued to grow. And this is one of the reasons why we felt that access home was going to be significant education, certainly played a very key and instrumental part of that decision because you know, one of the things that history has shown is that, you know, what the, what was being experienced in the black community, wasn't anything new. We're talking about things that have been going on you know, back into the 18 hundreds, quite frankly, you know, when, when slavery was legal. And that was a time in which, you know, slavery prevented blacks from having wealth or being able to even consider having any type of wealth. And then there were several other things that, that came about, you know, historically that you know, became hurdles for individuals in the black community, whether it was, you know, the housing act of 1934 or the social security act of 1935 or even the GI bill of right, which many people don't realize was something that believe it or not left a lot of black Americans from out of the ability to gain their benefits. And then of course, you know, the civil rights act kind of came along and it was put in to place you know, quite frankly to then say, okay, well now we can have a certain situation where maybe there are those who have a desire to, to better themselves and to have a different outlook on life. They were prevented from that because of all the restrictions that were a part of that. But then, you know, obviously we fast forward to 1968 in the fair housing act. If you think about that timeline and what transpired in that timeline, it, it's pretty easy to understand, you know, how many obstacles had to be overcome, how many you doors that were closed in the face of so many. So that's why we just felt at our organization that we really wanted to do something in this space of access home, where we could hopefully stimulate individuals with education with additional knowledge, not only just to eventually do better, but to know better, to know the home lending process, to understand what it takes to be a homeowner and put themselves in a better position where they don't have to depend on getting that knowledge from someone, someone else. And then of, you know, using that knowledge to hopefully progress them to a point where they can and will become a homeowner. And this program is something we're extremely excited about. Matter of fact, we're excited about access, commitment as a whole, but on a personal note, I'm excited about the home ownership aspect. It will stimulate so many other lines of business, whether it's small business, whether it's banking whether it's in the well space, we're just excited in general. And we think it'll do a lot of good
Elise:
For a lot of people. And there's been a lot of hard work going into that. And so I'm, I'm pleased that I think the rollout of that was last year, correct?
Lenny:
That is correct. Mmm-hmm, you got it.
Elise:
Well, we talk a lot and I think a lot of a lot of lenders talk a lot about what we think are possible solutions to combat the challenge of the lack of home ownership within diverse communities. But what do you really think the root of the problem is?
Lenny:
Well, I would answer that in a couple of ways. First and foremost, I and I hate to sound like a broken record, but I do think education plays a significant role and I, and I don't want to have anyone misunderstand when I use the word education I guess maybe the appropriate word, maybe knowledge as it relates to the home ownership process. You know it's, it's sad when even today I am in the field and I am confronted with things that just aren't true, you know in the fact that there are those who still believe you have to have 20% down to buy a home. And that's exactly what I'm talking about when I say education. And it's like, we are long past the point where that type of information should be dispelled. Nobody should even think that anymore, but yet, and still here we are in 2022. And that, that statement still resonates in many communities and on the minds of many individuals, which is a travesty, and the only way that you can change that is take it upon yourself as an individual, as a collection of individuals or as a company and go out in these communities to make sure that the information that is given is correct. And one thing I know for sure is that individuals in these communities want that knowledge. They absolutely want that knowledge and that information and that education, they want it because who wouldn't wanna be in a position where they have the ability okay. And the knowledge to be able to make these choices and make these decisions and know what's right for them. If you think about some of the things that really contributed, you know, to all of the bad times that we've had in, in history, as it relates to home ownership, much of it was caused because we had individuals who were taking programs and loans and things that let's be honest. They really didn't know, and they really didn't understand. And, and they became not only victims of those programs, but they became victims of those who were giving them the information. So I think that is a significant part of the problem. The other one, quite frankly is affordability. I mean, let's be honest. I mean, that, that is a significant part of the challenge when you think about home ownership and that just has to do with being able to find affordable homes for people to be able to purchase. And the good news is, is there are several different initiatives that are going on today that are put together by some very, very prominent organizations where individuals like myself and many of my peers, we, we have a platform in which we can get on and have these discussions, and then not only, you know, create theory and opportunity, but really to just get to the grassroots of these issues and have these discussions centered around what can we do you know, to obviously widen, you know the opportunities as it relates to home ownership, what can we do to impact this concern about affordability? What can we do to make sure that education is at the forefront of every conversation that we have with these folks in these communities? So I'm very excited about where we are today and what we are doing today, but let me be very clear that this is only a beginning. It can't stop where it is today. This is something that has to be ongoing. We continue we to continue to push, and we have to continue to make things happen because you know, like anything else, you know, this is a route that goes deep into the ground when you're talking about these problems. So we're gonna have to dig deep and somehow find a way to dig these roots up and start all over. But we certainly have the potential to do that.
Elise:
Yeah. I hear you on the affordability front, because it has become such a, such a bigger issue over the last several years. And it's interesting when you talk about not having 20% down, obviously you're speaking my language here because anybody at MGIC is happy to help to spell that myth. We're, we're happy to, we're happy to join in on that parade. So I'm gonna dig a little bit deeper here and narrow the focus because it's black history month and I'm gonna narrow the focus to the black communities. So the same question, but what would you say their biggest struggle is to obtaining home ownership and what can lenders do to help?
Lenny:
Well, I think a lot of the things that I mentioned would, would kind of fall in the same category. I mean, I think education still remains at the top of the house, but, you know, I've always been at the bully that and I know this is going to sound very simplistic in terms of statement, but I've often said that, you know what you can't be it unless you see it. Yeah. And that is, and it's kind of a two prong statement, right? So what I mean by that is if I'm in a community and, and I am obviously one that wants to one day achieve the dream of home ownership, right. I mean that is my, that is my B right? That is, that is, that is what I hope to want to one day accomplish, but I have to be able to visualize it. I have to be able to see it as something real, something, something not only tangible, but something that's reachable. And I think a lot of that just has to do with kind of dispelling all of the history, dispelling all of the myths, dispelling all of the obstacles, doing whatever it takes to make sure that there's an establishment in the community, again, of trust and reliability. And of course, you know, making sure there's credibility as well. And, and so now on the flip side of that, you know, the same goals for those of us doing the work, right? You can't be it if you can't see it. So, you know, a lot of times, you know, from the employer standpoint, there are a lot, lot of wonderful ideas, conceptually, a lot of wonderful discussions that take place, you know, in the, the confines of an office or in a boardroom. But they don't do you any good unless you take them into the community and sit down with community leaders and you sit down with heads of nonprofits when you sit down and obviously communicate those ideas and those strategies, you know, for one reason you wanna do it because as I said, it's a chance to reestablish credibility and trust, but more than any, anything else, it's an opportunity for you to determine whether or not your way of thinking is the right way of thinking. Because if you don't seek that feedback, if you don't seek that information, you may as well be playing darts in the dark. You know, I mean, it's, you may or may not hit something and you, you may hit the wrong thing. So I think it's, I think it's very important for us to, you know, make sure that whatever we are doing is obviously not only communicated properly, but communicated to the source and making sure the other thing is, you know, what, if you, if you're serious about, you know addressing the issues in the black community you know, there are certain things that should be obvious, but let's face it. Sometimes it takes a little work, it takes a strategy and that's okay. But follow through. So, you know, doing what you can to obviously address the needs of diversity on your teams make sure your workforce is diverse, you know, because if you're gonna go into these communities, there needs to be the cultural connection, the, a cultural understanding, you know, so, you know, things that are being communicated, you know, are understood. So you need to do what you can to make sure you address that. And whether that's on the origination side or whether that's on the appraisal side, whatever the case may be you know, each organization needs to have a strategy to address that because I think in the long run that is going to help things in the black community. And then last but not least, you know, like anything else. I think it's extremely important for each organ to have a comprehensive plan, a comprehensive strategy to address this need. The disparity that exists did not happen overnight. I mean, this is something that has grown over the course of the last 50, some odd years, right? So to think that something is going to change quickly is just not true. It's going to take each and every individual it's gonna take each and every organization to have a strategy, to have a plan to have a goal to clearly address this need. And if everyone does their part on, I do believe that we will see success very quickly, but unless we have that it's gonna be a challenge and I'm, I'm glad we've stepped up and come up with a plan to address it. But let me be very clear. It's going to take much more than us bank to do that. But I'm very, very proud that we are we're out there and we're trying to do our best to to change the outcome.
Elise:
Well, and to your point that the conversations are taking place in boardrooms and in offices, but if we're not taking it back to the communities, it doesn't do any good because we all all see things through our own lens, but we really need to look through the lens of those people that are being impacted in order to find those solutions. So great point us bank is a big supporter of NABI and NAREP. Why do you think it's so for lenders to partner and to support organizations that foster diversity and inclusion within the mortgage industry?
Lenny:
Well, you know, the truth is I think we just answered that Elise, you know, because, you know, if you really want to make a difference, you've gotta get connected with the community. And, you know, these organizations, these, these trade organizations have done and are still doing phenomenal work. And the work is at the center of these communities. I mean, that's where are doing their best work, where they're unifying, you know, and the, from a messaging standpoint, they are delivering a message of, you know, working together for the same cause and hopefully getting a better result. And if that's not what you wanna be a part of, then you clearly are missing something. So it is extremely important for us to not only engage but to find a platform in which we can support each other. And I'm very proud of what we've been able to accomplish at our organization. As you mentioned, I have had the pleasure of serving on several boards to make sure that, you know, us bank has a voice, has a seat at the table to be able to be a part of the solutioning to listen very closely, to understand what's being communicated in the communities. So we can use that information maybe to redirect or redirect depending on this, the circumstance. We can never allow ourselves to become so disconnected that we're missing the main source of information. And these are organizations understand it, they get it, they offer an opportunity for us to engage with them, to partner with them to establish relationships. And I gotta tell you for, for organizations like this and the ones that you have so eloquently mentioned you know, I've dealt with them for 20 plus years. And the leadership there is second to none. And they just do a phenomenal job of making those introductions and opening those doors for institutions like ours to go in and connect immediately. So I applaud them for that. And I appreci for that as well.
Elise:
No one goes through it alone right together. We together we can make the difference here. Right.
Lenny:
Well, you know, you're right. It's, it's we we've actually chosen a business. When you talk about home ownership where if you are of the mindset that you, you can do it on your own you're you're, you're probably not doing something right. And that's a sad state of affairs. So, you know, we're, we're all in this thing together, whether it's the relationship that, you know, us bank has with MGIC or whether it's the relationship we have you know, with NAREP or, or NABA or any of these other organizations, the bottom line is, is, you know, everybody in these organizations and that these institutions has a common goal. And that common goal is to do whatever we can in our power to create home ownership for people who long for it. And you know, being able to do that as a unified group, man, that just, that just makes us much more stronger and much more impactful.
Elise:
Well, it's my privilege to be a part of that group with you. So thank you. Thank you. Of course. All right. Now I'm gonna, I'm gonna shake it up a little bit and get a little personal with you. Are you okay with that?
Lenny:
Well something tells me I probably don't have a choice, but let's go ahead do this.
Elise:
Okay. So while I was stalking you preparing this interview, I read an interview about you when you were 11 years old and your parents were trying to buy a house and you described it as the very first time that you realized that you were different. So share with me how you felt at that time and how that experience, or that feeling has inspired and or motivated you to make a difference.
Lenny:
Wow. Okay. I get to really live this one again. Okay, well, you know, I will tell you that that was that was a very, very, very interesting time in my life. And it's very vivid as if it happened yesterday, but just to give you some backdrop you know, my, my father and I will still say to this day is truly my hero. My father, you know, got out of high school early fifties you know, and as a black man at that, at that time you know, he was a pretty good athlete and had an opportunity to go to a college to get his degree, but the family his parents were on some hard times. And the only choice for him then was to join the military to help the family. And, you know, here he is you know, fresh into the Marine Corps and they shipped him off to Korea. And I will tell you that, you know, during that time as a black man in the military, there were certainly challenges. And we don't need to go into all of the challenges, but let's just say there were many challenges, but, you know, but my father did what he had to do to, to take care of his family. And and because of that you know, the family was able to recoup and things got better. Well, shortly thereafter, you know my fast forward to when I was born and raised by my mom, my dad, we moved around a lot and what I didn't understand. And later on when I made that statement about, you know, I really discovered who I was early on. I remember going from base to base and when my father would show up to report for duty I can remember them sending my father to another entrance. Didn't know why I later figured that out, but there was a special entrance even for the military black military that they could only enter the base through a certain. And we had certain housing on base. There wasn't even a choice. And, you know, I didn't, I thought that was the way it was, it didn't Dawn on me. Well, move forward to when my dad was ready to buy home. Of course in those days there, the realtor wasn't an option <laugh> you kind of just did this based on who, you know, and you know, so my father found a house and was trying to buy it and they wouldn't let him buy it. And I remember my father and mother having that conversation. And you know, my dad was very upset and and by then he was getting ready to head off to Vietnam and he was trying to, secure a home for us and just struggle to do it. And at the time someone had given them some advice that, Hey, if you really wanna buy a house, go over to this neighborhood you won't have a problem. And that's that ultimately, that's what we ended up having to do. And it's funny because on the way we ended up having to rent a home for a few moments for a little while, a few months. And I remember we came home one night and a lot of our personal belongings were gone. And there were some very heartwarming words written on the wall. <Laugh> needless to say, we ended up moving very quickly into this home, into a different neighborhood, which was the acceptable neighborhood for us to move into. And honestly, up until that time, I really didn't understand the concept that I was black. I mean, I knew I was black, but I didn't think I was any different than any anyone else. But all of those experiences that had happened with my dad in the military that had happened with looking for a home, all of a sudden, they all came together. And then I realized that, you know, I am being treated or we are being treated differently because of the way we look, it hit me. And that became kind of an awakening for me. Because no matter what I knew that whatever consequences went along with that were gonna probably follow me the rest of my life. So I had to quickly decide how was I going to cope? How was I going to address it? Now, my father was getting ready to leave. I was going to quote unquote, become the man of the house while he was in Vietnam. But those are the things that just bothered me because it dawned on me is like, here's my father. He fought for this country in Korea. He fought for this country in Vietnam, but he comes back and could not buy a home for his family. That didn't sit well with me. And that a very early age, I sort of I don't know, I guess I became this, this kid that wanted to be an overachiever. And I, and it was because I felt that's what I had to do to get the same, you know treatment or to be, you know, viewed on the same even playing field. And I felt that that was what was necessary. So that was sort of my eye opening awakening, if you will. It really started with my, my father. And, and look, I now look at myself as a representative of so many whose stories are similar if not identical you know, and I think of the struggles that my father went through it. I mean, you know, working extra jobs and that type of thing, but man, it's like, wait, you can go and die for the country, but you can't buy a house in the country. But that was just real. So today I've sort of captured all of those experiences that I've dealt with personally, as I've grown up as I, as I've met, whatever challenges that I have had to meet and overcome, I've taken all of them and said this is my platform. This is my opportunity to give back and to perhaps be the voice for those who have somehow along the way, lost theirs. Either on their own because they're so frustrated or because it's been taken away and it gives me a chance to represent and fight and obviously give back. And a matter of fact, I mean, I think it, it, it has something to do with, you know, the whole legacy concept and perhaps leaving something or leaving a situation better than which you've found. It, it, and that's sort of what my mantra has been as I've been doing this for all these years and I wouldn't change it for the world, I would not. This is clearly something I'm passionate about. And a friend of mine once told me that, it's like, you know, if you were a priest or a minister, it's like, you know, the interesting thing about it is, is that it calls you and this has called me. So therefore I will continue to do it as long as the good Lord keeps me, you know, alive and well and able to do it.
Elise:
I'm certainly glad that this is a podcast and not a video because my mascara's running right now. So it's just such, such injustice with your dad when all he wanted to do was desperately take care of his family so that he could leave and go fight for his country again. So just a, I, I'm glad you you took that and made a positive out of that situation and, and listened to the calling to be able to get you where you are today, so that you could inspire others. I have one final question for you. And I think it's kind of related to what you just said. There's a quote, and you mentioned this in another interview that you did, and you said if you've lived, but all you've ever done is live, then you really haven't lived. What does that mean to you?
Lenny:
Basically, you know, we, we are all extremely blessed to be able to live a life on this earth. It's a blessing. But at the end of the day, if all you've done personally is live your life. Then you know what, you you've lived your life with the wrong purpose and the purpose should be to have an impact on other lives to give back. So that's what I mean by if you've lived, but all you've ever done is just live. Then you haven't lived. I mean, living to me is the whole experience and being able to make sure others have that same experience that should be what's all about. And that's why that quote is so important to me. It obviously motivates me more than, you know you know, because I there's, there's another one that kind of goes with that, that I also have kind of adopted where it says, you'll never know the importance of a moment until that moment becomes a memory and that one is powerful because it's like, look, we have the opportunity to wake up every day and make a difference. Either are in our own lives or in someone else's, we, we get that chance every time we are privileged to wake up. So, you know, this is about obviously a lot of moments, you know, a lot of moments we have the chance to do, just connect the dots with a lot of moments and, you know, it's important that we take advantage of those moments because I'd rather take advantage of those moments before they become memories. So I think it's all good for us to put in the work while we can, and Lord knows we still have a lot of work to do <laugh>
Elise:
Yes, yes, we do. I dunno if it's appropriate for me to say that, but I can. I think we should all just say amen right there. So thank you for that. Lenny, honestly, you're you're or presence in your words of wisdom, help magnify the business imperative of knowledge and education and diversity in the housing market and in the workplace, but honestly most importantly, the moral imperative in life and how we should live our lives. So I just wanna thank you again for spending moments with us today and sharing your story with us. Thank you. I hope you'll come back sometime.
Lenny:
Well, thank you, Elise, for the opportunity. And I really enjoyed the conversation and, you know, hopefully we have a chance to connect again in the near future and maybe even share some of the successes, you know, that we hopefully will be able to garner as we continue to do the work we do.
Elise:
Thank you so much. I love it. I love it. Thank you so much and Concepcion, it's back to you.
Concepcion:
Great. Excellent. Thank you. Thank you, Elise. Thank you. Lenny, once again, for being part of our podcast channel, if you're looking for all the latest industry insights, describe to mortgage connects on apple, Stitcher, Google podcast, Spotify, Amazon music, or simply go to mortgageconnects.com.