FB Financial’s FirstBank Invests in Fintech Zippy to Boost Affordable Housing Access

MSN

• FirstBank, owned by regional lender FB Financial (NYSE:FBK), is investing in Zippy, a fintech firm that offers digital manufactured home loans, to increase access to affordable housing, it said Wednesday.
• Many Zippy customers seek to access loans for relatively affordable community-sold homes in master-planned communities. The company’s presence ranges across nine states with plans to more than double its footprint in 2023.
• The move comes at a time when housing affordability has been hampered significantly by high mortgage rates and home prices.
• “This partnership will make buying a home possible for many new individuals and families,” said Wade Peery, chief innovations officer at FirstBank.
• At around this time last year, private equity giant Blackstone (BX) formed a portfolio company to create affordable housing across the U.S.