MReport May 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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24 | M R EP O RT FEATURE A study by Fannie Mae found that the majority of appraisers are nearing retirement—49% are between the ages of 51–65 and an additional 13% are 66 or older. Jacob Williamson, VP Single-Family Credit, Risk Collateral Management, Fannie Mae, said, "We need a new generation to step in." Williamson said that just 7% of appraisers have been working in the industry for less than two years and 52% had been in the industry for 20 years or more. The current field of appraisers is also lacking diversity—75% of appraisers are men and 87% are white. Additionally, Fannie Mae states that just 27% of the housing in- dustry's workforce identifies as a racial or ethnic minority. Fannie Mae and the Mortgage Bankers Association (MBA) are looking to change that. The MBA and Fannie Mae, last year, partnered on the Future Housing Leaders program to promote diversity and inclusion in the housing finance industry. The partnership will connect Future Housing Leaders program participants with MBA member firms hiring interns and entry-level positions. "As we all know, diverse businesses do better financially," said Nancy Jardini, Chief Compliance and Ethics Officer, Chief of the Office of Women and Minority Inclusion, Fannie Mae. "They are better places to work. They benefit from a diverse set of viewpoints and financially do better, and we want to ensure for the future of the housing industry that we have a diverse population of students who are being exposed to opportunities within our industry and understanding what the possible pathways for them within housing and finance in the mortgage industry are." Jardini said she doesn't believe it is a lack of interest in the industry that is causing the lack of diversity, but rather a lack of awareness. She observed that the industry is trying to attract students who have never bought a house or been exposed to the opportunities that exist within this sector. "It's that they are not aware, and this program is designed to expose students to the various opportunities that exist in our indus- try and give them some experience to gain their interest in commit- Cultivating the Future Industry leaders are collaborating to show college students of all backgrounds the opportunities that a career in mortgage can provide. By Mike Albanese

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