MReport September 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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Page 23 of 67

22 | M R EP O RT FEATURE D iversity, equity, and inclusion are some of the most widely used terms today, both in and out of the workplace, and for good reasons. According to a Deloitte research study, over a three-year period, companies with a diverse set of employees noticed a 2.3x increase in cash flow, not just overall, but among individual contributors at the company. Coupled with McKinsey & Company's 2018 Delivering Through Diversity Study, in which 43% of companies with diverse boards noticed higher profits, it's impossible to ignore the significant impact diversity has on businesses around the globe. Surrounding ourselves with people from different countries, back- grounds, creeds, and gender identi- ties allows us to see life through their eyes and gain an understand- ing of the differences everyone can bring to the table, whether that's in a boardroom or family dining room. As it relates to the mortgage industry and with all the statistical information at our fingertips, it's also important to ingrain diversity throughout each step of the home- buying process. The benefits of di- versity for the industry, employees, consumers, and local community are invaluable. Diverse individuals who represent all communities will be able to challenge past norms and drive better business outcomes that serve borrowers more equitably. A Wealth of Perspectives W hile progress has been made in making the mortgage industry more diverse, we still have quite a way to go. Zippia's data science team conducted extensive research and analysis to better understand the breakdown of the demographics in mortgage under- The Face of the Familiar Here's how diversity in the homebuying process benefits minority consumers. By Madisyn Rhone

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