TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1481918
26 | M R EP O RT COVER STORY vision, and strategy and keep them focused on how best to compete for our customers every day. While it's tough right now, we're going to continue to push through. It's optimism. It's tenacity. It's grit and passion. I believe deeply in my team and the work we are doing to serve Wells Fargo customers. It's about motivating them through this time but also keeping them focused on the core work, which is our mission, vision, and strategy, and how to keep delivering those results. Who are the mentors who have been instrumental in shaping your career? I 've had so many great mentors in my career. I've been very fortunate in that way. One of the leaders was Dan Mudd, who was the CEO at Fannie Mae. Dan was a Marine, so there was an incredible followership that Dan engendered in his leaders because it was about camaraderie, integrity, honor and the belief that we are better together. That was something I took from him. As a leader, I subscribe to the "servant leader" philosophy. I am nothing without my team. It's about build- ing the best team around me and working side-by-side with them to achieve our goals. Could you speak about the challenges of being a Black, woman leader in a predominately white, male- dominated industry? What have been your challenges, and how do the lessons from those experiences give you insights into helping Wells Fargo address issues such as minority homeownership gaps? T here's no question, this is still a very male-dominated indus- try. This year, being the Chair of the Mortgage Bankers Association, I'm the first Black [person] and only the fourth woman in the 108- year history of the organization. So, on one hand, I'm proud that I'm the first Black [person]. We've achieved that now, and once you have one, then it makes the next one easier. So, I do think that we've made progress, especially for women in the last 20 years. I think the trajectory is strong, but there's so much more work to be able to do. I have definitely faced challeng- es but I've been very fortunate in my career to have had great mentors who saw potential in me and gave me opportunities to be able to grow and shine. I try to use being the only woman and the only Black [person] in the room as my advantage, because when you're the only one in the room, you stand out. So, you might as well stand out through contributing in a meaningful way that people will take notice of your contribution. I'm willing to take risks, and I think that has contributed to my success. As to the second part of your question, I am, similar to my MBA role, the only Black woman leading a national mortgage com- pany. The fact is, I happen to be leading the largest bank originator in the country. With that, I feel an incredible responsibility. When you look at the history of redlining and at Black homeown- ership rates continuing to lag, these are very sad facts to me. So, as we think and strive for racial equity and homeownership, the burden is on lenders. Certainly, we fill that burden at Wells Fargo as the largest bank originator. We believe that, as an industry leader, we have an obligation to help create solutions and lead the way. This summer, we launched our first special-purpose credit program, focused on Black customers in our servicing portfolio who may not have refinanced during the low-rate environment. Wells Fargo is committing $150 million of our own money to offer refinances at reduced interest rates for eligible customers and pay for all non-re- curring closing costs and lender fees on those customers' behalf. I think that's just the beginning. There's so much work to be done around appraisal bias, alternative forms of credit and credit-scoring methodologies, and different prod- ucts to be able to meet the needs of these communities of color that we need to continue to lean on. We're evaluating all opportunities at Wells Fargo, including un- derstanding what some of those systemic barriers to homeowner- ship are. Through our foundation, we've committed $60 million to funds grants, in eight different markets, to develop solutions to the root causes of that disparity, and put these ideas into action that start to change local communities. We're trying to lean into the questions of how we can help ad- vance this whole notion of racial equity, but have it not just be an idea—to have it truly be an actual, tangible result where we create more homeowners. DEMETRIA C. LESTER is a reporter for DS News and MReport, with more than six years of writing experience. She has served as Editor-in- Chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington. She has covered events such as the Byron Nelson, Pac-12 Conferences, the Women in Dallas Film Festival, to freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, she is an avid jazz lover and reader. She can be reached at Demetria.Lester@TheFiveStar.com. DAVID WHARTON, Editor-in-Chief at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in journalism. Wharton has nearly 20 years' experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. He can be reached at David.Wharton@ TheFiveStar.com. r.com. "I have a bit of a personality of being a rebel. I don't adhere to the status quo. I'm willing to take risks, and I think that has contributed to my success."