TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1501025
June 2023 » thefivestar.com 37 June 2023 C O V E R F E A T U R E Barkley: We're focused on connecting people to good jobs, ensuring access to adequate healthcare and capital to grow their small businesses, and providing a solid base of affordable housing. These are the goals of our long-standing commitment designed to build on and accelerate the work we've been doing for many years. Christensen: Working with minority real estate groups like NAHREP has allowed us to have trusted resources to work with in outreach to minority communities. Black and brown Americans have experienced much financial trauma, and turning this tide must begin with education. By partnering with trusted trade associations to provide education in our communities of color, we are beginning to see a slow increase in the amount of sustainable new Black and brown homeowners. And while this is very exciting, the time is now to ramp up our educational efforts in these communities and continue the work of decreasing the racial homeownership gap. Morin: Brace's DEI strategy and commitment to diversity have furthered our efforts to build a team that can deliver a product that provides equitable access and support for all borrowers. Q: With the industry facing lower origination volumes, recessionary factors, and concerns about economic impacts on already vulnerable communities, how are you working to maintain a commitment to D&I? Anderson: D&I is foundational to our work to ensure vulnerable communities have access to sustainable homeownership opportunities and quality rental housing, especially for those disproportionately impacted by the long-term effects of the COVID-19 pandemic, environmental factors, rising interest rates and rents, and housing affordability concerns, including the lack of affordable housing supply. Our commitment has remained steady as we create opportunities for more people to buy, refinance, or rent a home. We are focused on increasing access to financial and housing education and counsel- ing to empower more people to both achieve and maintain housing stability. We're also working to reduce bias, improve accuracy, and reduce costs through valuation modernization. From renting to buying a first home, to moving in and maintaining the property, our efforts are designed to support consumers no matter where they are in their housing journey and to continue supporting the housing and mortgage markets as the economic landscape continues to evolve. We will accomplish these goals by continuing to partner with diverse lenders, suppliers, and business partners who share in Fannie Mae's D&I commitment. We've never been more focused and com- mitted to advancing diversity and inclusion in all our business and activities. Our D&I Strate- gic Plan and Equitable Housing Finance Plan are three-year plans that are updated annually, but our commitment to advancing equity and creating lasting change is longstanding. Barkley: We plan to continue our commitment to providing mortgage solutions to the communities we serve. We strive to hire teams to represent the communities we serve and currently employ diverse teams throughout the country. Morin: Despite the industry facing lower origination volumes and recessionary factors, it is still important for mortgage industry organizations to maintain a commitment to DEI. Brace continues to prioritize DEI efforts by making education and training available, being transparent in hiring and promotion practices, providing support to underrepresented groups, and collaborating with industry partners/associations. Q: How is the retreat in originations and refi volume impacting the DEI space? Morin: The decline in originations and refi volume will have an impact on the DEI space in a few ways. We're already seeing a reduction in technology investment and budget allocation across the board. This means organizations will likely reduce budgets for DEI initiatives. This can impact the ability of organizations to invest in DEI education, training, and support programs for underrepresented groups. Organizations will also prioritize other areas of their business to remain profitable. This can result in a slowdown in the recruitment and promotion of diverse talent and a potential loss of momentum in DEI efforts. As it relates to talent, there currently is increased competition for the available opportunities. This will make it more challenging for underrepresented groups to secure jobs and advance within the mortgage industry. Despite the industry facing lower origination volumes and recessionary factors, it is still important for mortgage industry organizations to maintain a commitment to DEI." —Jose Morin, VP of Servicing, Brace; Council Member, American Mortgage Diversity Council