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MNOTES Diversified We Stand. D iversified We Stand, Divided We Fall" is more than just the theme of this month's cover story—it is a rallying cry to mortgage professionals that permeates throughout the issue. While no one can fully predict the future of the industry, one thing is clear—in order to innovate, we must re-examine how mortgage companies handle hot- button topics such as hiring practices and lending standards that take diversity into account. In the cover story, author Xhevrije West examines the diversity of employment, or lack thereof, in today's mortgage companies. The numbers West uncovers seem dismal at first, such as the fact that according to the Bureau of Labor Statistics, African Americans, Asians, and Hispanics/Latinos, only make up 26.7 percent of the financial services sector. However, despite such figures, West also finds change is taking place both in the form of new government standards and in the work of individuals, companies, and organizations (such as the Five Star Institute's American Mortgage Diversity Council) to push this topic into the forefront. Mid America Mortgage's owner and CEO Jeff Bode examines how the subprime mortgage crisis affected minorities in "Correcting the Overcorrection." As Bode argues, the criticisms surrounding subprime lending resulted in a tightening of credit to low-income and minority borrowers, but it's time to re-examine lending to these groups. The way forward Bode argues is alternative credit scoring. Brett Robinson, managing director of Section 184 lender 1st Tribal Lending, agrees and outlines how his company is making homeownership a possibility for many Native Americans. The diversity conversation continues in "The Two-Faces of the American Dream" by Debbie Hoffman, chief legal officer at Digital Risk, LLC, and head of legal, North America, for Mphasis and Dr. Rick Rogue, managing director for retail lending for Michigan Mutual. In the article the authors examine the factors attributing to the exclusion of minorities in the housing market and how lenders can examine their business models to better tap into an underserved market. Switching gears to focus on another timely issue, Mark Mackey, CEO of International Document Services, and Mark McElroy, president and CEO of Pavaso, Inc., examine the possible ripple effects of TRID, in "Digital Originations in a Post-TRID Environment." We hope this special issue of MReport informs and inspires you and your organization to pursue a culture of diversity, and we welcome your feedback on this important topic. All the best, Rachel Williams Editor 4 | TH E M R EP O RT EDITOR Rachel Williams ONLINE EDITOR Xhevrije West ONLINE CONTRIBUTOR Scott Morgan COPY EDITORS Krista Franks Brock Alison Rich CONTRIBUTORS Jeff Bode Debbie Hoffman Mark Mackey Mark McElroy Brett Robinson Dr. Rick Roque Xhevrije West CREATIVE DIRECTOR Jason Stone ART DIRECTOR Denis Kashoid Jonathon Won DESIGN DIRECTOR Sean Walker ADVERTISING Suzanne Andresen (207.443.3314) Robyn Clayton (214.525.6716) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Lindsay Wolf (214.525.6713) CORPORATE OFFICERS CHAIRMAN & CHIEF CREATIVE OFFICER Mark Hulme PRESIDENT & CHIEF EXECUTIVE OFFICER Ed Delgado CHIEF FINANCIAL OFFICER John Harrison DIRECTOR OF HR/ACCOUNTING Ernest Gillespie ART DIRECTION Denis Kashoid Jason Stone Sean Walker Jonathon Won No part of this publication may be reproduced without written permission from the publisher. ©2015 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. "