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57 ACHIEVING BALANCE IN THE MORTGAGE WORKFORCE: "A TALL ORDER" Achieving a more appropriate balance, and doing so with some sense of urgency, is "a tall order," Drumgoole says. Referring to a Consumer Financial Protection Bureau (CFPB) report, he points out that "three of the top 10 barriers to homeownership for African Americans can be solved by putting minority representation at the table to mirror their communities." But staffing in a more-inclusive manner, especially for positions of considerable influence, must be done tactically. "It's easy to place bodies in empty seats, but when you are looking for the right culture fit, you need to be more strategic in your approach. In a high-fiduciary position like mortgage lending, you not only need congenial people, but well-qualified and well- skilled people … you'll also need to give your field generals—boots on the ground—a great amount of ownership in the process as well. Best practices have shown us that they will have a much keener lens as to how to align human capital, costs, and output with the corporate objectives that foster the greatest profitability and market impact." Gerber says HR professionals should regularly examine methods of candidate selection. "Leaders should reimagine their hiring processes with an understanding of economic disparities, removing unnecessary qualifications for roles that don't warrant higher education," she said. "Similar to how the COVID-19 pandemic challenged organizations to consider candidates outside of their geographic pool, we should also be considering relevant selection alternatives with candidates who demonstrate knowledge and ability through position-related training and certifications without the need for a college degree. Forward-thinking organizations are already challenging industry norms with an intentional focus on comprehensive training programs that attract more diverse talent as well as younger generations." Drumgoole, too, suggests nurturing talent that exists within a company through programs such as in-house universities, which, he says, foster atmospheres that uncover hidden or dormant talent within their cultures and target markets. "Great value will be attributed to organizations with top-notch programs tailored toward project-based learning. Why? Because remarkable companies understand the value of the 70-20-10 rule. is theory states that 70% of our learning develops from real-life, on-the-job experiences and tasks; 20% of our learning comes from specific feedback from individuals such as leaders, coaches, managers, and mentors; and the remaining 10% of our learning comes from formal training and education. Knowledge is increasing at a faster rate. e idea that leaders are readers and continual learners has never been more pertinent than in our current backdrop." EDUCATING A NEW GENERATION OF MORTGAGE PROFESSIONALS New American Funding's in-house program, New American Dream, provides homebuying education and accessibility to credit for consumers as well as mortgage industry career opportunity awareness in Black communities. Fannie Mae's Future Housing Leaders (FHL) formed in 2018, connects college students to paid summer internships and early career opportunities in the housing industry, with an emphasis on recruiting from historically underrepresented groups. rough it, the GSE uses its position in the housing ecosystem to rally collaborators, diversify the housing industry, and bridge the lending gap, according to Kenneth Imo of Fannie Mae. "Historically, in a lot of ways, people were excluded from being full participants in housing, through practices like redlining, which carved up neighborhoods based on demographic groups and made underwriting decisions based on the color of someone's skin. And then we have seen that have a direct link to a lack of access to opportunities, and we are living with the consequences of that now," Imo said. He says that merely exposing previously unincluded demographics to the housing industry will draw more to the profession. "People have an interest in those things that they have exposure to. If, for various reasons, you have been unable, or you haven't had exposure to a career in housing finance, why would that register as something that you would even want to consider doing?" Imo asked. "We hope the alliance will provide those working in the real estate industry and beyond with a greater understanding of how discrimination is keeping so many in the LGBTQ+ community from reaching their full potential and ultimately becoming homeowners." —Jim Thorpe, President, LBGTQ+ Real Estate Alliance

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