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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 34 May 2024 F E A T U R E S T O R Y mitment Program as a vital initiative, in addition to the U.S. Bank's new Access Home Loan program, designed to make homeownership more accessible to underserved communities. The program offers down payment assistance and lender credit to help borrowers purchase homes, allowing more Americans the opportunity to achieve the American Dream. Additional strategies implemented to promote DEI efforts at U.S. Bank include: » Continuing to evolve and improve DEI programs and initiatives at U.S. Bank, with a focus on communication, outreach, and education. » Leveraging partnerships with non- profits and community organizations to provide financial education and services in underserved communities and create generational wealth. » Remaining committed to developing creative programs and listening to consumers to meet their needs. Maria Tsagaris, Chief Diversity Of- ficer at McCalla Raymer Leibert Pierce (MRLP), offered her input on the state of DEI in business, and the areas in which it can improve, especially given the challenges posed by modern workplaces that may include hybrid or remote-work environments. "DEI work is ongoing and requires continuous effort," said Tsagaris. "It's not enough to simply implement diversity initiatives; it's important to regularly assess their impact, listen to feedback, and adapt strategies accordingly. We solicit employee feedback regularly through surveys to better understand our programs' impact. We understand DEI is not about words but creating safe spaces for our employees to be heard, and this can be challenging in a remote work environment." Tsagaris is a firm believer in the strength of a diverse workforce—not just in look, but also in thought, experience, perspective, and beliefs. This commit- ment extends beyond internal practices to active participation in initiatives that embody these ideas. According to the Pew Research Cen- ter, more than half—roughly 54%—of employees believe their firm or organiza- tion pays adequate attention to increas- ing DEI efforts. Per PRC's research. Black employees are more likely than other racial and ethnic groups to believe their company pays insufficient attention to increasing DEI. They're also among the most likely to believe that focusing on DEI at work is beneficial—approximate- ly 78% of Black employees agree—in comparison to white employees, who are the least likely to agree at 47%. Women are also more likely than men to value diversity and inclusion at work. About six-in-10 women (61%) believe that focusing on promoting DEI at work is a good idea, compared to half of men. Furthermore, more women than men believe it is extremely or very important to work in an environment that is varied in terms of gender, race and ethnicity, age, and sexual orientation. In real estate, the percentage of women occupying the space rests just under 50%, and both blacks and Asian Americans remain significantly under- represented within the industry, collec- tively accounting for less than 10% of the mortgage industry workforce, according to the U.S. Bureau of Labor Statistics. "We see DEI and everything that it stands for as an excellent catalyst, especially for trying to create new oppor- tunities, and especially in some of the markets that have been overlooked and underserved," McNeill said. "[One] of the headwinds that you face is the ability to communicate and get the message out there. It's one of the biggest hurdles, one of the biggest drawbacks we've seen, especially when we're trying to start and elevate certain initiatives." "Implementing DEI work environ- ment in a remote work environment requires thoughtful planning to ensure that all employees feel included and valued," Tsagaris said. "When assessing strategies to incorporate it is essential to understand company demographics and the existing culture and ensure senior leaders are committed to DEI initiatives. I recommend starting your DEI initiatives with webinars to educate employees on DEI topics such as unconscious bias and inclusive communication." She added that when DEI initiatives are not implemented within organiza- tions, employees and leaders may "lack the essential training and education to understand biases and effectively contribute to an inclusive work environ- ment." This can serve as another issue in the function of businesses. "MRLP has implemented six Em- ployee Resource Groups (ERGs): Wom- en's Group, African American Group, Hispanic and Asian American Groups, LGBTQ+ Group, and our Health & Well- ness Groups. These groups are central to our DEI strategy as they serve as vital support networks hosting enriching pro- grams such as health and wellness, virtu- al tours through significant cultural sites, legal discussions on rights and advocacy, and mindfulness experiences. These initiatives underscore our dedication to an inclusive workplace where every indi- vidual's unique identity and experiences are valued and celebrated." Fannie Mae's Anderson suggests the mortgage and housing industries are stronger and more effective when they better resemble the populations they serve. Fannie Mae's commitment to D&I involves ensuring equitable opportunities by fund- ing programs that train the next generation of housing leaders. This includes Future Housing Leaders (FHL), a program that matches college students with paid intern- ships in housing and real estate finance. Fannie Mae's commitment to diversi- ty and inclusion is purposefully integrat- ed into all aspects of the business, guided by a three-year D&I Strategic Plan, which outlines five objectives: » Fostering a diverse and inclusive workplace » Attracting, retaining, and developing a diverse workforce » Promoting consideration of diverse suppliers and business partners » Engaging, assessing, and promoting diverse financial transaction partners » Advancing equitable and sustainable access to housing through industry diversity "Challenging the status quo also ex- tends to our role in the housing finance