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3 Reasons Diversity in the Mortgage Industry is a Win-Win for All

Everyone wants to feel appreciated. Whether it’s a consumer planning to buy a home or a professional looking to propel his or her career, we all want to feel like our unique qualities are valued.

Everyone wants to feel appreciated. Whether it’s a consumer planning to buy a home or a professional looking to propel his or her career, we all want to feel like our unique qualities are valued.

One of the best ways to ensure that customers and employees feel appreciated is to create a diverse workforce. HomeFree-USA is committed to diversity in the mortgage industry. That is why HomeFree-USA is partnering with organizations such as the Mortgage Bankers Association (MBA) to form the Center for Financial Advancement, a program designed to increase diversity hiring, financial education and homeownership outreach at Historically Black Colleges and Universities and their surrounding communities.

The issue of diversity and inclusion in the mortgage industry is so important that last November, the Consumer Financial Protection Bureau collaborated with the MBA  to hold a roundtable discussion on the topic.

HomeFree-USA asked Tamara King, vice president of residential policy and member engagement for the MBA, to share three reasons why diversity and inclusion are priorities we should all get behind. Here she explains why a diverse mortgage industry doesn’t just make things better for some people; it creates a more fulfilling and successful environment for us all.

It Makes Business Sense. The demographic makeup of the country is changing. Nowhere do we see that more than with the Millennial generation which is approximately 44 percent non-white. If the mortgage industry is going to effectively service this diverse generation, it must depend on a workforce that reflects it.

It Helps With Recruiting. The success of any company depends on its workforce. To attract the most talented people we must create a workforce in which they feel they belong. Millennials are more assertive about the need for an inclusive work culture than previous generations, but all employees want to feel like they are part of a welcoming environment. If you’re going to appeal to the mortgage leaders of the future you have to to create an inclusive workplace today.

It Promotes Diverse Opinions. There are a lot of tough issues facing the mortgage industry and we need the best minds working together to solve them.  A diverse workface brings together varied opinions who can see things from different perspectives. When diverse individuals share ideas and best practices, we approach challenges with creative out-of-the-box solutions. In the process, we create a mortgage industry that is stronger and more attuned to our customers’ needs.

Every industry strives for longevity. A diverse and inclusive workforce will ensure that the mortgage industry is poised for success for years to come.

Tamara King is Vice President of Residential Policy and Member Engagement.  She manages MBA's residential loan production area where she helps direct the association's policy development on regulatory, legislative, and industry issues.

HomeFree-USA is a leading HUD-approved homeownership development, foreclosure intervention and financial coaching organization.  HomeFree-USA improves the financial position and enriches the lives of everyday people through homeownership and improved financial capability. Since 1995, HomeFree-USA has helped 23,867 families experience the accomplishment and joy of purchasing their first home, and has helped thousands of homeowners to prevent foreclosure. To learn more, visit HomeFreeUSA.org and follow us on twitter.com/homefreeusa.