In the DEI Table Talks that took place at the 2024 Five Star Conference & Expo, leaders in the industry were given a chance to engage in meaningful dialogues with experts committed to promoting diversity, equity, and inclusion (DEI) in their companies and the mortgage sector.
DEI organizational structures are designed to encourage the equitable treatment and full participation of all persons, particularly those who have traditionally been underrepresented or susceptible to discrimination based on identity or disability. According to the U.S. Bureau of Labor Statistics (BLS), no more than 20% of professionals in the finance industry identify as non-white.
The American Mortgage Diversity Council (AMDC) hosted the event, and participants will participate in brief, topic-focused dialogues facilitated by AMDC members on subjects such as:
- What is the current environment of DEI at your company?
- How do we recreate energy and regain support?
- Is DEI part of your business case?
- How can you be intentional in forwarding DEI without attracting scrutiny?
“WE have to consider the underserved”
“Stand up for who you are, even if you have to stand alone,” said Jackie Vaasquez, Complex Case and Industry Relations Manager for optimal Leadership Advisory Forum (O.L.A.F).
“Change is growth,” said
According to the 2024 Diversity and Inclusion Global Strategic Business Report, the global D&I market—which was anticipated to be worth $10.9 billion in 2023—is projected to grow at a compound annual growth rate of 10.6% between 2023 and 2030.
Overall, whites make up 77% of the U.S. labor force, while Blacks and Asians accounted for an additional 13% and 7%, respectively. American Indians and Alaska Natives made up 1% of the labor force, while Native Hawaiians and other Pacific Islanders accounted for over half. People of two or more races accounted for 2% of the labor force.
Organizations across the mortgage industry continue to develop strategies to promote equality, build a broader system of sustainable American homeownership, and leverage the benefits of diverse teams and viewpoints, as aided by groups such as the AMDC.
Fannie Mae’s recent work on these fronts has included implementing tools such as using text-scanning software to identify prohibited and subjective language in the appraisal space and utilizing technology to improve underwriting.
To read more about this session and the Five Star Conference, click here.
