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.
The roundtable conversations focused on the future of DEI initiatives at the American Mortgage Diversity Council (AMDC) in 2025. Toniqua Green, VP of Corporate Social Responsibility at Mr. Cooper, emphasized the importance of listening to employees in order to drive engagement and understand specific needs within different groups, such as Black, Asian, and Spanish communities. While the AMDC organization is in a phase of active listening to ensure their DEI efforts are relevant and effective, Green noted that the initial strong response to DEI following the killing of George Floyd has since diminished, indicating a need to maintain momentum and adapt strategies accordingly.
“We know that temperament for DEI has changed since the killing of George Floyd,” Green said. “People made all these big promises and all these big wishes, and now that has drained down. So DEI is not falling to the wayside, but it’s definitely less of a hot topic than what it used to be.”
The conversation aims to gather insights from various perspectives to implement future DEI strategies, focusing on ensuring that the organization’s DEI efforts are aligned with the actual needs and wants of the employees.
The Current State of DEI Initiatives
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.
AMDC hosted the event, and participants took part 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?
“The purpose of this conversation is to help us understand how AMDC could move forward in 2025 and what some of our initiatives need to look like,” Green said. “So, we want to hear from everybody on what’s important, what’s missing, and how we can play a part in getting things going. We have a lot of similarities that people take for granted.”
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.
Julian Whitted, Regional Sales Representative at Qwikkit, discussed his company’s inclusive initiatives, including free language courses in Spanish and bilingual communication to unify the 40% Hispanic workforce. These are the strategies that will further strengthen DEI initiatives.
Brian Vaughn, Senior Director of Marketing at McCalla Raymer Leibert Pierce, highlighted their DEI efforts, including doubling down on diversity initiatives, creating a women’s collective group, and more.
“What we’ve done, from a marketing perspective, and then internally, is really focus in on our individual DEI groups, Vaughn said. “We’re going to even push further. We ask our teams, what is it that you want to do, we make sure that they are the ones that are kind of driving the initiatives.”
When it came to being proud of one’s heritage and culture, each speaker and attendee discussed their personal challenges prior to and success stories throughout their career.
Jackie Vasquez, Complex Case and Industry Relations Manager for optimal Leadership Advisory Forum (O.L.A.F)., further discussed the benefits of working at O.L.A.F., a small company with a remote team, emphasizing the personal connections and understanding of employees’ needs, such as being a single parent. She highlighted the importance of customizing support for employees, including taking breaks or days off when necessary. She also stressed the need for leaders to prioritize reconnecting with their teams and understanding the tools and support required for employees to succeed, rather than being overly focused on daily tasks and organizational needs.
“We have to be open to hearing our employees as leaders,” Vasquez said. “Stand up for who you are, even if you have to stand alone.”
To read more about this session and the Five Star Conference, click here.
