Workforce Diversity is Good for Business
MBA is committed to increasing racial, gender, sexual orientation and ethnic diversity within the mortgage banking industry. We view this commitment as critical to the industry’s future success.
Diversity and inclusion strengthens MBA, our companies, and our industry as we continue to reach out to our increasingly diverse customers. MBA benefits when our leaders represent the full breadth of our markets and the richness of our society. Click here to see why workforce diversity is good for business.
Highlighted below are MBA’s current commitments to promote diversity and inclusion in the real estate finance industry.
Diversity & Inclusion Committee
The Diversity & Inclusion Committee, a Board-appointed body, provides leadership and guidance to the MBA to help the real estate finance industry gain a competitive advantage by increasing diversity in leadership, workforce, and suppliers.
The Committee is currently working on four areas of strategic focus, which will help MBA uplift the ideal of diversity and inclusion while framing an approach to best achieve increased diversity in the real estate finance industry:
Research & Analysis – Leverage existing MBA and other data to create a baseline measure of diversity for the industry, and consumers served.
Awareness & Education – Promote awareness and educate members on the benefits of increasing diversity and inclusion in business practices.
Proof of Concept – Develop and implement marketing Proof points for MBA and the industry demonstrating the benefits of diversity and inclusion.
Framework & Best Practices – Provide a repository for MBA members to post and research sustainable diversity and inclusion program implementation and best practices.
Click here for the press release on the establishment of MBA’s 2014 Diversity & Inclusion Committee.
MBA’s Strategic Markets and Diversity Summit
MBA hosted its inaugural summit on Strategic Markets and Diversity in Washington, DC on June 25 to 27, 2014. The Summit was a highly visibility, cost-effective way to reach C-level executives, secondary market investors, risk and credit policy professionals, independent, community and minority lenders as well as housing finance agency staff, human resource professionals, community organizations and many other senior executives interested in increasing diversity in real estate finance companies, industry vendors as well as homebuyers. Click here to view the summit's website.
The Path to Diversity in Professional Development
The Path to Diversity scholarship program enables industry professionals from diverse backgrounds to advance their professional growth and career development through MBA Education, the education division of MBA.
Scholars receive a $1,440 voucher toward MBA Education courses and products. Scholarships are primarily geared toward enrollment in to MBA Education's Signature School of Mortgage Banking (SOMB) program. The program provides the opportunity for employers to encourage and promote employees from diverse backgrounds. Recipients may also choose from residential or commercial offerings delivered through distance learning or instructor-led training.
The Scholarship Award Task Force reviews candidate applications and awards scholarships based on availability of scholarship funds. The task force reviews the application packages and makes decisions based on candidates' eligibility, essay question answers and letters of recommendation. For more details about the scholarship program, click here.
The Path to Diversity scholarship program provides the opportunity for employers to encourage and promote employees from diverse backgrounds, by offering employees educational scholarships to MBA Education to be utilized to advance their professional growth and career development.
This initiative is offered by the Mortgage Bankers Association (MBA) through MBA Education, MBA's educational arm. MBA Education offers residential and commercial real estate finance training in classroom and distance learning delivery modes. This educational service is provided to MBA and state MBA members to help increase and promote diversity throughout the industry.
Read more about the employee scholarship program. The information and materials you need to participate in Path to Diversity are included in the "How Companies Participate" section.
Section 342 of the Dodd Frank Wall Street Reform and Consumer Protection Act
On October 25, 2013, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Bureau of Consumer Financial Protection (CFPB), and Securities and Exchange Commission (SEC) issued a proposed interagency policy statementon Section 342 of the Dodd Frank Wall Street Reform and Consumer Protection Act about the diversity policies and practices by the institutions they regulate. MBA responded with this letter, supporting Section 342 and clearly stating that MBA “believes a mortgage industry that is diverse in race, gender, ethnicity, nationality, age, disability, and sexual orientation is better positioned to provide financial services to a diverse population.”
Join us in shaping the future of the real estate finance industry.
Participation in one or more of the MBA’s advocacy programs, and/or Single-Family and Commercial/Multifamily committees is a great way to get involved. Visit our governance webpage here for more information about MBA’s policy committees.
Not a member? Here’s how you join.