Executive on how the industry can become a "forerunner in diversity"
Workplace diversity discussions are not easy to have, but Jodi Hall does not let the conversation off the table and continues to lead the way for inclusion in the mortgage industry.
"I would like to have continued discussions and see the mortgage industry be a thought leader and a forerunner in diversity within their individual organizations," the Nationwide Mortgage Bankers president told Mortgage Professional America in a one-on-one interview.
Hall has been committed to promoting diversity and inclusion in NMB since she joined the company in 2019. However, she believes a lot needs to be done to embed change around the workplace and in lending practices.
"From an employer perspective, but also in a home lending perspective, one of the ways diversity and lending and meeting people where they are and offering homeownership in all areas to all individuals as opposed to what we have historically seen in the market," Hall said. "So, the mortgage industry needs two things to do from a diversity perspective. One is employment, and then there also is access to lending, [which needs] to be more diverse than it is today.
Read more: How to survive in a shrinking mortgage market: lessons from Jodi Hall
"We have seen that Caucasian borrowers have higher FICO scores, lower debt-to-income ratios, and qualify for loans at a higher pace with the change in the moves that have been made with CFPB and FHFA. They are looking for ways to provide lending to more diverse groups and flatten the divide between white homebuyers, Black homebuyers and also Hispanic homebuyers, which is predicted to be the largest home-buying segment by 2025.
"So we need to look for ways as lenders and an industry to decrease the gap between disparity and lending. And that's what's getting loan officers in places, putting loan officers in places that they are able to offer those products. That's what we can do as a mortgage lender is marketing and advertising to all demographics, but also adding loan officers to the industry working within diverse communities."
For more insights, you can watch Hall's full interview here: Is it time for mortgage professionals to batten down the hatches?
