MBA's Diversity and Inclusion Initiative
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. Learn more about our Diversity and Inclusion Initative.
Highlighted below are MBA's current commitments to promote diversity and inclusion in the real estate finance industry.
Tools, Resources and Publications
MBA's Diversity & Inclusion Leadership Awards
Congratulations to the winners of the 2017 Diversity and Inclusion Awards, including:
2017 Residential Award Winners:
Organizational Diversity & Inclusion Leadership Award:
- Large Company (more than 1,000 employees): Flagstar Bank
- Small Company (less than 1,000 employees): Pulte Mortgage and Altavera Mortgage Services
The Organizational Diversity and Inclusion award celebrates company initiatives that were specifically developed and designed to increase diversity and inclusion within the leadership and employee base of member companies, thereby leading to a mortgage banking industry that may better reflect and understand its customers.
Market Outreach Diversity & Inclusion Leadership Award:
- Large Company (more than 1,000 employees): New American Funding
- Small Company (less than 1,000 employees): First Community Mortgage
The Market Outreach Strategies award recognizes company initiatives that are specifically developed and designed to increase outreach, marketing, and products to attract customers from the industry's fastest growing market segments.
2017 Commercial/Multifamily Diversity & Inclusion Leadership Award Winner:
- CBRE Capital Markets
This award was presented at MBA's 2017 Commercial/Multifamily Convention & Expo.
Diversity & Inclusion Self-Assessment Tool, Developed by VRMU
The Diversity & Inclusion Self-Assessment Tool was developed by VRMU with input from MBA's Diversity and Inclusion Committee, and is designed to help MBA members assess their diversity and inclusion initiatives within the following four categories:
- Organizational Commitment to Diversity and Inclusion,
- Workforce Profile and Employment Practices,
- Procurement and Business Practices - Supplier Diversity and
- Transparency and Communication.
The tool is intended for company self-assessment only, and enables companies to benchmark their compliance with the final Diversity and Inclusion Standards set by the Office of Minority and Women Inclusion (OMWI) directors from six federal agencies, as part of Section 342 of the Dodd Frank Wall Street Reform and Consumer Protection Act.
It is important to note that neither the MBA nor VRMU will collect any data from this tool.
The Path to Diversity in Professional Development
The Path to Diversity & Inclusion 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 $2,000 voucher toward MBA Education courses and products. For more details about the scholarship program, click here.
The Path to Diversity & Inclusion 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.
Read more about the employee scholarship program.
Section 342 of the Dodd Frank Wall Street Reform and Consumer Protection Act
On June 9, 2015, 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 joint interagency policy statement establishing final standards for assessing the diversity policies and practices of regulated institutions under Section 342 of the Dodd Frank Wall Street Reform and Consumer Protection Act. MBA responded with this letter, supporting Section 342 and clearly stating that "meaningful improvement is achievable when leaders are responsible and committed, benchmarks are reasonable, and policies and processes are transparent." MBA has also published a fact sheet summarizing the final standards.
MBA Compliance Essentials Diversity & Section 342 Resource Guide
Section 342 of the Dodd Frank Act addressed diversity and inclusion in the workplace, by creating the Office of Minority and Women Inclusion (OMWI). This initiative took into account the changing composition of employees, vendors and third parties, establishing a self-assessment to determine how well organizations are achieving satisfactory levels of diversity and inclusion.
Get guidance on how your business can construct a viable OMWI program in the new MBA Compliance Essentials Diversity & Section 342 Resource Guide.
- Provides detailed policies and procedures to guide you in constructing a OMWI program
- Includes several self-assessments consistent with the goals and guidance provided by the Dodd Frank Act
Author: Written by diversity expert and seasoned attorney Anthony M. Sharett, Partner, National Co-Chair of the Financial Services Group at Baker Hostetler, LLP and edited by MBA's Vice President and Regulatory Counsel, Ken Markison
View a sample of this guide on SlideShare.
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.
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 an MBA member? Here's how you join.