Vol 4, Issue 4

sheCENTER(FOLD)

Laurie A. Maggiano

Servicing & Secondary Markets Program Manager OfďŹ ce of Research, Markets & Regulations Consumer Financial Protection Bureau

Page 30

China: Powerful Force in Global Real Estate Page 10

Reasons to Invest in Women Entrepreneurs Page 16

OMWI: Interagency Policy Statement Page 22

FHFA OMWI Strategic Plan Page 26

The Rise of the Hybrid Brokerage Page 27

Triple-Negative Breast Cancer Page 50

VOL. 4 / ISSUE 4

Contents:

Features 10 China: Powerful Force in Global Real Estate 14 China’s New Middle Class Fueling Growth by Tina Mak 16 Reasons to Invest in Women Entrepreneurs by NWBC 22 Office(s) of Minority and Women Inclusion: Interagency Policy Statement

26 FHFA OMWI Releases their First Strategic Plan 27 The Rise of the Hybrid Brokerage by Sharon I. Mualem 30 sheCENTER(FOLD) Laurie A. Maggiano 38 Home Sharing: Cut Costs and Gain Companionship 40 How Mother Nature is Changing our Industry 42 Latinas Rise in Real Estate by Marisa Calderon 46 Dressing for Success 50 Triple-Negative Breast Cancer: Clinical Trials With Real World Impact Are Underway by City of Hope, Nicole White

Departments 08 Women-Owned Businesses on a Global Scale (Infographic)

20 Showcasing Women ‘On the Move’ in the Housing Economy

48 What Women Want: -Reviews -Fashion

54 SWAN

-Speak -Write

-Health -Cooking -Attend -Network

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16 sheCENTER(FOLD) Laurie A. Maggiano

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22 Vol 4. Issue 4: Women-Owned Businesses Across the Housing Continuum

NAWRB STAFF & CONTRIBUTORS PROUD WINNER OF THE 2015 APEX AWARD!

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno CONTENT WRITERS Belester Benitez Lindsay Cabreros SENIOR GRAPHIC DESIGNER Kendall Roderick

ORDER YOUR DIGITAL OR PRINT SUBSCRIPTION TODAY!

NAWRB MEMBER RELATIONS Laurie Keys PRODUCTION ASSISTANT Lauren Iglehart CONTRIBUTORS Tina Mak Marisa Calderon NWBC-Amanda Brown Sharon I. Mualem Laurie A. Maggiano OMWI FHFA-Sharron Levine Nicole White NAWRB Magazine is a bi-monthly magazine featuring unique content, articles on diversity and inclusion for women in the housing economy, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. NAWRB Magazine welcomes comments from all readers. All materials submitted to NAWRB Magazine are subject to editing.

The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reflect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.

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/NAWRB

Minority and women inclusion is a thriving movement in housing. Diversity is at the forefront of our industry and it is important now more than ever to remain aware of its latest developments.

NAWRB is pleased to provide the latest updates on this monumental progress and offer insight from industry experts.

The theme for this issue of NAWRB Magazine is Women-owned Businesses across the Housing Continuum.

From the groundbreaking interagency OMWI standards to the FHFA’s Strategic Plan, our coverage informs our readers of the most pertinent information regarding minority and women inclusion. Business growth and qualification for contracting opportunities are just two of the benefits the diversity movement is affording minorities and women. Whether you are a minority- or women-owned business or are hoping to work with one, this is information you need to read.

Our international section features China and focuses on its investment in American real estate. With the evolution taking place in the housing industry, real estate professionals must always be ready to adapt to shifting circumstances. Foreign real estate investment has a profound effect on American markets and shows no sign of stopping. With this in mind, it is important to understand how real estate investment from foreign countries affects your business, and what better country to highlight than China, the United States’ greatest foreign real estate investor.

NAWRB is honored to feature Laurie A. Maggiano, Servicing and Secondary Markets Program Manager, Office of Research, Markets & Regulations for the CFPB as our sheCENTER (FOLD). She details her illustrious professional journey and expounds on her personal life and the ideologies that have helped her rise to where she is today. Through her dedication to the things most important to her, Laurie A. Maggiano describes her story of success and the importance of balance when managing a rewarding family life and career.

Being in good health is important to enjoying a rewarding family life and career. Breast cancer is the most common cancer among women in the United States, and triple-negative breast cancer is especially difficult to treat. City of Hope researchers are conducting critical studies to determine more effective ways of treating this disease and have already made vital advancements.

utmost importance to your business.

NAWRB is a staunch supporter and member of the minority and women inclusion movement. This is an exceedingly exciting time for the housing industry. Our issue provides you with a great look at the changes occurring in housing and details the necessary upward mobility that is taking place for minorities and women.

Desirée Patno Publisher/CEO

Desirée.Patno@NAWRB.com

With the newly released standards and strides that are being made to implement diversity in the housing industry, being attentive to this growth is of the

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INTERNATIONAL

China:

Powerful Force in Global Real Estate

Soaring granite peaks hovering over the clouds. Glit-

tering urban skylines with taxis weaving through bustling crowds. And let’s not forget about the vibrant hillsides in warm autumnal shades of red and orange, a result of mineral deposits and oxidization. These are some of the diverse characteristics of China, the third largest country in the world with virtually every landscape imaginable throughout its provinces.

Named the world’s largest economy, China continues to grow and attracts millions of tourists each year. Although tourism has been steady in China, fewer foreigners are choosing China as their permanent home. A study conducted by UniGroup Relocation—a global relocation company helping families move for over 60 years—revealed that the amount of people moving out of China in 2014 has increased by twice as much when compared to those moving into the country.

Mass Relocation

There are a number of reasons for this. One extremely visible reason is the thick pollution that blankets many

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of the urban cities. Dubbed “airpocalypse” at times, air pollution in cities such as Beijing have deterred residents from venturing outside. Some primary schools have resorted to building clean air domes for students to attend classes.

But as China adopts cleaner energy sources, air quality has slowly improved. The country continues to invest heavily in renewable energy each year.

Another reason for the heavy influx of people vacating the country is due to the housing market which has consistently declined. Home prices in China have declined by almost a year’s worth of consecutive months.

Although some cities did encounter an increase in prices, there was a 6.1 percent drop in 70 of China’s major cities for April 2015.

The decline in housing has hindered the country’s overall economy as many industries such as construction and steel are linked to the real estate sector. But what has caused the decline in housing?

INTERNATIONAL The weakening of the real estate sector can primarily be attributed to oversupply that has affected both residential and commercial real estate. Demand simply cannot meet the glut of housing available, especially in tier three and four cities. Tier three cities include 75 million households with an income value of three trillion. Tier four cities include the same income value with the exception of households totaling 86 million.

These investors bought heavily in San Francisco, Seattle, Los Angeles, Houston, and New York. These cities exhibit vibrant cultural, culinary and tech scenes which have proven crucial to generating foreign investment.

West coast cities are attractive due to their excellent tech industries. California’s moderate climate and vivacious lifestyles are also appealing, along with its expensive market which allows for grand investments.

Similarly, New York’s elevated property prices are the strongest incentives for Chinese buyers. Here, vast amounts of capital can be sheltered, and investments can be made steadily without the deterrent of market decline.

Houston, while not a metropolis like Los Angeles or New York, is a sleeping giant that has started to awaken.

“Air pollution in cities such as Beijing have deterred residents from venturing outside.”

In 2014, China reportedly had 49 million sold but vacant residential homes in urban areas. Additionally, one in five homes in the urban areas of China is vacant. This has led economists to echo what many do not want to hear: a bursting housing bubble.

However, China is enacting policies to encourage the housing sector. For example, those interested in purchasing second homes will no longer have to pay a 60 percent down payment. Instead, a 40 percent down payment is now required.

According to the U.S. Bureau of Labor Statistics, Houston is the number one job-creating city in the United States. It has a thriving oil and energy industry which is compounded with the affordability of rent and the fact that Texas has no state income tax, making it an exceedingly ideal location for recent college graduates.

These attributes confirm Houston’s potential to be the next great American city, and increase its charm to international buyers.

Capital

The NAR affordability index, even though most Chinese buyers purchase in all-cash, is an important aspect to consider when understanding the impact these investments have on the American market, and the sheer buying potential these investors possess.

The index measures whether or not an average family Some analysts say that recent policies have already cre- could qualify for a mortgage loan on an average home. A ated an upward trend in China’s housing market. Still, figure of 100 means that a family with a median income many investors and home buyers have flocked to other has exactly enough money to qualify for a mortgage on countries with more stable housing markets. a median-priced home, with figures above 100 meaning they have more than enough and figures below 100 inUnited States dicating they would not qualify.

The first of these countries is the United States, in which China has become the number one foreign real The affordability indices of San Francisco, Los Angeles, estate investor. According to a report from the Nation- and New York vary between the 30.99 and 72.08 range. al Association of Realtors (NAR), Chinese investors Consequently, these exceedingly luxurious markets accounted for $28.6 billion of residential real estate are helpful to investors looking to protect large sums sales in the United States during the past year. of money.

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INTERNATIONAL These costly markets provide investors the means to safeguard their wealth much more carefully than in China.

Canada is the third-favorite destination of Chinese real estate investors. The high-priced cities of Vancouver, Toronto, and Montreal are leading the way as budding markets for foreign investment in property. As with its American and Australian counterparts, these cities provide safe circumstances to diversify and protect capital.

“Houston, while not a metropolis like Los Angeles or New York, is a sleeping giant that has started to awaken.”

Aside from this, Canada is the third-most alluring destination for Chinese investors because of its similarities to the U.S. The Western life, weather, and culture of Canada are all attractive to buyers.

As stated above, properties in the U.S. will continue to sell, and Chinese investors will predictably look to other areas for real estate. Other regions within the U.S. will continue to see business from foreign buyers, as will the next closest thing to the United States: Canada.

Houston and Seattle are more affordable, with affordability indices of 169.22 and 110.62, respectively.

These less expensive markets mean investors can purchase a high number of properties, thereby securing their holdings and likely increasing them as property Untouched Markets prices elevate.

For real estate professionals in the United States, it is Keeping in mind that these investors have the means important to recognize the tendencies of Chinese buyers to buy liberally in extravagant cities, it’s remarkable to and their reasons for investing so widely and rapidly. consider how much their wealth could buy in more economical markets.

The first, and possibly most important motive, is the protection of wealth. The housing market in China is deWorkers and companies are gravitating towards these clining, and the wealthy are searching for secure avenues American cities at a rapid pace for their opportunity at of investment. American real estate provides a sheltered success. This influx invigorates all sectors of the city; it method to diversify assets without having to worry about creates a demand for housing and amenities, shopping their depreciation. centers, and entertainment outlets. The demand in turn fuels construction, stimulates the economy, and gener- Another significant reason is education. It is common ates opportunities for real estate investors. practice for affluent foreigners to send their children to America for schooling, and the Chinese are no differAustralia and Canada ent. A study by the Institute of International Education Australia is another preferred destination of Chinese shows that over 274,000 students from China attended investors. Here, they spent $8.7 billion on residential American universities during the 2013-2014 school year. properties from 2013-2014. A Credit Suisse report re- Many of these students come from wealthy families who leased last month reports that the Chinese are expected are buying residences for their children studying overto invest $60 billion in Australian housing over the next seas at an increasing pace. six years, meaning invigorated construction and real esThere is also the topic of vacation homes and the tate divisions. prestige of being able to say you are the owner of an Investments have been focused mostly on Sydney and international property in an envious market. Many Melbourne—lavish cities with elevated property prices. buyers are purchasing properties for enjoyment and for

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INTERNATIONAL the status of being part of the trend of international real estate investment.

When all factors are considered, investing in American real estate is an ideal method for the diversification of wealth at this time.

Real estate competition can be ruthless, especially when selling to high-profile buyers. The idea of selling to a foreign buyer may seem far-fetched, and most agents have not experienced working with foreign clientele. This could change soon though, as Chinese buyers continue looking to America for property.

“A study by the Institute of International Education shows that over 274,000 students from China attended American universities during the 2013-2014 school year. �

As properties continue to be taken off the market and rampant foreign investment continues, buyers will inevitably have to look to more American cities for properties.

This will significantly increase the prospect and possibility of selling to international investors for all real estate agents. For this reason, it is important to stay up-to-date with foreign investment in real estate, as international buyers may soon be entering previously untouched markets.

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INTERNATIONAL

China’s New Middle Class Fueling Growth

By Tina Mak

China’s economic Great Leap Forward stands as one of the defining moments of the closing of the 20th century.

Now an economic powerhouse, China and its $3.7 trillion in foreign exchange reserves are viewed by some with fear and trepidation. Others see it as an immense opportunity to create more widely shared prosperity, bring people closer together and remove barriers in the way of understanding and peace.

I am one of the latter.

The exponential growth of the Chinese economy and the remarkable rise—creation, really—of the middle class in China is an entirely new factor. Dominic Barton, global managing director of McKinsey & Company, estimates that by 2022 China’s middle class should number over 630 million; although astounding, this figure would still represent only 45 percent of China’s population.

Armed with savings and disposable income, an increasing number of Chinese have entered the North American real estate market. Some families are looking for a safe haven for their life savings; others seek a place to retire. As prosperity spreads and its economy grows, there are another 600 million people in China striving to reach middle class status.

While this undoubtedly creates challenges for Chinese policy makers, it represents a tremendous economic opportunity for North America, which has become a highly favored destination for Chinese investors. The stability of the political and investment climate, relatively low prices, and attractive location compared to other key markets, make North America

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a powerful magnet. Mainland Chinese, now cash rich, are actively searching for new places to deploy their capital.

Since the collapse of the Soviet Union, previously closed economies have joined the community of trading nations.

This has created a new-shared prosperity and burgeoning middle class in developing countries. Nowhere has the positive and extensive consequences of this new reality been more apparent than in China.

China will continue to grow for the foreseeable future, fueled by a new and increasingly sophisticated middle class. This newly prosperous sector will aggressively seek out investments in North American real estate, in part as a safeguard against political uncertainty at home.

Trade and investment is a sign of strength and vitality.

There’s no better leading indicator of a healthy and robust economy than people putting their money in hard assets like real estate. And there’s no better testament to us, or a more tangible expression of confidence in our future economic prospects, than investment in our real estate market.

Tina Mak, the Founding President of Areaa Vancouver, was born and raised in Hong Kong and educated in England.

Fluent in Cantonese, Mandarin, and English, she started her real estate career in 1992 after immigrating to Vancouver in 1991. Since 1992, Ms. Mak’s professionalism has put her in the Top 5% in the Vancouver real estate industry, as well as within the Coldwell Banker organization.

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NWBC

Reasons to Invest in Women Entrepreneurs

The National Women’s Business Council (NWBC), a non-partisan federal advisory council that advises the President, Congress and the U.S. Small Business Administration on economic issues concerning women business owners, recently released their Reasons to Invest in Women Entrepreneurs fact sheet.

Women-owned firms are a vital component of the economy. As of 2012, the United States had approximately 9 million privately-held women-owned firms. Firms owned by women are responsible for approximately $1.4 trillion in sales. 11.7% of these firms have employees other than the owner, and these firms employ 7.8 million people.

There are many reasons we should invest in and support the growth of women-owned and women-led ventures. Here are our top 5: 1. WOMEN-OWNED FIRMS SPUR ECONOMIC GROWTH. Investing in women-owned firms goes beyond social responsibility and has profound economic impacts on the U.S. economy. Women-owned firms result in increased jobs, and yield substantial sales and receipts.

• Since 1997, women-owned firms have continuously generated jobs that ultimately result in economic growth. During this same time period, women-owned firms witnessed an increase of 510,939 jobs.

• From 1997 to 2007, the number of women-owned firms increased by 2,376,391 which resulted in an increase in receipts of $37.4 billion.

• Total sales/receipts of women-owned privately held firms totaled $1.2 trillion in 2007. This represented 46% growth from 2002 compared to 28% growth among men–owned firms.

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NWBC Women Firms (Number) Receipts (Millions USD) Emplyer Firms (Number) Receipts (Millions USD) Employees (Number) Annual Payroll (Millions USD)

1997 5,417,034 818,669 846,780 717,764 7,076,081 149,116

2002 6,489,483 940,775 916,768 804,097 7,146,229 173,709

2007 7,793,425 1,192,718 911,285 1,010,470 7,587,020 218,136

2012* 8,943,038 1,358,187 956,116 1,136,816 7,780,716 249,240

Source: 1997, 2002, & 2007 Surveys of Business Owners and Marin Consulting, LLC (2014) Calculations. *Estimated Calculations

2. WOMEN-OWNED AND WOMEN-LED FIRMS EXHIBIT STRONGER FINANCIAL PERFORMANCE. Despite less access to capital, women-owned and women-led firms have higher levels of financial performance compared to exclusively men-owned firms.

• In Fortune 500 companies, firms that had at least three women board directors (WBDs) for at least five years, outperformed those with zero WBDs by 84% on return on sales (ROS), 60% on return on invested capital (ROIC) and 46% on return on equity (ROE). 1 • Women-friendly firms (high number of WBDs) outperformed industry median firms in percent of revenues, assets and stockholder’s equity by 1.6 percent. “The women-friendly firms averaged 6.4 percent while the average of their industry medians was 4.8 percent.” 2

For companies with senior executive teams that are at least 22 percent female, a 10 percent increase in gender diversity is associated with a .3 percent increase in EBIT3 margin. 4

• On average, the likelihood of success of venture-backed companies increases with more women in high ranking positions. “The overall median proportion of female executives is 7.1% at successful companies and 3.1% at unsuccessful companies.” Firms with one or more women executives are more likely to turn a profit, go public, or sell for greater money than raised. 5 • Robb and Watson “found no significant difference in the performances of female- and male-owned new ventures with respect to overall (4-year) survival rates, return on assets (ROA), or in risk-adjusted terms (Sharpe ratio). These results should dispel the myth that female-owned firms underperform male-owned firms simply because they are smaller, or because females prefer to take fewer risks.” 6 Catalyst. “The Bottom Line: Corporate Performance and Women’s Representation on Boards (2004–2008)”, 2011.

Adler, Roy. “Women in the Executive Suite Correlate to High Profits”, 2001.

3 Earnings Before Interest & Tax 4 Hunt, Vivian, Dennis Layton, and Sara Prince. “Why Diversity Matters”, 2014.

5 Dow Jones VentureSource. “Women at the Wheel: Do Female Executives Drive Start-Up Success?”, 2012.

6 Robb, Alicia and Watson John. “Gender Differences in Firm Performance: Evidence from New Ventures in the United States”, 2012.

7 Rodríguez-Domínguez, Luis, Isabel-Maria García-Sánchez, and Isabel Gallego-Álvarez. “Explanatory Factors of the Relationship between Gender Diversity and Corporate performance.” European Journal of Law and Economics, 2012.

8 Dezso, Christian L., and David Gaddis Ross. “Does Female Representation in Top Management Improve Firm Performance? A Panel Data Investigation”, 2011.

9 Nathan, Max and Lee, Neil. “Cultural Diversity, Innovation, and Entrepreneurship: Firm-level Evidence from London. Economic Geography”, 2013.

1 2

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Ibid.

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NWBC 3. WOMEN’S LEADERSHIP LEADS TO INCREASED INNOVATION. Women and men bring varying perspectives to leadership. Gender diversity can allow for a wider knowledge base and original thinking; ultimately, it spurs innovation.7 • Higher proportions of women at top levels of management are associated with increased levels of innovation intensity.8 • Studies have concluded that increased levels of diversity in the management team promote business performance because it is associated with higher levels of innovation, market orientation, and entrepreneurship.9 • Increased levels of diversity in management are linked with the “development and implementation of major products.”10

90 percent of female shoppers would seek out goods produced by women-owned businesses.

4. WOMEN SERVE WOMEN CONSUMERS BETTER, WHICH IS IMPORTANT BECAUSE WOMEN CONSUMERS CONTROL THE MAJORITY OF PURCHASES IN THE CONSUMER MARKET. Women consumers are critical for ensuring a thriving economy. Often, women are more connected with the needs of other women and as such, women-owned and women-led firms are more likely to design products and services that meet those needs.

• Women consumers are responsible for approximately $7 trillion in spending power in the United States. Since they represent 51% of the population, the needs of women consumers are vital to our economic system.

• Of the 161 million women in the United States, 74.9% of women identify themselves as the primary shoppers.11 • Additionally, women in the U.S. reported “controlling” 72.8% of household spending.12 • Research conducted by Walmart “found 90 percent of female customers in the US would go out of their way to purchase products from women, believing they would offer higher quality.” 13 • Women also bring in half or more of the income in 55% of U.S. households. And women ages 50 and older control a net worth of $19 trillion and own more than three-fourths of the nation’s financial wealth, according to MassMutual Financial Group.14

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NWBC 5. THE TIME TO INVEST IN WOMEN IS NOW. Women’s entrepreneurial appetites are at an all-time high; approximately 1,200 new businesses a day are started by women. The United States is witnessing more ecosystems of innovative solutions that nurture women founders and owners, and responsible marketplaces that understand the strengths of women in business.

• Women-focused investment firms are growing.

Golden Seeds and Texas Women Ventures are examples; Golden Seeds has invested over $70 million in more than 65 women-led businesses.15 • Equity crowdfunding platforms are giving women unprecedented access to capital. Examples include Plum Alley, a woman by woman platform and Indiegogo where 42% of the successful crowdfunding campaigns are run by women.

Women’s entrepreneurial appetites are at an all-time high; approximately 1,200 new businesses a day are started by women.

• Microloan programs such as ACCION International, Grameen America, Kiva, and Opportunity Fund can help provide both capital and technical assistance. This fosters performance by women businesses by not only increasing their available capital but also improving their business expertise.

• New ventures owned by women and those owned by men experience no difference in performance. Thus women who are “contemplating starting a new venture [should] not be discouraged from doing so by a false belief that new ventures initiated by women are less likely to succeed than those initiated by men.” 16 NAWRB is a proud supporter of the NWBC’s mission to improve opportunities for women business owners.

To learn more about the NWBC, or read other recently released fact sheets, please visit http://nwbc.gov/content/three-new-fact-sheets.

GfK MRI. “Survey of the American Consumer”, 2011.

Silverstein, Michael J., Kate Sayre, and John Butman. “Women Want More: How to Capture Your Share of the World’s Largest, Fastest-growing Market”, 2009.

13 The Women’s Business Enterprise National Council and WEConnect International Introduce the Women Owned Business Logo Quote by MiKaela Wardlaw Lemmon, 2014.

14 MassMutual Financial Group, 2007 15 Golden Seeds. “Who We Are.” http://www.goldenseeds.com/who-we-are 16 Ibid.

Reprinted with permission from NWBC 11

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SHESHOWCASE

Luisa Rebecca Abella has been named Senior Vice President and residential lending production manager at TotalBank, a leading integrated retail-commercial bank in South Florida. Abella previously held the role of Mortgage Banker at City National Bank.

Jessica

Nieves

Judy

Bellack

Grace Hill, LLC welcomes Judy Bellack as its new Vice President of Sales. Grace Hill is the leading provider of online education and learning management solutions for the multifamily housing industry.

Bellack was formerly the VP of Strategic Accounts & Industry Relationships at RentPath.

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Marquis Bank has promoted Jessica Nieves to assistant vice president, personal banker, and lending assistant. She will be responsible for loan administration, and opening and managing accounts for clients in multiple branches.

Showcasing Women

Abella

Luisa Rebecca

Molly

Bayer

Molly Bayer has joined SRS Real Estate Partners as an associate in their Denver office, focusing on tenant and landlord representation. Bayer was previously an associate at Zall Company, where she worked on leasing Writer Square, an open-air, mixed-use shopping destination.

‘On the Move’ in the Housing Economy

Sara

Carmody

Sara Carmody has been promoted to Vice President of Hathaway Dinwiddie Construction Co., a general contracting, project planning, and management services company in California. Carmody will focus on the development and delivery of life science and technology work.

Amy Kirsch has joined PeerRealty as Head of Investor Relations. In this role, Kirsch will work closely with investors to help them expand their wealth and diversify their portfolios. PeerRealty is the Midwest’s premier real estate crowdfunding platform.

The Realtors Association of the Palm Beaches in Florida has promoted Dionna Brahs-Hall to Chief Executive Officer.

Brahs-Hall is the former Chief Operating Officer of the group, and will focus on the day-to-day operations.

ERA Real Estate in Madison, New Jersey has appointed Susan Yannaccone as Chief Operating Officer. Yannaccone has 17 years of industry experience and was previously the Senior Vice President of Network Services for HSF Affiliates.

Dionna

Brahs-Hall

Gordon Sykes, LLP—a Fort Worth-based law firm—has added Desiree L. Strong as partner. Strong will focus on the areas of banking, franchising, real estate, and estate planning. Strong is also a member of the Tarrant County Bar Association.

Susan Yannaccone

Desiree

Strong

Amy Kirsch

SHESHOWCASE

India

Mitchell

India Mitchell has been named an international luxury homes specialist for Stirling Sotheby’s International Realty at its Dr. Phillips/Windermere marketing center. She will work with local, national, and international buyers, investors, and developers of upscale residences.

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SBA AWARDS

Office(s) of Minority and Women Inclusion

Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies After receiving more than 200 comments, and conferring with various regulated entities and professionals, six agencies issued a final statement establishing these standards in June 2015.

Subdivided into five sections, each with detailed regulations, this interagency policy statement addresses the obstacles and barriers burdening minorities and women today.

I. Introduction

Section 342(b)(2)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) requires the Directors of the Offices of Minority and Women Inclusion (OMWI) to develop standards for assessing the diversity policies and practices of the entities regulated by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Bureau of Consumer Financial Protection, and Securities and Exchange Commission (Agencies). To promote consistency, the Agencies worked together to develop joint standards (Standards) for assessing diversity policies and practices. This Interagency Policy Statement (Policy Statement) announces those Standards.

This document is a general statement of policy under the Administrative Procedure Act, 5 U.S.C. 553. It does not create new legal obligations. Use of the Standards by a regulated entity is voluntary. The Agencies will not use their examination or supervisory processes in connection with these Standards.

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For purposes of this Policy Statement, the Agencies define “diversity” to refer to minorities, as defined in section 342(g) (3) of the Dodd-Frank Act (that is, Black Americans, Native Americans, Hispanic Americans, and Asian Americans), and women. This definition of diversity does not preclude an entity from using a broader definition with regard to these standards. In addition, as used in this Policy Statement, the Agencies define “inclusion” to mean a process to create and maintain a positive work environment that values individual similarities and differences, so that all can reach their potential and maximize their contributions to an organization. The Standards set forth below may be used to assess policies and practices that impact the inclusion of minorities and women in the regulated entity’s workforce and the existence of minority-owned and women-owned businesses among a regulated entity’s suppliers of products and services.

II. Joint Standards

The Agencies designed these Standards to provide a framework for an entity to create and strengthen its diversity policies and practices, including its organizational commitment to diversity, workforce and employment practices, procurement and business practices, and practices to promote transparency of organizational diversity and inclusion. The Agencies recognize that each entity is unique with respect to characteristics such as its size, location, and structure. When drafting these standards, the Agencies focused primarily on institutions with more than 100 employees. The Agencies know that institutions that are

Joint OMWI Standards policies and practices, who oversees and directs the entity’s diversity and inclusion efforts. For example, this official may be an executive-level Diversity Officer (or equivalent position) with dedicated resources to support diversity strategies and initiatives.

The entity takes proactive steps to promote a diverse pool of candidates, including women and minorities, in its hiring, recruiting, retention, and promotion, as well as in its selection of board members, senior management, and other senior leadership positions.

The Agencies designed these Standards to provide a framework for an entity to create and strengthen its diversity policies and practices.. small or located in remote areas face different challenges and have different options available to them compared to entities that are larger or located in more urban areas. The Agencies encourage each entity to use these Standards in a manner appropriate to its unique characteristics. Finally, the Agencies intend that the Standards will address an entity’s U.S. operations.

(1) Organizational Commitment to Diversity and Inclusion

The leadership of an organization with successful diversity policies and practices demonstrates its commitment to diversity and inclusion. Leadership comes from the governing body, such as a board of directors, as well as senior officials and those managing the organization on a day-today basis. These Standards inform how an entity promotes diversity and inclusion in both employment and contracting and how it fosters a corporate culture that embraces diversity and inclusion.

Standards

In a manner reflective of the individual entity’s size and other characteristics, The entity has a diversity and inclusion policy that is approved and supported by senior leadership, including senior management and the board of directors.

The entity provides regular progress reports to the board and senior management.

The entity regularly conducts training and provides educational opportunities on equal employment opportunity and on diversity and inclusion.

The entity has a senior level official, preferably with knowledge of and experience in diversity and inclusion

(2) Workforce Profile and Employment Practices

Many entities promote the fair inclusion of minorities and women in their workforce by publicizing employment opportunities, creating relationships with minority and women professional organizations and educational institutions, creating a culture that values the contribution of all employees, and encouraging a focus on these objectives when evaluating the performance of managers. Entities with successful diversity and inclusion programs also regularly evaluate their programs and identify areas to be improved.

Entities use various analytical tools to evaluate a wide range of business objectives, including metrics to track and measure the inclusiveness of their workforce (e.g., race, ethnicity, and gender). Entities that are subject to the recordkeeping and reporting requirements of the Equal Employment Opportunity Commission (EEOC) and the Office of Federal Contract Compliance Programs currently collect and maintain data and supporting documentation that may assist in evaluating and assessing their policies and practices related to workforce diversity and inclusion. Specifically, entities that file EEO-1 Reports9 required under Title VII of the Civil Rights Act of 1964 routinely track and analyze employment statistics by gender, race, ethnicity, and occupational group. Entities that develop and implement the affirmative action programs required under the regulations implementing Executive Order 11246 track and analyze employer-created job groups. Entities also are encouraged to use other analytical tools that they may find helpful.

Standards

In a manner reflective of the individual entity’s size and other characteristics, The entity implements policies and practices related to workforce diversity and inclusion in a manner that complies with all applicable laws.

The entity ensures equal employment opportunities for all employees and applicants for employment and does not engage in unlawful employment discrimination based on gender, race, or ethnicity.

The Employer Information Report EEO-1 (EEO-1 Report) is required to be filed annually with the EEOC by (a) private employers with 100 or more employees and (b) federal contractors and first tier subcontractors with 50 or more employees that have a contract or subcontract of $50,000 or more or that serve as a depository of government funds in any amount.

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Joint OMWI Standards The entity has policies and practices that create diverse applicant pools for both internal and external opportunities that may include: - Outreach to minority and women organizations; - Outreach to educational institutions serving significant minority and women student populations; and - Participation in conferences, workshops, and other events to attract minorities and women and to inform them of employment and promotion opportunities.

The entity utilizes both quantitative and qualitative measurements to assess its workforce diversity and inclusion efforts. These efforts may be reflected, for example, in applicant tracking, hiring, promotions, separations (voluntary and involuntary), career development, and retention across all levels and occupations of the entity, including the executive and managerial ranks.

The entity holds management at all levels accountable for diversity and inclusion efforts, for example by ensuring that such efforts align with business strategies and individual performance plans.

(3) Procurement and Business Practices Supplier Diversity

Companies increasingly understand the competitive advantage of having a broad selection of available suppliers to choose from with respect to factors such as price, quality, attention to detail, and future relationship building. A number of entities have achieved success at expanding available business options by increasing outreach to minority-owned and women-owned businesses.

As in the employment context, entities often use metrics to identify the baseline of how much they spend procuring and contracting for goods and services, how much they spend with minority-owned and women-owned businesses, and the availability of relevant minority-owned and women-owned businesses, as well as changes over time. Similarly, entities may use outreach to inform minority-owned and women-owned businesses (and affinity groups representing these constituencies) of these opportunities and of the procurement process.

In addition, entities’ prime contractors often use subcontractors to fulfill the obligations of various contracts. The use of minority-owned and women-owned businesses as subcontractors provides valuable opportunities for both the minority-owned and women-owned businesses and the prime contractor. Entities may encourage the use of minority-owned and women-owned subcontractors by incorporating this objective in their business contracts.

Standards

In a manner reflective of the individual entity s size and other characteristics, The entity has a supplier diversity policy that provides for

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“The use of minority-owned and women-

owned businesses as subcontractors provides valuable opportunities...” a fair opportunity for minority-owned and women-owned businesses to compete for procurement of business goods and services. This includes contracts of all types, including contracts for the issuance or guarantee of any debt, equity, or security, the sale of assets, the management of the entity’s assets, and the development of the entity’s equity investments.

The entity has methods to evaluate its supplier diversity, which may include metrics and analytics related to: - Annual procurement spending; - Percentage of contract dollars awarded to minority-owned and women-owned business contractors by race, ethnicity, and gender; and - Percentage of contracts with minority-owned and women-owned business sub-contractors.

The entity has practices to promote a diverse supplier pool, which may include: - Outreach to minority-owned and women-owned contractors and representative organizations; - Participation in conferences, workshops, and other events to attract minority-owned and women-owned firms and inform them of contracting opportunities; and - An ongoing process to publicize its procurement opportunities.

(4) Practices to Promote Transparency of Organizational Diversity and Inclusion

Transparency and publicity are important aspects of assessing diversity policies and practices. Greater awareness and transparency give the public information to assess those policies and practices. Entities publicize information about their diversity and inclusion efforts through normal business methods, which include displaying information on their Websites, in their promotional materials, and in their annual reports to shareholders, if applicable. By making public an entity’s commitment to diversity and inclusion, its plans for achieving diversity and inclusion, and the metrics it uses to measure success in both workplace and supplier diversity, an entity in-

Joint OMWI Standards forms a broad constituency of investors, employees, potential employees, suppliers, customers, and the general community about its efforts. The publication of this information can make new markets accessible for minorities and women and illustrate the progress made toward an important business goal.

Standards

In a manner reflective of the individual entity’s size and other characteristics, the entity is transparent with respect to its diversity and inclusion activities by making the following information available to the public annually through its Web site or other appropriate communication methods: The entity’s diversity and inclusion strategic plan; The entity’s policy on its commitment to diversity and inclusion; The entity’s progress toward achieving diversity and inclusion in its workforce and procurement activities (which may include the entity’s current workforce and supplier demographic profiles); and

“By making public an entityís commitment

to diversity and inclusion, its plans for achieving diversity and inclusion, and the metrics it uses to measure success in both workplace and supplier diversity...”

Opportunities available at the entity that promote diversity, which may include: - Current employment and procurement opportunities; - Forecasts of potential employment and procurement opportunities; and - The availability and use of mentorship and developmental programs for employees and contractors

(5) Entities’ Self-Assessment

The Agencies interpret the term “assessment” to mean self-assessment. Entities that have successful diversity policies and practices allocate time and resources to monitoring and evaluating performance under their diversity policies and practices on an ongoing basis. Entities are encouraged to disclose their diversity policies and practices, as well as information related to their assessments, to the Agencies and the public. Entities submitting information may designate such information

as confidential commercial information as appropriate, and the Agencies will follow the Freedom of Information Act in the event of requests for particular submissions.

Standards

In a manner reflective of the individual entity’s size and other characteristics, The entity uses the Standards to conduct self-assessments of its diversity policies and practices annually.

The entity monitors and evaluates its performance under its diversity policies and practices on an ongoing basis.

The entity provides information pertaining to the self-assessments of its diversity policies and practices to the OMWI Director of its primary federal financial regulator.

The entity publishes information pertaining to its efforts with respect to the Standards.

Solicitation of Comments

The Agencies specifically invite comment on: (a) Whether the collections of information are necessary for the proper performance of the Agencies’ functions, including whether the information will have practical utility; (b) The accuracy of the Agencies’ estimate of the information collection burden, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information proposed to be collected; (d) Ways to minimize the information collection burden on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.

The Agencies will summarize the comments submitted in response to this notice and/or include them in the request for OMB approval. All comments will be a matter of public record.

Conclusion

With these new standards, and the effort from the agencies to collaborate and effectively address the roadblocks to adversity, minority and women inclusion has a better future.

Comments in response to the collection of information must be submitted on or before August 10, 2015, 60 days from the publication of the joint standards in the Federal Register.

To view the final statement in full, or to find out how to submit your comments, visit https://www.fdic.gov/news/news/ press/2015/pr15047a.pdf.

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FHFA

FHFA OMWI Releases their First Strategic Plan The Federal Housing Finance Agency (FHFA) Office of Minority and Women Inclusion (OMWI) has released their strategic plan for FY 2016 - FY 2018. It outlines their commitment to making minority and women inclusion a fundamental part of the agency’s culture and delineates the ways the OMWI will champion diversity and inclusion standards defined in the Housing and Economic Recovery Act of 2008 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

The plan also describes OMWI’s part in implementing diversity and inclusion efforts (D&I) and equal employment initiatives for the FHFA, and D&I efforts at Fannie Mae, Freddie Mac and the Federal Home Loan Bank System.

Sharron P.A. Levine – FY 2018 represents FHFA’s efforts not only to meet these statutory requirements, but also to foster a work environment that leverages diverse perspectives and encourages collaborative approaches to achieve business success. It also reflects FHFA’s strategic initiative to promote diversity and ensure the inclusion of minorities and women in the business and activities of the agency and the regulated entities.”

OMWI Director for the FHFA, Sharron P.A. Levine, elucidates the plan’s meaning in its introductory mes- The strategic plan delineates five goals, each with sage, “The FHFA OMWI Strategic Plan for FY 2016 specific objectives:

Goal

Description

1) Design a Comprehensive OMWI Operational Structure

Identify the components, and design an operational structure necessary for the effective and efficient delivery of OMWI programs and services.

2) Develop Clear and Meaningful Standards

Develop standards for implementing D&I within the agency and guidance for use by the regulated entities.

3) Deliver Meaningful OMWI Communication

Educate internal and external stakeholders on the OMWI mission and the inherent benefits and opportunities in achieving its objectives.

4) Strengthen the Understanding of Diversity, Inclusion, and Equal Opportunity

Enhance understanding of the OMWI and EEO missions and ownership of the roles and responsibilities in fulfilling the missions, through knowledge, education, and training, both within the agency and for its regulated entities.

5) Drive FHFA Cultural Awareness

Serve as a catalyst for identifying and addressing FHFA’s cultural inclusion challenges and opportunities.

To read more about the Strategic Plan, or view it in full, visit http://www.fhfa.gov/Media/PublicAffairs/Pages/ FHFA-Releases-First-Strategic-Plan-OMWI.aspx.

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HYBRID BROKERAGE

Rise The of the Hybrid Brokerage T

he proliferation of online tools designed to meet homebuyer and seller demand for faster, on-demand access to the world of residential real estate has given rise to the hybrid real estate brokerage. These digital tools are making it faster, easier and more convenient than ever for the consumer to take more control over the home buying process and create a better, more personalized experience. However, what online tools won’t be relied on to do is replace the depth of experience and trusted advice that only real, live brokers can offer.

er than viewing hybrid brokers as threats, realtors and brokerages need to worry about the consequences of not staying relevant as homebuyer and seller expectations and preferences shift, and consumers look for familiar digital tools to take a larger role in making the process easier.

“Real estate has always been an evolving industry where success means staying in tune with customer shifts and being constantly ready to recreate our approaches.”

Real estate has always been an evolving industry where success means staying in tune with customer shifts and being constantly ready to recreate our approaches. The hybrid model is rapidly growing in popularity as we take the valuable elements of traditional real estate and marry them with the benefits of technology and innovation. Changes to the status quo are always nerve-racking, but rath-

While more of the home buying process is moving to our personal computers, laptops and mobile devices, the experienced broker is unlikely to be supplanted by technology, as professionals in industries such as travel have been. Buying a home remains the single largest investment most people make in their lifetime, and there are a considerable number of steps and details to manage.

Instead, this new era of the hybrid brokerage model makes it easy for homebuyers to use technology where

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HYBRID BROKERAGE

they are comfortable while still leaving room to access We must leverage technology to benefit our practices and the expertise of agents when needed, thus spawning the drive our development, but not expect it to replace the age of the self-directed buyer. hands-on experience and confidence a broker brings to a sale. The ideal hybrid mortgage is supported by a broker These emerging self-service tools are set up as one-stop who remains invaluable to the consumer. This broker can shops to help homebuyers find a home, obtain a mort- utilize technology to reach a wider and broader audience gage, complete a purchase and find ancillary services more efficiently. such as movers and home repair experts. Agents are often still engaged for part of the process and will continue The consumer may not want to hear from you, until to be a critical contact, but only if they develop strategies they do. Consumers have grown accustomed to the reto court buyers who desire to use brokers more selective- placement of personal interactions by technology. This ly, or potentially not at all. includes a digital experience which drives what they buy and influences their overall Real estate transactions are satisfaction. We thrive on relagoing to be increasingly initionships, but the self-directed tiated, if not fully completed, homebuyer expects technology to answer questions that online. To be truly successful, perhaps only a broker can. In brokers need to do more than the context of an industry that simply host a website with has hardly changed in decades, pictures of properties; they this shift may seem sudden, need to court buyers and sellers differently. A consumer and unmanageable, but it can seeking to purchase a home be easy to embrace with the can search for properties onappropriate focus. line and identify whether it is a good fit for them. Brokers Those among us who explore need to go further; they need and test the new crops of tools to help the buyer interpret the available will always remain relevant. We will constantly find information that is being retrieved electronically. better and more effective ways to meet our clients’ needs. Each generation of homebuyers Once a home has been found and an offer made, the and sellers will only be savvier and have more demand for process can get complex, and this is where many websites a faster, more responsive format to conduct transactions. fall short in meeting self-directed buyers’ needs. Brokers have understandably not fully welcomed technology, but These technology savvy and informed consumers exit is now time to transition to the present and plan for a pect to have on-demand information at their disposal future which will continue to rely on the trusted experi- around the clock. They are knowledgeable consumers who ence and the critical eye of a broker. are taking almost every aspect of their lives online, and they are going to be conscious of the lack of personalized Technology presents itself as being more efficient and ef- tools you offer to help them through what may be the fective, but it does not replace knowledge and experience. biggest purchase of their lives. They are from all gener-

“Once a home has been found and an offer made, the process can get complex, and this is where many websites fall short in meeting self-directed buyers'’ needs.”"”

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HYBRID BROKERAGE

in technology and a willingness to modify their own status quo. Embracing a hybrid approach that combines the expertise of an office or call center with tools like a strong website and state of the art mobile apps is absolutely critical. Brokers don’t have to endure this transformation alone; educational opportunities are around every corner as nearly every facet of real estate is preparing innovative ways of catering to the hybrid model.

“Homebuyers and sellers will look to the broker as a subject matter expert that helps them interpret the information they gather and be available to guide them through the process.”

However, not everything has changed. There hasn’t been a move to complete online-only transactions, though the options exist and the consumer will continue to want more control. Homebuyers and sellers will continue to rely on brokers for counsel, and it is important to be a prepared to advise your clients.

The real estate business has always been about customer service; this has not changed. What the customer is asking ations, from Baby Boomers to Millennials, and already for has changed. Real estate as a whole is finally listening expect to have all of the information they want about a to the self-directed buyer, and successful brokers still have home at their fingertips. This may seem to diminish the plenty to say. role of the broker in terms of supplying forms, industry education, and even touring entire neighborhoods looking for curb appeal. What we are getting in return, however, is more time to leverage our expertise.

Our true expertise has the opportunity to shine by allowing the consumer to do the heavy lifting themselves.

Homebuyers and sellers will look to the broker as a subject matter expert that helps them interpret the information they gather and be available to guide them through the process. Brokers who are not experts will be weeded out due to the lack of assistance they are able to provide consumers. Our industry will adjust to technology accordingly, and the survivors will be the true professionals.

“The real estate business has always been about customer service; this has not changed.”

Sharon I. Mualem is Senior Manager, Buyer Services with Owners.com. A licensed In this way, the real estate environment continues to real estate broker in seven states, she has support the role of a broker as an advisor and advocate, nearly 20 years professional experience in and helps them remain relevant. To be effective, brokers luxury and new single family residential must have a self-service ready model, a hunger to invest sales, REO homes, short sales, and international investor acquisitions of land, retail and multifamily properties.

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Servicing and Secondary Markets Program Manager Office of Research, Markets & Regulations Consumer Financial Protection Bureau

LAURIE A. MAGGIANO From being a theater major in college to becoming the Program Manager for Servicing and Secondary Markets at the CFPB, she details her illustrious professional journey and expounds on her personal life and the ideologies that have helped her rise to where she is today.

NAWRB: In 2011, the Five Star Institute recognized you with a Lifetime Achievement Award for your contributions to the mortgage industry, and in 2012 and 2013, HousingWire Magazine featured you as a Woman of Influence. Throughout your prolific career, is there a specific moment or project that is particularly special to you, that you are the most proud of ?

Laurie A. Maggiano: I’ve been fortunate enough to have had some really interesting and diverse opportunities. As the only woman and the youngest person in an office of commercial asset managers at Great American Bank in San Diego, I was assigned all the crazy assets that the more experienced men thought were not worth their time. I had to learn the economics of all kinds of businesses like hospitals, hotels, bowling alleys, biker bars and egg farms in order to come up with viable work out strategies. Every day at work was a new adventure and I learned much more than I would have working on Class A office buildings and apartments.

At Freddie Mac, I led a team that developed the agency’s first net present value model for REO properties to determine if the best execution was to rehab or sell as is. I worked in Russia in the late 90s to help develop infrastructure for its nascent mortgage servicing industry. Through NeighborWorks, I mentored Housing Finance Agencies and authored a Housing Counseling Handbook. My work at HUD gave me the opportunity to build a comprehensive loss mitigation program

from the ground up. The first year of implementation was really rough and we were criticized by just about everyone—Servicers, Consumer Advocates even Congress—but FHA loss mitigation eventually became an industry model.

I have to say, though, that working on HAMP during the height of the mortgage crisis was the most challenging and most rewarding work I have done. I know we didn’t get it all right, but to stand up a national foreclosure prevention program in only a few months that ultimately saved millions of families from foreclosure is an accomplishment I am proud of.

NAWRB: Prior to beginning your government career, you dedicated 20 years to the private sector as the Director of REO at Freddie Mac, Senior Vice President for two major West Coast banks, and as a real estate agent and broker.

With your extensive experience in the housing industry, both in the private and public sectors, what has been the most crucial characteristic for the success of women-owned businesses that you have been able to identify?

Additionally, what advice would you give to our readers who aspire creating their own successful enterprises?

Laurie A. Maggiano: Successful people generally love what they do, so first and foremost find work that you are passionate about. Too many women and men spend entire careers pursuing someone else’s dream. We work too many hours per day for our jobs to be only the means to an end.

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There are many factors that influence business success but the most important is customer satisfaction. Real estate especially is a service business. Customers need to feel that you value their time, that you are listening, that you recognize how important a home buying decision is and that you put their interests and needs before your own.

Early in my career, I was a real estate broker in Arizona and I was very successful for about five years. Then after my first son was born, a client called one afternoon to say that there was a problem with their closing and I had to come immediately. I went to the closing but I wasn’t happy about it. I wanted to stay home with my baby. The next day I turned in my resignation. If the most important investment my client was likely to make was not important to me, it was time to find something else to do.

“ There are many factors that influence business success but the most important is customer satisfaction. Real estate especially is a service business.”

After staying home for a year, I was offered a job helping a local savings and loan sell its growing inventory of foreclosed real estate. The S&L was offering an above average sales commission but could not understand why real estate agents were unwilling to do business with it.

After observing the operation of the office for about a week and listening to the way the bank staff spoke to and about agents who called with questions or offers, it was clear to me what the problem was. I called an all hands meeting and asked the entire staff how many homes we had sold that month. Someone said 20. “Wrong,” I said.

“We didn’t sell any. A licensed agent sold each one. They found the buyers, they showed them multiple homes, they helped them understand what they could afford, they wrote the contract, opened an escrow, helped the buyer start the financing process and managed the closing. If we want agents to work with us, we need to convince them that we recognize and value their hard work.”

We then began an agent appreciation program, developed and offered free accredited training programs, made presentations at every MLS meeting in the area and gradually won back the trust and business of brokers and agents. Two years later, Southwest Savings was

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named Realtor Affiliate of the Year by the Scottsdale Board of Realtors.

This was a case of recognizing that the asset management office’s first line customers were the agents, not the homebuyers and that our job was to make sure that they felt valued and listened to. Often in business we have more than one customer and it is important to value them all.

NAWRB: With its relentless foreclosures and turbulent market, the U.S. housing crisis devastated present and potential homeowners throughout the country. What do you think is the most valuable lesson the average American consumer must take away from that period in history?

Laurie A. Maggiano: I hope the lesson that we all learn is the importance of our financial decisions, and the impact that consumer financial products can have on families and the broader economy. Lenders should not be able to saddle consumers with debts they can’t afford to repay, and consumers should make sure they understand what they’re signing up for. The CFPB is committed to providing consumers with the information and tools we all need to understand our financial options and make responsible financial choices, and to making sure that companies play by the rules. We have an impressive array of online tools and we are working to improve financial literacy among students and adults.

NAWRB: As the Program Manager for Servicing and Secondary Markets at the CFPB, and the former Director of Homeownership Policy at the U.S. Department of the Treasury where you championed the Making Home Affordable program, you have sought to help and protect the consumer. With that being said, what would you say is the most important benefit the TILA-RESPA Integrated Disclosure (TRID) rule is bringing to the potential homeowner?

Laurie A. Maggiano: Two words: clarity and accountability.

The new TILA-RESPA integrated disclosure forms, clearly identify the loan terms being offered and allow consumers to make “apples to apples” comparisons of multiple loan offers. Because lenders can’t charge a fee

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for providing a Loan Estimate, homebuyers can obtain and compare multiple estimates to see who offers the best deal.

Then at closing, not only must consumers get the Closing Disclosure three days in advance, but the first page of the disclosure mirrors the first page of the Loan Estimate so a borrower can clearly see if any of the estimated costs have changed. Consumers will have time to question the changes before everyone is sitting at the closing table with the furniture in the moving van and the motor running. Lenders will now be accountable for ensuring that the costs charged at closing are consistent with the estimate they originally provided to the borrower.

The new rules taking effect in October will change the home buying experience. The CFPB recognizes that real estate professionals are trusted resources for people choosing to buy a home so we have designed a guide specifically directed to industry professionals to help them explain the new disclosures to their clients and guide homebuyers through the loan application and closing process. By the time this article is published the guide will be available on the CFPB website and we hope that it will become a valued resource.

nority and Women Inclusion (OMWI) for regulated agencies by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, this is an exciting and groundbreaking time for diversity and inclusion in the workplace. As a leading figure in your industry, did you face any challenges as a woman? If so, how did you thrive past them, and what advice would you give to women who may be facing some of those same obstacles today?

Laurie A. Maggiano: Most women of my generation faced employment challenges as well as disparate treatment with access to credit and financial services. I recall a time when I was shopping in a Sears store in the 1970s and they were giving away Winnie the Pooh bears if customers opened a charge account with the store.

I applied but was denied credit, not because my income or credit was insufficient, but because my husband—who at the time was an unemployed student—was not there to cosign on the application. I remember being furious at the time, but in retrospect I should have been angry at myself. It was very foolish to incur more credit just to get a free toy.

“ Successful people generally love what they do, so first & foremost find work that you are passionate about...”

Also, the old 75-page Settlement Cost Booklet has been replaced by a shorter, more consumer-friendly document called, “Your home loan toolkit.” It has great information for homebuyers, especially when used in concert with the cool interactive tools on the CFPB website. In October, creditors will be required to provide the toolkit to homebuyers within three days of loan application, but the information it contains would be useful long before applying for a loan. The Bureau is encouraging real estate agents to provide the toolkit to their clients at first contact. Also, we have made it easy for agents to add their own logo and contact information to the toolkit, another example of making all customers feel valued.

NAWRB: With the establishment of the Office of Mi-

My advice to your readers is to continue to increase their knowledge of personal finance and the federal and state laws that offer protections against financial and workplace discrimination. Knowledge is power.

NAWRB: You have had a storied and successful career in the mortgage industry, both in the private sector and as a member of the government. What has motivated you throughout your life to stay dedicated and driven in your career, and from what kind of work do you obtain the most satisfaction? Was it always a goal of yours to work in government, or is there something in particular that made this the right decision for your career?

Laurie A. Maggiano: I spent my early adult years on the West Coast, where the policy makers in WashingNAWRB MAGAZINE |

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role in helping you get where you are today?

Laurie A. Maggiano: My earliest and most constant mentor was my mother. Audrey Windsor Bergner was a strong, self-educated woman who was always challenging herself and me to do something more, something new, something interesting and to then share it with others. Despite not having a college degree, my mother never stopped learning. She was a teacher and author of half a dozen history books in addition to her highly successful real estate career. She had a work ethic that would exhaust most mortals.

Laurie A. Maggiano with her mother Audrey Windsor Bergner

ton, DC often seem far away, so I never even considered a career in the federal government. My first job after college graduation was teaching junior high school language arts, and saints preserve me from ever having to do that again! Quickly, abandoning my planned teaching career, I decided to get a real estate license. This wasn’t completely out of the blue as both my parents were successful real estate brokers and I had spent many school holidays and summers working in their office as a receptionist and Girl Friday. I found that I loved the combination of finance and customer engagement that real estate offers and I did well. As I mentioned earlier, I continued to sell homes until my first son was born after which I spent about 12 years in mortgage banking in Arizona and California. Eventually, I was recruited

by Freddie Mac and moved to the DC area to run their REO program.

In 1999, HUD introduced a program to bring private sector expertise into the department on two-year rotations, in an effort to invigorate and motivate the career staff. On a whim I applied and was hired to help create a brand new loss mitigation program for FHA insured loans.

It was really hard making the adjustment from private enterprise to government bureaucracy, but I eventually came to realize that if I wanted to influence housing policy at a national level, this was the place to be. When my two-year term was up, HUD offered me a full-time job, and I’ve been working in government ever since.

Professionally, I was lucky to have two male bosses that saw something worth cultivating and helped steer me though the male-dominated mortgage industry. I can’t tell you how many times in the 80s and early 90s I was the only woman in the boardroom, or how many times I was asked to take the notes or go find coffee. These two mentors taught me to take a place at the table and they gave me opportunities to make the presentation and earn credibility. Even though we have all moved on professionally, I am happy that we still stay in touch; you’ve got to love Facebook.

Laurie A. Maggiano with her father

That is also how I try to mentor the junior staff that I have the privilege to work with. I can’t actually teach them anything; most of the 20-somethings are so much smarter than I am, but I can invite them to the right meetings and make sure that they have a chance to contribute.

NAWRB: When entering the professional field or starting a business, guidance from family members or mentors can NAWRB: Speaking of writing books, we understand prove essential to the success of our endeavors. Is there a you recently wrote a book. Can you tell us about it? person in your life that you credit with playing a significant

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Laurie A. Maggiano: Compiled would be a more accurate term but yes, in 2013 I published a book of my father’s letters from World War II titled, Just Call Me Soldier Boy. My dad was drafted, or as he preferred to call it, “selected,” just a week after he graduated from high school in 1944. He was rushed through boot camp with thousands of other young boys to replace soldiers lost on the beaches of Normandy and at the Battle of the Bulge. His service overseas was short but brutal as these green troops joined Patton’s third army for the final push through Germany, across the Rhine to Chemnitz to pinch off Hitler’s army for good.

During his service, my dad wrote 270 letters home providing a first person account of this moment in history and introducing me to the boy who later became my father. My husband Ron was a historian and together we collaborated with my dad to edit and annotate these letters as a legacy to our immediate family and for the families of the thousands of other boys and girls that left the scout troops and ball fields and paper routes of middle class America for the killing fields of war. This is their story too. The book is still available on Amazon and sale proceeds benefit wounded veterans.

“ I was a theater major in college. I had every intention of being a great Shakespearean actress.” in Russia in the 1990s under the auspices of the World Bank. I also spent some volunteer time in Africa on micro lending projects where I saw firsthand the need for better housing and housing market infrastructure. Despite the crisis, and perhaps because of it, there is no country in the world that has developed infrastructure around building, selling, title registration, housing counseling, credit reporting and mortgage lending that rivals the U.S. I have found in my travels that the desire for homeownership is universal and I think it would be really rewarding to help developing countries build this capacity.

NAWRB: If you had never entered the mortgage industry, to what do you think you would have dedicated your life? What would be the career you would most want to have?

Laurie A. Maggiano on assignment with USAID in Moscow in 1998

NAWRB: Do you have any goals, either in your personal or professional life, which you haven’t been able to address but would really like to accomplish in the future?

Laurie A. Maggiano: Professionally, I would like to find opportunities to export the great knowledge that the U.S. has developed around housing finance to developing countries. I mentioned that I did some of this work

Laurie A. Maggiano: I was a theater major in college; education was the practical degree that my parents insisted on. I had every intention of being a great Shakespearean actress. I even went to London to audition for the Royal Academy of Dramatic Arts but was not accepted, my first crushing professional blow. I still love the theater and am grateful that we have so many great theater options in DC. A few times a year I train up to Manhattan to absorb the energy at Times Square and see as many shows as time and budget allow in a single weekend.

Closer to home, I am on the board of our communiNAWRB MAGAZINE |

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SHECENTER(FOLD)

ty theater and frequently produce, direct or act in local productions. Last April I acted in the world premiere of a very cool play called Tattoos about a teen gangbanger who has to do community service at a nursing home where he meets a 90-year-old invalid who just wants to die. They fiercely resent being thrust together but over the course of the play an unlikely friendship develops as they find out how much they really have in common, including tattoos. I played an uneducated and ill-tempered nurse’s aide; I think it was typecasting.

snacks to keep them from imploding, but all the actors must learn their lines, music and cues, and all of them are encouraged to make suggestions about characterization and blocking changes. It is one of the few times in the life of a child where they get to interact with adults on an equal footing and it is amazing to watch them grow into this responsibility. Plus, they are adorably cute on stage and they sell tickets!

Finally, just in case there are any theatrical agents reading this interview, secretly I would still love to perform on Broadway!

Generally, however, I direct the NAWRB: When you don’t big summer musicals with a have to work or think about cast of 30 or more children and your professional responsibiliadults ages five to 85. I have ties, how do you like to spend directed or produced Oliver, your day?

Fiddler on the Roof, Annie, The King and I, Oklahoma and a bunch I can’t remember. What Laurie A. Maggiano at the beach with her granddaughter Laurie A. Maggiano: This one Isabella and son Grey Maggiano is easy. I would be at the beach I love about working with a mixed cast of children and adults is that all the actors with my 3-year-old granddaughter Isabella. are treated the same. Okay, the little ones may get more

Laurie A. Maggiano with her children in Scotland June 2015

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Women-Owned Business Certification Four fundamental categories taking the mystery out of being certified.

1. Benefits of being certified:

• Access to contracting opportunities specifically for Women-Owned Businesses • Connection to professional community of women and women business owners • Highlights your technical expertise and experience while providing exposure to the Industry and validating your business • Certified businesses can tap into a multitude of public and private sector contracts and support client initiatives

2. Requirements for Certification:

3. Process of Certification:

1. Application available online at NAWRB.com 2. Submit completed hard copy application with supporting documentation, sworn affidavit and application processing fee in a 3-ring binder 3. Review of application packet by certification staff 4. Follow up with applicant to obtain any additional materials necessary 5. Committee and Board Review 6. Certification can take up to 45 days upon complete application

4. Why Certify with NAWRB:

NAWRB is the only third-party, industry-specific certifier of Women-Owned Business (WOB) and Minority Women-Owned Business (MWOB) certifications specializing in the housing economy.

Take advantage of the benefits of being certified as a Women-Owned Business today.

To obtain your application: visit www.NAWRB.com | (949) 559-9800 | certification@NAWRB.com

NAWRB

• The business must be 51 percent or more women-owned, controlled, operated and managed • The women business owner must be a U.S. citizen or legal resident alien • Technical expertise in the housing economy

Women-Owned Business Certification Specializing in the Housing Economy

NAWRB

HOME SHARING

d n a ts s o C ship t u C nion : g n pa i r a m h o S C e n i m o a H G

With the booming sharing economy, most people are

familiar with popular home sharing sites such as Airbnb which offers temporary housing in widespread locations.

But let’s take it to another level: permanent home sharing.

In this context, home sharing refers to the phenomenon of aging adults choosing to share their homes with similar people. Those that opt for this type of arrangement include widows, the recently divorced, single people, and others who simply want to cut their monthly costs as retirement nears. In many cases, retirees may choose to home share to save money and offer flexibility without having to worry about a mortgage.

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to remarry faster, thus closing the gap between widowhood and remarriage.

The same 2010 census reveals that 28.3 percent of the U.S. household population that is age 65 and over is living alone. This percentage equates to 11 million people living alone. Of this number, 71.2 percent were women.

“28.3% of the U.S. household population that is age 65 and over is living alone.”

Shared housing can appeal to multiple demographics, although it is prevalent among women. Statistics may help shed some light as to why.

Lastly, a June 2015 housing analysis conducted by the Urban Institute projected the amount of senior households in the U.S. will surge to 46 million. This is in comparison to the 25.8 million senior households that existed only five years ago. Thus, home sharing is expected to grow increasingly as the years progress.

According to the U.S. Census Bureau, an astounding 56.9 percent of women over the age of 75 were widows in 2010. The shock value increases when compared to the percentage of men of the same demographic that are widowed: 21.2 percent. The census suggests that the difference may be attributed to the fact that men tend to marry younger women and also have a higher propensity

Although home sharing is not a new development, it is something that can be difficult to navigate. Many questions can arise such as, “How do I find an available home that is suitable for me?” “Can my home become a shared home?” “Will my friends and family judge me for living with roommates?” and, “When is home sharing not ideal?”

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HOME SHARING Some may feel that the act of sharing a home for permanent residence—especially at a mature age—is taboo or may bring feelings of shame. After all, owning a home that is meant for only one’s self and family affords a sense of freedom and pride.

Forfeiting this notion may stir up feelings of lost independence and defeat, particularly if home sharing is done for financial purposes.

Among all of these home sharing options there is one consistent caveat: most websites require an individual to be in good health in order to participate. It is important to note that those that participate in home sharing are not nurses or caregivers. They simply want to live their lives while saving money or possibly for the sake of companionship.

It is also important to realize that living with others does not guarantee friendship, although it is highly encouraged and often a result. Whether using social websites or your local city’s program, detailed questionnaires and background checks are provided to prevent hostile and/ or negative living situations. Although one does not have to be a best friend with a roommate, the relationship should certainly be amicable and ideally beneficial for basic necessities.

Once a home seeker or homeowner finds what they are looking for, house rules must be adopted. This is no different than any other living situation, whether it is a married couple newly living together, roommates, or friends. In many cases, individuals choose to split grocery costs if they have similar eating habits, which lowers costs However, the growing popularity of home sharing is and associated tasks even more for those involved. sure to conquer these negative feelings. Furthermore, the word “roommate” should not be equated to past memories of ruckus roommate situations that may have been endured in young adulthood.

“As an older individual, all parties within the home are self-sufficient adults with decades of life experience.”

Any preconceived notions should dwindle as the current situation is much different. As an older individual, all parties within the home are self-sufficient adults with decades of life experience.

Emotions aside, home sharing during the latter part of life has varied requirements, depending on the chosen method of finding a home. For example, various websites that connect interested homeowners and home seekers require a minimum age requirement to be considered a “mature adult.” Numerous websites consider 40 years of age to be the minimum for membership, whereas other sites accept any age as long as assisted care is not needed. Home sharing has benefits that are overwhelming when compared to the secondary option of living alone with People can choose from social networks created espe- a potentially costly mortgage and prolonged solitude. cially for mature home sharing such as the Golden Girls Living with others can brighten spirits, add money to Network and Golden Girls Home (although not relat- retirement, and can help those that are newly single ed), or can visit their local government website as many traverse an intimidating new chapter of their lives. cities offer home sharing options for older individuals.

“It is also important to realize that living with others does not guarantee friendship, although it is highly encouraged and often a result.”

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MOTHER NATURE On the other hand, you have states that are recording their worst droughts in history, with California being one of them. Governor Brown ordered a 25 percent water use reduction in April 2015 and affirmed that if California did not limit its use of water, it would completely run out within a year. To enforce the regulation, the state declared heavy fines—$500 per day—would be If you look back on the last decade, a lot has been written levied against residents who did not comply with the about global warming and how Earth is shifting. With new restrictions. flooding occurring in some parts of the country and droughts in others, it is a crucial time to remain attune In California, the new slogan “Golden is the New Green” to earth’s changes. Regardless of your beliefs on global refers to our dying yards. Drought-resistant plants have warming, an increasing amount of areas, including entire had to replace once succulent, gorgeous lawns. Planned states, are being affected by the wrath of Mother Nature. developments have been forced to alter the very landscapes that initially made them Recently, the state of Texas expemore desirable. These golden, rienced downpours that reached and sometimes by design, des15 feet over the normal water levert-themed yards are far from the el. This caused major flooding to green, prosperous scenery Calithe point that travel was prohibfornia has come to be known for. ited in some areas, schools were shut down and obtaining basic As in Texas, the drought has necessities became troublesome. created a complex problem for Natural disasters such as these are California’s third-party compaby no means a new occurrence, nies and real estate professionals. yet they are creating a bigger and Many cities over the past seven more complex problem within the years have invoked new fee struchousing industry. tures or levied fines up to $1,000 a day against absentee owners, inWith more properties being cluding banks, on dead yards. To “Regardless of your beliefs on global warming, managed by third parties, added further compound the heartbreak an increasing amount of areas, including regulations, and more restrictive of our dying landscapes, the water entire states, are being affected by the local government oversight, manrestrictions have created a loophole wrath of Mother Nature.” agement companies and vendors for inattentive owners as cities face alike are being forced to restructure and increase their the conundrum of enforcing or foregoing these fines. In workforce. In the event of a flood, there can be a surge California, if you were a new home developer in the past, of plumbers and roofers needed to repair the damages. one of the big enticements was having beautifully maniAdditionally, problems such as standing water, which cured yards at the model homes. New homebuilders must when not alleviated can lead to West Nile virus and oth- now have a new set of regulations regarding their lander health issues, can occur. Dry rot and water damage scapes and what they can offer. with the dreaded possibility of fungus also grow in probability, and there have even been cases of old oak trees With buying a home being one of the largest financial having to be removed because they were falling on prop- decisions your client will ever make and the growing erties and risking lives. Entire communities once vibrant complexity of aspects relating to housing, NAWRB with mature living history have now been decimated and wants to hear from you on the ways Mother Nature is stripped of their heritage. As this not only affects the forcing change on your community and business. How is companies managing the properties, homeowners have it affecting you and your clients, and what are you doing had to absorb the escalating cost of repairs resulting to overcome it? Email your comments to media@nawrb. from the incessant demand triggered by the floods. com or post online.

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LATINAS RISE

L If you take a moment to notice, you’ll see we are at a place in our history where more women of color are stepping into leadership roles in the workforce, and it’s no surprise this growth is being felt in real estate.

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They have also emerged as a motivated group of connected decision makers, making 86 percent of the buying decisions in their households, according to a 2013 Nielsen study.

Many Latinas, while discussing their participation in the Historically, real estate has been an accessible career field workforce, have noted that male colleagues and supervifor women for many reasons, including its flexibility when sors have often inspired them to put their best foot forward. balancing the requirements of a thriving business with an Male partners have also stepped up their domestic particiequally demanding home life. pation, encouraging Latinas to The National Association of prosper in their careers. More REALTORS (NAR) reports women and men are making that women comprise 58 pergreat strides to change the cent of their total membership, workforce for the better. and, according to the Women’s Council of REALTORS (WCR), While it’s important for Latia women’s division was creatnas to engage in equality, we ed in the California Real Estate must recognize that Latina Association as early as 1924. entrepreneurs face stronger More female real estate pracchallenges than their male “Real estate has been an accessible catitioners are rising to the top counterparts. For example, reer field for women for many reasons, and Latinas are the fastest the Bureau of Labor Statistics including its flexibility when balancing growing contingent. affirms that Latinas earn less than 60 cents for every dolthe requirements of a thriving business Besides the fact that real estate lar a white male earns in the with an equally demanding home life.” has been traditionally inclusive, same occupation. The Shriver Latinas are drawn into the profession for a plethora of other Report, a nonpartisan organization advocating for women’s reasons, particularly the flexible schedules that accommo- equality, notes more than one-quarter of U.S. households date child rearing, as well as the ability to network in their with children under 18 are supported primarily, if not solely, communities. Latinas are leading the trend as entrepre- by the income of a single mother. In addition, women take neurs, with the U.S. Census Bureau reporting that they are on the majority of child care duties, and often care for family launching new businesses at a rate of six times the national members that are elderly, sick or disabled. The U.S. Census average and eight times the rate of male-owned businesses. Bureau recorded women clocking in more than 110 million

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LATINAS RISE hours a year to unpaid child care, while men contribute less than 55 million hours. Having a good platform to discuss these issues is vital in order to keep the industry moving in a progressive and inclusive direction that improves the lives of both genders.

give their commitment to the fight for gender equality. These kinds of events create an environment for meaningful conversations concerning young Latinas.

More Latinas are creating change and helping increase the number of women of color in positions of leadership. Organizations like NAHREP and NAWRB are eager to provide these women the unique and different resources they need to succeed in their professional and personal lives. Our industry has the power to grow and support all aspects of our professional community, especially the rise of Latinas.

In 2013, NAHREP held a general session at its National Convention and Latin Food Festival, hosted by Nely Galán, media dynamo and founder of the Adelante Movement, which focused on inspiring Hispan“In the U.S., more than one-quarter of ic women to unite socially, households with children under 18 are economically, and politically. supported primarily, if not solely, by the Galán’s session fostered a income of a single mother.” sense of empowerment for Latina businesswomen, focusing on the unique challenges they face within our industry. In Marisa Calderon is chief of staff and deputy 2014, NAWRB featured Nely Galán as their sheCenterfold executive director of the National Association of after she appeared with Shark Tank’s Barbara Corcoran at Hispanic Real Estate Professionals (NAHREP). the second largest U.S. Senate hearing in history. Over 300 She is an 18-year veteran of the financial serwomen entrepreneurs attended the hearing to support and vices and housing industry.

BRENDA ROSSBERG

CHRISTINA BENJAMIN

MARY MOORE

Neighborhood Real Estate Solutions bjrossberg1@gmail.com 949.275.0335

Century 21 King benjaminrealtor@gmail.com 909.353.0552

Gayle Hirsch Realtors more.maryl@sbcglobal.net www.moorehomes1.com 432.559.4475

TAMI BONNELL

ELAINE BEVACQUE

RUBY ROSENER

EXIT Realty Corp International tbonnell@exitrealty.com 781.888.4331

Elaineart1@roadrunner.com 714.337.5372

RubyRosener@gmail.com 714.337.5372

WENDY FORSYTHE

JANET FARLEY

SHELLY WEST-CHENOWETH

Atlantic & Pacific Real Estate wendy.forsythe@carringtonres.com 949.517.6832

Covenant Realty of NC jfarley10@aol.com www.covenantrealtync.com 919.818.7921

Atlas Field Services, Inc. swchenoweth@athlasfieldservices.com www.atlastfieldservices.com 916.761.6304

LINDA CRAFT

NANCY ALLEE

Linda Craft & Team- Realtors lc@lindacraft.com www.lindacraft.com 949.235.0007

Indiana Central Homes nallee@mibor.net www.IndianaCentralHomes.com 317.722.0913

new and renewed NAWRB Certified Women-Owned Specializing in the Housing Economy CONGRATULATIONS toBusinesses

LYNN C. BURLEY

CINDI BLACKWOOD

TERESA RYAN

Burley Properties Lynn@BurleyProperties.com www.BurleyProperties.com 321.427.6788

Blackwood Team Realtors cindi.blackwood@gmail.com www.theblackwoodteam.com 501.920.8111

Ryan Hill Realty TRyan@RyanHillRealty.com www.RyanHillRealty.com 630.718.0424

CHRISTINE HANSEN

LYNN JANEWAY

South Florida Home Sales Christine@oridahomesbychristine.com 954.609.4242

Janeway Law Firm, PC lynn@janewaylaw.com www.janewaylaw.com 303.226.8340

WHAT WOMEN WANT SELF-IMPROVEMENT

Women age 40 and above should dress for success in the mornings to be confident and inspired to do their best work. What women wear has a huge affect on their psyche. Donning polished clothing not only tells the world that you are self-assured and capable, it allows you to embody those characteristics.

Style is also a reflection of who we are and how we feel about ourselves. For example, women who dress in frumpy clothing tend to feel tired and insecure. Many mature women have the mentality that as they age they have to dress in neutral, unfitted clothing, but this simply is not true. When women dress in colors and fabrics they love, they radiate confidence and are more likely to feel like they can take on the world. The following are helpful ways to dress for success in order to feel capable and inspired.

A study performed by Adam D. Galinsky, professor at Northwestern’s Kellogg School of Management, tested 58 undergraduates, splitting them into two groups, we’ll call them Group A and Group B. Group A was told to wear white lab coats they believed belonged to doctors. 1. Try Your Clothes on the Night Before Group B was directed to wear street clothes. When tak- Plan your outfit out the night before work and try it on so ing an exam, Group A was more attentive and careful, you know whether or not it looks good and feels comfortmaking half as many mistakes as Group B. Dr. Galinsky infers that clothes greatly affect our minds and bodies.“Clothes invade the body and brain, putting the wearer into a different psychological state,” said Dr. Galinsky.

Another study published in the Human Resource Development Quarterly, which focused on workplace attire, found that subjects who dressed in formal business suits felt more “authoritative, trustworthy, and competent,“ while those who dressed in casual business attire able. You will be excited to wake up in the morning knowfelt friendliest. ing your beautiful outfit is waiting for you. This will also

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SELF-IMPROVEMENT WHAT WOMEN WANT

leave more time for you in the mornings so you won’t rush best on you. Focus on your positive attributes and dress them up. For example, if you love your fingers and wrists, out the door and feel frazzled when you arrive to work. highlight them with gorgeous rings and bangles. Make 2. Aim for Fresh-Looking Makeup sure to showcase your beautiful features so you not only Makeup artist, model, and baby boomer Cindy Joseph feel better in your own skin, but can fully immerse yoursays women in their 50s and 60s should aim to look self into your work without discomfort or insecurities about your ensemble.

5. Shoes Heels make any woman look longer and leaner. Choose heels that are comfortable. If you’re having trouble wear-

“fresh” and embody the mantra “less is more.” Joseph warns against wearing too much under eye concealer because it can look cakey. She goes on to say “the older you get, the less makeup you should wear.”

3. Have A Go-To Outfit

ing them all day long, bring a change of shoes to the For those times you forget to plan your outfit out be- office that you can slip on when you’re behind your desk. forehand, have a go-to ensemble ready. These should If you are on your feet a lot at work, go to your shoe repairman and ask him to add a piece of ribbed rubber on top of your soles. This will make it less likely for you to slip and protects the heels from general wear and tear.

If you have high arches in your feet, invest in some shoe inserts to help with any discomfort.

An Exciting New Enterprise NAWRB is coming out with a clothing line that appeals to mature women. Our founder and CEO, Desirée consist of clothes you’re comfortable in and you know Patno has an eye for fashion and knows how to flatter flatter your figure. Make sure these clothes are versatile any figure. She is designing our clothing line and workand can take you from day to night. ing with a tailor as we speak. Be on the lookout for our clothing line coming soon!

4. Know What Flatters Your Body

If you are having trouble assessing your body type, ask a The idea of dressing for success isn’t a new one, but seasoned sales associate his or her opinion of what looks these fresh tips can help you become more confident at work—regardless of age.

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WHAT WOMEN WANT

Have you read or watched something lately that impacted you?

Share your thoughts with NAWRB Magazine’s editorial staff and readers. Send reviews to media@nawrb.com

BOOKS Brain on Fire: My Month of Madness

By Susannah Cahalan

Susannah Cahalan’s life changes forever when she wakes up restrained in a hospital bed, unable to recount why she is there. She is paralyzed and has lost the ability to speak.

Just days prior, she was an active 24 year old living in New York City with a new job as a journalist and budding relationship. But, what happened?

Brain on Fire is the true story of Calahan’s transition from an utterly normal life into a spiral of psychotic madness and the eventual diagnosis that saves her.

Happy Birthday or Whatever: Track Suits, Kim Chee, and Other Family Disasters By Annie Choi

Add humor to your day with Annie Choi’s debut memoir—a fast and easy read for the busiest of people. Choi has an eclectic family to say the least. Her mother sports plaid outfits like a daily uniform and collects Jesus trading cards. Her father is an accidental pyro at work sometimes, and her brother thinks chicken is part of the vegetable food group. Despite driving each other crazy, a family hardship brings her quirky family together like never before.

Three Weeks with My Brother

By Nicholas Sparks

Nicholas Sparks, author of hits such as The Notebook and A Walk to Remember, gives readers an inside look into his life journey which has been riddled with both immense heartache and happiness. Sparks chronicles his unique experience traveling around the world with his brother, Micah. The trip is to commemorate a somber occasion in their lives: the brothers are the only living members of their family now. In between exotic trips, Sparks weaves memories of his young life that will surprise the reader.

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FILMS Mr. Holmes

Starring Ian McKellen, Laura Linney, Hiroyuki Sanada A retired and aging Sherlock Holmes returns from a trip to Japan where he was in search of a rare and restorative plant.

He lives alone and tends to bees, only having the company of his housekeeper and her son, Roger. Holmes revisits the circumstances of the case that forced him into retirement. But with a failing mind, he relies heavily on Roger to help him remember his old case involving a love interest.

Jurassic World

Starring Chris Pratt, Bryce Dallas Howard, Irrfan Khan A new dinosaur-inspired theme park located near Costa Rica called Jurassic World opens up twenty-two years after the events of Jurassic Park. Jurassic World has been in operation for 10 years and is doing poorly. In an effort to attract more guests, a new attraction is created by the park’s geneticists: a hybrid dinosaur called Indominus rex. Things go wrong when the creature escapes along with other dinosaurs and they begin terrorizing guests.

Madame Bovary

Starring Mia Wasikowska, Laura Carmichael, Rhys Ifans, Logan Marshall-Green

A beautiful woman by the name of Emma Bovary marries a small-town doctor to escape her father’s pig farm. She is introduced to a lavish and thrilling high society and as a result, grows bored of her lackluster husband.

Bovary begins seeking excitement outside of her marriage and constantly chases a life of luxury. Will she attain the life she desires or will it become her ultimate downfall ?

WHAT WOMEN WANT

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WHAT WOMEN WANT

Triple-Negative Breast Cancer Clinical Trials With Real World Impact Are Underway

BY NICOLE WHITE

W

hen Homa Sadat found a lump in her breast at age 27, her gynecologist told her she was too young to have breast cancer.

With the lump dismissed as a harmless cyst, Sadat didn’t think about it again until she felt a shooting pain. A biopsy of the lump confirmed breast cancer; a biopsy of a lymph node confirmed that the cancer had spread. Sadat was diagnosed with triple-negative breast cancer.

Pathologists who test breast cancer cells look for the presence of estrogen and progesterone hormone receptors and the overexpression of receptors for a type of protein called HER2. Breast cancer that is positive for one of the hormone receptors can be targeted with a tamoxifen or an aromatase inhibitor. Trastuzumab (Herceptin) and its newer versions are used to target HER2-positive breast cancers.

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“We offer several innovative clinical trials for newly diagnosed and Stage 4 triple-negative breast cancer patients that are part of a national effort to address these difficult-to-treat tumors,” says George Somlo, M.D., professor in the departments of Medical Oncology & Therapeutics Research and Hematology & Hematopoietic Cell Transplantation at City of Hope.

One such trial for newly diagnosed patients is evaluating the effect of destroying cancer cells with chemotherapy before

George Somlo, M.D.

But breast cancers that are negative for all three receptors have no targets for these drugs, making them very difficult to treat. Fortunately, triple-negative breast cancer is rare — affecting approximately 15 percent of all women with breast cancer. It is diagnosed at a higher rate in patients with hereditary breast cancer associated with the BRCA1 gene, as well as in African-American women.

patients have surgery. “Once the tumor is completely eliminated, or at least reduced in size, surgery follows. Patients with newly diagnosed triple-negative breast cancer who do not experience a recurrence within five years are likely cured,” says Somlo.

City of Hope researchers are fighting back by studying these cancers, in hopes of discovering more effective treatments.

Sadat initially sought treatment at another center and came to City of Hope for a second opinion from Somlo. She enrolled in

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WHAT WOMEN WANT a City of Hope phase II clinical trial that offered chemotherapy prior to surgery and was treated with carboplatin and a novel nanoparticle drug called nab–paclitaxel (Abraxane).

After eight weeks on the chemotherapy regimen, the tumor had shrunk significantly. Sadat volunteered for a biopsy, and to her surprise, the tumor was gone.

Ongoing research, ongoing advances Another eight weeks later, Sadat underwent surgery at City of Hope to remove the area of breast tissue that had contained the tumor, as well as several lymph nodes. No cancer cells were found in these tissues. Her cancer was in complete remission.

Somlo is close to completing this particular clinical trial, as well as a randomized, phase II, national study assessing the role of carboplatin and the PARP-inhibitor veliparib in patients with Stage 4 BRCA1- and BRCA2-associated breast cancer.

“We are learning that triple-negative breast cancer consists of at least a half-dozen subtypes, each of which may require personalized therapies,” says Somlo.

Photo: Triple-negative breast cancer is diagnosed at a higher rate in patients with BRCA-related breast cancer and in African-American women. A City of Hope clinical trial for triple-negative breast cancer is proving especially promising.

“We must intensify our current laboratory and translational research to improve next- generation clinical trials for much better control and eventual cure of triple-negative Stage 4 metastatic breast cancers. The next generation of trials will need to be more tumor-target specific, so we can help individual patients overcome their particular subtype of triple-negative breast cancer,” he adds.

Research reported in this study was supported in part by the National Cancer Institute of the National Institutes of Health under grant number NIH-NCI CA 33572. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

Reprinted with permission from City of Hope

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WHAT WOMEN WANT

Teriyaki Salmon Ingredients: - 3 tablespoons low-sodium teriyaki sauce - 1/4 cup olive oil - 2 tablespoons water - 2 (6-ounce) salmon fillets - 2 tablespoons lemon juice

Directions: 1. Preheat oven to 400째 F. 2. Prepare the sauce. In a bowl, add olive oil, teriyaki sauce, lemon juice and water.

3. Slice salmon fillets into four pieces and place skin-side down in a single layer in a baking dish. Pour sauce over the fish and turn to coat evenly.

4. Bake for 15-20 minutes while occasionally basting fish with drippings. Fish should be cooked yet slightly pink on the inside.

Avocado, Tomato, & Red Onion Salad Ingredients: - 1 pound Roma tomatoes, halved - 1 avocado, halved, pitted, peeled, and diced - 2 tablespoons lemon juice - 1/4 small red onion, cut into thin slices - 1 tablespoon olive oil - 2 thinly sliced scallions - Ground pepper and coarse salt

Directions: 1. In a small bowl, soak onions in ice-cold water for 15 minutes.

Remove from water and pat dry.

2. In a large bowl, combine tomatoes, onions, scallions and avocado.

3. In a small bowl, combine olive oil, lemon juice, salt, and pepper. Whisk until well-combined. Pour over salad and enjoy!

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* Recipe sources located in index

WHAT WOMEN WANT

SPEAK WRITE ATTEND

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NETWORK

upcoming

EVENTS August 4-7

Inman Connect Conference (San Francisco, CA) This four-day conference will allow attendees to form new relationships and discover opportunities for business growth. Guests will benefit from being exposed to new ways of thinking and doing business, and will receive an exclusive look at the latest industry technology.

August 15 4th Annual LBA Minority Women’s Business Conference (Burbank, CA) The Latin Business Association hosts their annual conference to provide encouraging business environments for women and minorities. Attendees will be able to interact with top women executives and learn how they can secure the contracts being offered, all while networking and forming lasting business relationships.

August 12 OMWI Procurement Technical Assistance Event (Arlington, VA) Offering instructional networking sessions, the Offices of Minority and Women Inclusion (OMWI) from eight federal agencies will educate businesses how to construct and develop their federal contracting opportunities. Guests will be able to enjoy a variety of educational sessions which will prepare them for the competitive procurement climate.

August 17-19 The National Association of Women in Real Estate Businesses (NAWRB) Annual Conference (Long Beach, CA) NAWRB has collaborated with multiple women’s organizations, federal agencies and related housing continuum companies to provide an update of current opportunities, compliance oversight, challenges and goals for women and women business owners at our 2015 conference. Registrants will be able to connect with industry experts for in-depth, business-specific information to help them access available resources and opportunities for business growth.

September 17-18 TLC Thought Leadership Conference (Kansas City, KS) This two-day event includes interactive discussions and networking opportunities within the housing economy. Trade thoughts, share best practices and study the real estate investment community as you learn about the housing continuum among some of our industry’s leading individuals.

September 16-18 The Five Star Conference and Expo At the largest event in mortgage servicing guests can expect a variety of forums, summits and informative labs geared towards driving business success. The Five Star Conference will educate registrants and prepare them for the changes brought on by the latest industry developments.

September 20-22 2015 NAHREP National Convention & Latin Music Festival (Chicago, IL) This three-day event will allow real estate professionals to network with and learn from the leading Latino agents in the industry. The event will also showcase a trade show, a music festival and insightful business building sessions that will help guests implement successful tactics into their own business practices.

September 20-22 MBA’s Regulatory Compliance Conference 2015 (Washington, DC) With the changes and rules being enacted in the housing industry, it’s imperative to be aware of the impact they have on your business.

This two-day conference will provide attendees with updates regarding new mortgage rules, as well as advice on adapting and thriving with these new developments.

September 30 CREW 2015 Fall Leadership Summit (Bellevue, WA) Leadership growth and informational business meetings are just two of the luxuries the CREW summit will provide attendees. Guests will be able to utilize the leadership training they receive to expand their business and network with other motivated industry professionals.

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INDEX ADVERTISERS A Arista National Title........................... 2 C City of Hope..................................... 60 Chrimata Inc..................................... 41 L Landy Insurance Agency................... 13 N NAWRB.....................19, 29, 37, 45, 51 National Mortgage Professional Magazine................... 58 P Prospect Mortgage............................ 43

COMPANIES A ACCION International.................... 19 Adelante Movement.......................... 43 Airbnb............................................... 38 Amazon............................................. 35 American Express OPEN................... 8 Asian Real Estate Association of America.......................... 14, 41, 54 Atlantic & Pacific Real Estate........... 44 Atlas Field Services, Inc.................... 44 B Blackwood Team Realtors................. 45 Burley Properties............................... 45 C Century 21 King................................ 44 City National Bank........................... 20 City of Hope............................ 7, 50, 51 Coldwell Banker................................ 14 Consumer Financial Protection Bureau............. 2, 7, 22, 31, 32, 33, 41 Covenant Realty of NC..................... 44 Credit Suisse..................................... 12 CREW Network............................... 55 E Equal Employment Opportunity Commission.................................. 23 ERA Real Estate............................... 21 Ernst & Young.................................... 8 EXIT Realty Corp International....... 44 F Facebook........................................... 35 Fannie Mae....................................... 26

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Federal Deposit Insurance Corporation................................... 22 Federal Home Loan Bank................. 26 Federal Housing Administration.........................31, 34 Federal Housing Finance Agency.................................. 7, 26, 54 Federal Reserve Board..................41, 54 Federal Reserve System..................... 22 First National Signings....................... 2 Five Star Institute.........................31, 55 Freddie Mac..................... 26, 31, 34, 54 G Gayle Hirsch Realtors....................... 44 Golden Girls Home.......................... 39 Golden Girls Network...................... 39 Golden Seeds.................................... 19 Gordon Sykes, LLP........................... 21 Grace Hill, LLC................................ 20 Grameen America............................. 19 Great American Bank....................... 31 H Hathaway Dinwiddie Construction Co.................................................. 20 HousingWire Magazine.................... 31 HSF Affiliates................................... 21 Human Resources Development Quarterly....................................... 46 I Indiana Central Homes..................... 44 Indiegogo.......................................... 19 Inman Connect................................. 55 Institute of International Education.. 12 International Finance Corporation...... 8 J Janeway Law Firm, PC...................... 45 K Kiva................................................... 19 L Latin Business Association................ 55 Linda Craft & Team, Realtors........... 44 M Marin Consulting, LLC.................... 17 Marquis Bank.................................... 20 MassMutual Financial Group........... 18 Mckinsey & Company...................... 14 Media Dynamo................................. 43 Mortgage Bankers Association.......... 55 N National Association of Hispanic

Real Estate Professionals.... 15, 43, 55 National Association of Realtors..11, 42 National Association of Real Estate Brokers............................... 54 National Association of Women Business Owners.............. 55 NAWRB.. 2, 7, 19, 24, 41, 43, 47, 54, 55 National Credit Union Administration.............................. 22 National Institutes of Health............. 51 National Women’s Business Council......................... 16, 17, 18, 19 Neighborhood Real Estate Solutions........................................ 44 NeighborWorks................................. 31 Netco Title & Services...................... 54 Northwestern’s Kellogg School of Management............................. 46 O OC Business Journal......................... 54 Opportunity Fund............................. 19 Owners.com...................................... 29 P PeerRealty......................................... 21 Plum Alley........................................ 19 Q Quicken Loans.................................. 15 R RentPath........................................... 20 Ryan Hill Realty................................ 45 S Sears.................................................. 33 Securities and Exchange Commission.................................. 22 Small Business Administration....16, 54 South Florida Home Sales................ 45 Southwest Savings............................. 32 SRS Real Estate Partners.................. 20 Stirling Sotheby’s International Realty............................................ 21 T Tarrant County Bar Association........ 21 Texas Women Ventures..................... 19 The Realtors Association................... 21 The Shriver Report............................ 42 TotalBank.......................................... 20 U U.S. Bureau of Labor Statistics.....11, 42 U.S. Census Bureau......................38, 42 U.S. Department of Treasury............. 32 UniGroup Relocation........................ 10

INDEX Urban Institute.................................. 38 W Walmart............................................. 18 Westcor Land Title Insurance Company......................................... 2 Women’s Business Enterprise National Council............................. 2 Women’s Council of Realtors.......42, 43 World Bank..................................32, 35 Z Zall Company................................... 20

PEOPLE A Abella, Luisa Rebecca........................ 20 Allee, Nancy...................................... 44 B Baker, Gloria..................................... 54 Barton, Dominic................................ 14 Bayer, Molly...................................... 20 Bellack, Judy...................................... 20 Benjamin, Christina.......................... 44 Bergner, Audrey Windsor.................. 34 Bevacque, Elaine................................ 44 Blackwood, Cindi.............................. 45 Bonnell, Tami.................................... 44 Brahs-Hall, Dionna........................... 21 Broker, Frances Jackson..................... 54 Brown, Jerry....................................... 40 Burley, Lynn C.................................. 45 C Calahan, Susannah............................ 48 Calderon, Marisa..........................42, 43 Carmichael, Laura............................. 48 Carmody, Sara................................... 20 Choi, Annie....................................... 48 Corcoran, Barbara............................. 43 Craft, Linda....................................... 44

D Delgado-Trikas, Irma................ 2, 41, 54 F Farley, Janet....................................... 44 Forsythe, Wendy................................ 44 G Galan, Nely........................................ 43 Galinsky, Adam D............................. 46 Gutierrez, Sylvia................................ 41 H Hansen, Christine............................. 45 Hoeffer, Lizy..................................... 43 Howard, Bryce Dallas........................ 48 Howard, Eric..................................... 54 I Ifans, Rhys......................................... 48 Inouye, Jay......................................... 54 J Janeway, Lynn.................................... 45 Joseph, Cindy.................................... 47 K Khan, Irrfan....................................... 48 Kilaru, Risha...................................... 43 Kirsch, Amy....................................... 21 L Levine, Sharron P.A.......................... 26 Linney, Laura.................................... 48 Longo, Christina............................... 43 M Maggiano, Laurie A...7, 30, 31, 32, 33, 34, 35, 36 Mak, Tina.......................................... 14 Marshall-Green, Logan..................... 48 Mckellen, Ian..................................... 48 Meeker, Molly................................... 43

Melton, Ivy........................................ 54 Miller, Milly...................................... 41 Mitchell, India................................... 21 Moore, Mary..................................... 44 Mualem, Sharon I................... 27, 28, 29 N Nieves, Jessica.................................... 20 O Ortman, Laurie................................. 54 P Patno, Desirée..................... 7, 41, 47, 54 Pratt, Chris........................................ 48 R Rivera, Geenae................................... 54 Rosener, Ruby...............................44, 54 Rossberg, Brenda............................... 44 Ryan, Teresa....................................... 45 S Sadat, Homa.................................50, 51 Sanada, Hiroyuki............................... 48 Somlo, George..............................50, 51 Sparks, Nicholas................................ 48 Stanisch, Michele.............................. 43 Strong, Desiree.................................. 21 W Wallace, Angelica.............................. 54 Wasikowska, Mia............................... 48 West-Chenoweth, Shelly................... 44 White, Nicole...............................50, 51 Williams, Marleitha.......................... 54 Y Yannaccone, Susan............................. 21

INFOGRAPHIC SOURCES • http://www.ifc.org/wps/wcm/connect/b229bb004322efde9814fc384c61d9f7/WomenOwnedSMes+Report-Final.pdf ?MOD=AJPERES

RECIPE SOURCES • http://allrecipes.com/recipe/teriyaki-salmon-3/?mxt=t06dda • http://www.food.com/recipe/simple-tomato-and-avocado-salad-94520

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