Vol. 8 Issue 1 by Women in the Housing & Real Estate Ecosystem

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Vol. 8 / Issue 1

In Remembrance of Laurie Maggiano former Servicing & Secondary Marketing Manager of the Consumer Financial Protection Bureau (CFPB) & Theatre Producer?

Page 5

New Corporate Diversity Bill Tackles Ostacles to Diverse Leadership Page 21

Don’t Bring Your Whole Self to Work: Bring Your Best Whole Work Self

Page 28

Failure for Success in Women’s Leadership Page 44

sheCENTER(FOLD) Joanne Lipman Author of Best-Selling Book That’s What She Said Page 36

Publisher’s Letter Real Estate Finance & Investment Volume 8, Issue 1

NAWRB Magazine Volume 8, Issue 1, Real Estate Finance & Investment, introduces a newly redesigned layout with articles categorized into meaningful sections, including Profile, Legislative, Business Ownership, Technology, sheCenterfold, Independence, Community, Living and Homeownership. With this redesign, we are synthesizing our resources to further our support of economic independence with a gender lens perspective. I am delighted to present Joanne Lipman, Author of Best-Seller That’s What She Said and Former Editor in Chief at USA TODAY, The Wall Street Journal and Conde Nast, as our sheCENTER(FOLD). During her tenure at USA TODAY, the Network won three Pulitzer Prizes and had an additional three Pulitzer finalists. She has impacted the corporate world by joining women and men together in addressing the issues women face in the workplace. Joanne shares her most memorable experiences working at some of the nation’s most prominent publications, the way social media has changed the media landscape and her top five solutions organizations can use to achieve gender equality. “Both men and women need to support women who are silenced, ignored, interrupted, or too fearful to speak up,” Joanne states. “Many times guys don’t even notice that it happened.” Finally, we are honored to share personal stories from close friends and colleagues of the late Laurie Maggiano, Servicing and Secondary Markets Program Manager at the Consumer Financial Protection Bureau (CFPB) and influential leader in the mortgage industry. Laurie was a remarkable person who will be remembered for the work she did for the industry, and will continue to inspire those whose lives she touched.

Desirée Patno, CEO & President NAWRB

Technology 31 sheCenterfold 36

Discrimination in the AI Industry Contributes to Discriminatory AI Systems

sheCENTER(FOLD) Joanne Lipman

Independence 44 47

Failure for Success in Women’s Leadership by Mollie Fadule

Vol 8 / Issue 1: Real Estate Finance & Investment

TABLE

CONTENTS

Profile 5 9 15 18 Legislative 21 23

In Remembrance of Laurie Maggiano, former CFPB employee –Theatre Producer? Life of A Female Veteran: U.S. Army Combat Veteran Erica Courtney (part 5 of 6) NDILC in the News sheShowcase

New Corporate Diversity Bill Tackles Ostacles to Diverse Leadership A Primer on Opportunity Zones Investing by Marla Miller

Business Ownership 26

Women & Minorities Underrepresented in the Asset Management Industry Infographic Don’t Bring Your Whole Self to Work: Bring Your Best Whole Work Self by Sarah Alexander Goldfrank

Road to Gender Equality - Keeping Women Ahead in the Labor Market by Lesley Hunter

Community 50 51 Living 54 55 Events

NAWRB Community

Watch it/Read it Exercise

Homeownership

California’s Cooling Housing Market: Symptom of National Affordability Issue

Women's Profile

In Rememberance of

Laurie Maggiano She took the real estate and finance community by storm, she excelled at her work and was loved by many! NAWRB takes a moment to honor her true love and passion of theatre! Special thank you to her friends and family for making this possible.

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This January marked the first anniversary of the death of Laurie Maggiano, who served as Servicing and Secondary Markets Program Manager at the Consumer Financial Protection Bureau (CFPB). Laurie was an influential leader in the mortgage industry, a role model to her peers, and a beloved friend to many professionals in the housing ecosystem. In honor of her life and memory, NAWRB is sharing heartwarming stories from those who had the pleasure of working with and befriending her. NAWRB had the honor of featuring Laurie as our sheCENTER(FOLD)in Vol. 4, Issue 4 of our magazine. In her interview, she shared her favorite professional accomplishments, her journey to the top in a male-dominated industry, her love for theater, and words of wisdom for future generations of women professionals. Her care for consumers was palpable in her work. “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,” she stated about her career. “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.” She also provided the keys to success for young people entering the industry. “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

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careers pursuing someone else’s dream. We work too many hours per day for our jobs to be only the means to an end.” Perhaps lesser known was her love for theater and her dream of starring in Broadway. “I was a theater major in college. I had every intention of being a great Shakespearean actress,” she shared with NAWRB. In her spare time, she shared her love of art with her community, directing many productions at the local theater. Those who knew Laurie were kind enough to share their fondest memories of her with NAWRB. Mary Ann and Tucker Withers, who worked with Laurie, said the following: “We loved working with Laurie in plays and events for so many reasons. She could do anything! Whether Laurie was acting, directing, producing, organizing an event, she always made it fun. Her quick wit was amazing. At times, you never totally knew when she was serious. Tucker remembers many a time with a mischievous smile on her face, he would carry on, saying to himself, ‘Does she really want me to do that?’ Whatever the event, it was always fun to work with Laurie. She was willing to get her hands dirty or oily-like the

time she jumped in to help us fry tortilla chips for 50 people. He wanted to know if she knew how to do it and she replied, ‘No, but I’ll figure it out.’ That was Laurie. Go-getter would be one of many great words to describe Laurie. She had boundless energy and willingly gave of herself. Laurie’s way with people, especially children, was always consistent. She was patient and kind but directive in a way to achieve the goal. The two plays that were wonderfully memorable and successful were Annie and The King and I, which both involved a large cast of children as well as adults. She was so in her element. A woman to be admired beyond words!” Ann-Charlotte Robinson, Director of Development & Community Relations at Wakefield School, shares what made Laurie special: “What always struck me about Laurie Maggiano is her gift for making complicated things simpler so that they seemed manageable whether that was in her personal life or in her work in theater. I venture to say that this was also true in the extraordinary work she did at the CFPB. No matter what was going on, she was rarely flustered or overwhelmed…or at least she never seemed to be. Anyone who knows theater understands how many layers are involved in putting on any show from what’s going on onstage (that’s the fun stuff ) to marketing the show to draw in an audience whose comfort and enjoyment must be carefully managed. I got to know Laurie when she directed me in a 'words and music' version of Oliver which starred my ten year old son Nick with my 8 year old son William in a chorus of similar aged kids from our local childcare center. Community theater has its own particular challenges and figuring out how to meaningfully engage those unruly youngsters is no easy feat but Laurie made it look effortless. Over the years, Laurie directed some classic plays – Oliver, Fiddler on the Roof, The King and I, and Sound of Music to name a few. As a combination director/producer, Laurie would be responsible for every aspect of a show onstage and off. She was particularly deft at managing all of us amateur performers from ages 6 to 96 with a wide range of theatrical experience. Community theater also

tends to double for a form of therapy for many of us. We would come in with all our life problems through the long rehearsal periods and, with her compassion and nerves of steel, Laurie would guide, cajole, inspire us through to opening night. Her deep experience with theater allowed her work with limited budgets and actors, stagehands, and other volunteers with limited skills to get onstage what was truly the core of a show. As a result, her productions were always visually interesting, well performed, and thoroughly enjoyable. Most importantly, everyone who worked on a show with Laurie felt a great sense of accomplishment and discovered or rediscovered a sense of belonging and shared effort that is a hallmark of the theater at its best. Laurie is deeply missed not only in her theatrical community but in her community at large where she could often be found volunteering in many meaningful ways. But it is her cheerful, supportive, loving friendship that I miss the most and I’m happy to be able to share some of my reflections of this extraordinary woman.” “She was a fearless leader in our industry, especially for women, and her deep love for family was endless,” states Desirée Patno, CEO & President of NAWRB. Laurie was a remarkable person who will be remembered for the work she did for the industry, and will continue to inspire those whose lives she touched.

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ries. Many had never shared these things with their own families. I would listen and advise if possible. After years of this, it became apparent that something wasn’t working. Why was I constantly being bombarded with this heavy stuff? I tried ignoring it but then started dissecting the events. Veterans want to talk to veterans— not white coats, not federally-funded programs stemming around entrepreneurship where they handle hundreds of people led by a non-business owner, and not corporate America attempting to give them a job. They wanted connections with people who understood them. Perhaps being a female was also non-threatening and these guys could be vulnerable? Many veterans don’t want handouts; they want purpose. They want camaraderie and miss a bit of the military culture. I went to the Veterans Administration (VA) and explained what had been happening, advocating that they should look into peer-to-peer methods more. I suggested that women veterans should lead programs, because in some cases men can offload their stories more easily to a woman. As a former Military Police prior to being an aviator, I dealt with disgruntled men all the time, but very rarely would they lash out at me, because of my size. They had to think about my position and they were not going to hurt me. I could talk them down without resorting to aggression to calm the situation. Perhaps male veterans have less to prove to a female veteran?

Life of a Female Veteran:

U.S. Army Combat Piolt Veteran

Erica Courtney (Part 5 of 6)

It had been some years now since I got out of active duty. I had

‘transitioned.’ However, it was obvious to me that my veteran community was suffering and struggling to adapt to this new world on the outside. As I travelled the country on business, I would frequently end up sitting next to veterans on a plane. Once the veteran connection was established, when they could get past my gender and realize I was in the fight alongside them, they would offload their personal sto-

The questions I posed to the VA went unheard. This made me angrier. What are we doing as a society to help my fellow brothers and sisters in arms? They are suffering but they are extremely capable! National treasures. I dug into the research and found that throwing money at the problem wasn’t working. Billions spent on mental health yet less that 10 percent of veterans seek it and only a handful of them experience positive results. Male veterans were committing suicide at twice the rate of civilian men and women veterans at a staggering six times the rate of civilian women. Higher rates of addiction, divorce and mental health problems existed. Women veterans actually suffered higher rates of everything over their male veteran counterparts in every area minus addiction. Why? What is going on? It broke my heart because I knew them when they were ‘strong’ and confident. NAWRB MAGAZINE |

a way they understand. The mission focus, teamwork and integrity are lacking, the ability to work to task and not to time. It is no one’s fault; it is a simple fact of not understanding each world.

Photo: Erica teaching a gender awareness class at Stanford University-What America Sees as a Soldier

“40% of veterans are going into business for themselves as opposed to 10% during the Vietnam era.” The military trains service people well but does not help them transition in terms of what to expect appropriately. A month resume writing class and how to dress just doesn’t cut it. Pointing them to resources in which they get lost is not working. They have either military people that know nothing but the military or civilians who have never served. Where is the sense in that? Where can we find veterans who have lived in both worlds to help bridge the cultural gap? I looked into job placement, but the military suggests jobs veterans could be suited for from our grandfathers’ day, not the tech jobs of today. These placement agencies get credit for putting a veteran in a corporate job but there is no follow up. Did we really help them when half are quitting by their first year and 74 percent quit by year two? I understand this because I went through it, the inability to connect with civilians. They don’t understand or value our background because they can’t comprehend it, or the veteran simply can’t express it in Photo: Disabled Veteran Business Alliance Annual Breakfast at the Beverly Hilton in L.A. honoring DVBE Board of Directors and Chapter Presidents.

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Veterans begin to feel like no one understands and they slowly remove themselves. If we do not catch them within three years of discharge, this is when problems arise. It is absolutely imperative for us to get this right. No more canned training programs taught by those who can’t bridge the two worlds. We must give veterans viable options and provide them purpose again. We must have veterans mentor other veterans because of that inherent respect and camaraderie. Veterans provide necessary and familiar tough love with one another. While I was researching I found something astonishing. Forty percent of veterans are going into business for themselves as opposed to 10 percent during the Vietnam era. That’s it, of course! Veterans have the skills; they just need the guidance from other veterans. The majority of the Vietnam era veterans are starting to retire, leaving a huge void in the economy if we don’t let the younger generations know they are needed. The younger generations can take over the businesses through acquisition or other means. Now the older generation has more of a nest egg and their lives work is not all for naught. Many younger veterans don’t know what they want to do so this is a perfect opportunity. The veterans who know need organizations from which they can seek guidance in a meaningful way. As my company grew and I landed some great contracts working on distribution projects for low-income energy efficient housing, delivering new parent kits to clinics and hospitals across the state of California and performing drone as a service for multiple industries seeking to im-

Photo: Dr. Raul Deju, Philanthropist and Veteran Advocates

prove efficiencies, I found an organization that helped me along the way called the Disabled Veteran Business Alliance (DVBA)-now the USVBA. It is the longest-running veteran organization focusing on entrepreneurship through advocacy, training and mentorship. There were seasoned veteran business owners as well as some startups, all looking to connect and help each other grow. It was the people that kept bringing me back with the long track record of success for our veterans. I volunteered in San Francisco, and then became a Board member and eventually the first female BOD President working hard to incorporate both generations of veterans in a meaningful way. I found out quickly that this community is run by a lot of older gentlemen that are territorial instead of collaborative. These men had no idea what to make of me, but I was used to that. In order for the community to prosper, we have to collaborate and not reinvent the wheel, making it more confusing for veterans and supporters alike. There is plenty of business to go around and it is our duty to bring up the ones behind us-just as the Vietnam veterans did for us. Along this journey, I got to know leaders from across the country doing right by veterans. They are out there but get lost in the noise. 42,000 organizations dedicated to veterans and their families. Too many. We need to alert transitioning soldiers about options and organizations so they know who to contact as they go through the cycle. Veterans attend school, work, quit, and either pick themselves up or fall prey to the negative statistics. Let’s get them on the positive side of the statistics. Offer them options like entrepreneurship, UN, USAID, DoS security missions making differences in communities, non profit and community work etc. Veterans often want to continue to serve, something other than themselves, after discharge. Corporate job placement should only be one of the options upon leaving. While speaking at Stanford University, I met the Lieutenant Colonel in charge of Army cadets for the region headquartered at Santa Clara University. He asked if I could share some of my combat arms experiences with the cadets, especially since the law to allow women in all com-

bat arms positions had been recently signed into law. The Army had a plan to integrate women in areas they never served in previously over the course of the next three

“I came to find out that there was not one woman SROTC instructor for the entire northern California region at UC Davis, UC Berkeley, UCSF and other educational institutions. This baffled me. Where were the women behind me?”

years. Since I was part of this movement only 10 years prior, my expertise could potentially prepare both male and female leaders for things to come from a firsthand account. I agreed and enjoyed the experience. I came to find out that there was not one woman SROTC instructor for the entire northern California region at UC Davis, UC Berkeley, UCSF and other educational institutions. This baffled me. Where were the women behind me? One thing led to another and, after a seven-year break in service, I re-commissioned into the U.S. Army Reserve to help mentor the next generation. Many top leaders think they know, but unless you are a woman in a leadership position, you can’t know. I would give about 20 hours a month to the program and saw that not much changed in the way the Army approached gender. It consisted of mandatory sexual harassment and equal opportunity training. NAWRB MAGAZINE |

the Year and I won. I did not have much time in my schedule to wear a uniform again, but I felt compelled to help where I knew there was a gap. It was very strange for me to put on a uniform again, which had changed twice since the last time I wore one during the height of Iraq and Afghanistan. I had to make sure I was physically and mentally prepared and began hitting the track to ensure I could keep up with those young cadets. I had no problem and maxed my physical test. But, unlike when I was in my twenties, I felt it for a few days after! Ouch. I never let them know that though. Over the years, you learn to never let em’ see you sweat. Served me well. Now I am entering another chapter of service myself-veterans and the next generation of Army leaders. A fire in the belly is what leads to passion. Passion to make a difference. To be part of the solution.

“We need to alert transitioning soldiers about options and organizations so they know who to contact as they go through the cycle.”

Now having seen both worlds at this point, I was able to bring a touch of civilian knowledge to the program. I had seen the authors of “Men are from Mars, Women Are from Venus” and some other scientific types speak in Silicon Valley. I learned that men and women have scientific differences and it is no secret we approach things differently sometimes. Let’s be aware of these differences and respect the other gender. It’s all about balance.

From the beginning of mankind men would have to hunt, focus and show strength to protect their territory. Women would have to collaborate amongst mothers, aunts, grandmothers and children while maintaining the peace. Women are said to be better at multi-taskers and communicators, and pay attention to detail. Men can focus, are good at directions and are generally physically stronger. The military could use both. I created a program to create an environment of cohesiveness. My cadets nominated me for National Instructor of

Erica G. Courtney President of 2020vet and Zulu Time U.S. Army Aviation, Major NATO Gender Advisor

Photo: Veterans and their family members in Washington DC at the 2016 Military Presidential Inauguration Ball.

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Premier

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PUBLISHER/ EDITOR-IN-CHIEF

DesirĂŠe Patno

Executive

SENIOR GRAPHIC DESIGNER

Kendall Roderick

Proud Winner of Publication Excellence 2015-2018

CONTENT WRITER

CONTRIBUTORS

Burgandy Basulto PRODUCTION ASSISTANTS

Jay Jones Lucille Chaney Ari Jones

Friends of Laurie Maggiano Erica Courtney Marla Miller Sarah Alexander Goldfrank Joanne Lipman Mollie Fadule Lesley Hunter

NAWRB Magazine is a quarterly publication with gender lens perspective, featuring unique content, articles on diversity, inclusion and engagement in the housing ecosystem, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. All materials submitted to NAWRB Magazine are subject to editing if utilized. 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 publicationâ&#x20AC;&#x2122;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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http://bit.ly/NDILC

The executive women of NAWRB’s Diversity and Inclusion Council (NDILC) are dedicated to helping raise the number of C-suite women and grow women’s employment at all levels in the housing ecosystem. Read below to find out how our council members are making a difference for women, local communities and the world at large.

● Rachel Beam-Jares, Valuation Field Manager- Eastern US at Fannie Mae, is a new member of

NDILC. She is a passionate leader and champion of diversity in the appraisal industry who has extensive experience in the mortgage and real estate industry. In her current role at Fannie Mae, Rachel leads a team of valuation professionals who are responsible for managing the quality and accuracy of appraisal services provided by more than 500 appraisers across the country. Rachel participated in Fannie Mae's Appraiser Diversity Initiative: https://www.youtube.com/watch?v=1wtFJAl4BEU&feature=youtu.be

● Dr. Chitra Dorai, Computer Scientist, Data Science and AI Expert, and Founder and CEO at Amicus Brain Innovations, Inc., recently agreed to be part of the advisory board for SheTec, Women in Technology, to support women currently in, or interested in, STEM. The advisory guides, mentors, and coaches women to be better prepared for placement of high-paying jobs. Dr. Chitra Dorai will also be speaking next week on innovation at work, attended primarily by CFO's across the U.S.

● Rebecca Steele is President and CEO of National Foundation For Credit Counseling, who will be

having their conference on September 16-18th, 2019 in Washington D.C. Members, sponsors, creditors, regulators, nonprofits will be attending the event. For the first time, there will be a women's session with women executives, and both men and women are taking part. NFCC is also working on expanding services for products and effectiveness for counseling for nonprofits. They just got a first look at the data from this study that has been going on for six years. They found in the data that 65% of the participants are women and are looking to better help for credit counseling. NFCC will be working with SCORE.

● Teresa Palacios Smith, Vice President of Diversity & Inclusion at HSF Affiliates LLC, recently attended

an International Building Event sponsored by Berkshire Hathaway, representing women that consist of less than 10 percent in the industry. Teresa has also been part of supporting the Quality Act, proposed to Congress to help support fair housing by including the LGBTQ community. She was also in Beverly Hills for the 2019 AREAA Global and Luxury Summit, which featured an all women panel and will attend RainMaker for NAR in DC at the National Press Club May 16th, 2019.

● Marcia Davies, COO, Mortgage Bankers Association, Founder, mPower, recently shared an article from Teresa Bazemore on preparing for corporate board opportunities: http://bit.ly/corporateboardopportunities

Tricia Migliazzo, MBA Vice President of Member Engagement, interviews Marcia on the early success and vision of mPower. http://bit.ly/mpowermoment

Mission:

Dedicated to raising the number of women leaders and growing women’s employment and empowerment at all levels in the housing ecosystem. Our Council, comprised of senior executive women, works diligently toward gender equality and obtaining equal opportunity for women across America.

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● Sarah Goldfrank, who has been

mentoring law school students, just saw one of her mentees graduate law school and is beginning her career in New York. Now leading the NDILC Education Subcommitte.

● Tami Bonnell CEO, EXIT Realty Corp.

International, created a podcast titled, Finding Your True North Star in 2019. http://bit.ly/ tamibonnellpodcast. Desiree Patno is honored to have been interviewed by Tami, discussing finding one's passion.

● Amy Pienta, Senior Director, Family

Office Services, BDO, hosted a Corporate Governance Webinar-A Spotlight on Evolving Diversity on the Board on April 16, 2019 https://www.bdo.com/events/corporate-governance-webinar-a-spotlight-on-evol

● Desirée Patno, NAWRB CEO & Presi-

dent, will be Conference Moderator and Moderator of The Real Estate Panel - Opportunity Zones, and Fireside Chat Reid Ryan, President of the Houston Astros, at DC Finance’s Houston Family Office & Wealth Management Conference in Houston, Texas on May 16th, 2019. Also attending MBA Secondary in NYC 18th-21st.

● Erica Courtney, NDILC's newest

member, Erica Courtney, is CEO of 2020 Vet, President of Zulu Time, an Army Combat Pilot Veteran, and was a participate in NAWRB’s 2018 conference. Erica Courtney discussed the issues veterans face along with the valuable assets they are to their community. In addition, she highlighted her work as the only NATO Gender Advisor to the Chairman of the Joint Chiefs of Staff at the Pentagon with a focus on implementing a gender perspective into all military planning and policy.

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Spotlights

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D The Washington Technology Industry Association (WTIA) has elected Venture investor Heather Redman to its board as Chair of WTIA. She is tasked with helping the organization grow its public policy influence at the city level, expanding efforts into cities Seattle, Bellevue, Portland and Vancouver.

ielle Agua an

Versium welcomes Dillana Lim as Chief Executive Officer, where she will be responsible for marketing, product, UX, and customer success at Versium. Lim has considerable experience building and selling global products into the B2B space, and her passion is focused on the customer experience.

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Jovita Carranza, U.S. Treasurer, has been nominated by the Trump Administration as Administrator of the U.S. Small Business Administration, following the planned departure of current SBA Administrator Linda McMahon. The position will make her the highest-ranking Hispanic women in the Presidentâ&#x20AC;&#x2122;s Cabinet.

Danielle Aguas has been promoted to Vice President of Client Engagement at the Center for Executive Excellence, a coaching and advisory organization serving CEOs and executive teams. Danielle manages the marketing department, executes marketto-sales programs, maintains current and prospective client relationships, and closes sales. She is also Councilmember of the Emerging Leaders Board for the North San Diego Business Chamber.

B Allia L. Carter has been appointed Executive Vice President and Chief Operating Officer for Virginia Union University. She has earned degrees from Siena Heights College, Southern Illinois University and Bowling Green State University. She will oversee Admissions, Financial Aid, Student Accounts, Housing and more.

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Monica Venegas is now Senior Vice President of International Sales and Development Marketing at Douglas Elliman Real Estate. She will be based in the firm’s Brickell Avenue office in Miami. Her previous team, The Venegas International Group, of Miami, has also joined the firm.

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Nichole June Maher has been appointed President and CEO of Group Health Foundation, leading the organization in its pursuit of health equity for Washington State. Nichole brings visionary leadership during her two decades of work dedicated to achieving a more equitable Oregon and Southwest Washington.

DreamBox Learning Inc. has selected Jamie Gier as Senior Vice President of Marketing, making her responsible for leading marketing strategy, brand management and corporate communications. Prior to joining DreamBox, Gier led brand strategy, corporate communications, and product marketing at SCI Solutions.

le June Ma o h

Akerman LLP has named Amy Moor Gaylord Parter of Labor and Employment in Chicago. With over 21 years of experience, she has experience counseling clients in various industries, including higher education, not-for-profit, public safety, hospitality, and entertainment, among others.

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The Miami Finance Forum named Bianca Blanco Executive Director of its nonprofit professional finance industry networking organization. She was previously Marketing Coordinator atIBERIABANK. Blanco has a Bachelor’s in journalism and mass communications from Florida International University.

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Liz Sturrock, Realtor Association Certified Executive, has been named Chief Innovation Officer at the Miami Association of Realtors. She previously served as Vice President of Information Technology for the National Association of Realtors (NAR), and has held other positions during her decade-long career at NAR.

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Kindering appoints Dr. Lisa Greenwald as its Chief Executive Officer. In this new role, she will provide strategic direction and leadership for one of the nation’s largest neurodevelopmental centers. She is a licensed speech-language pathologist and holds a PhD in Communication Sciences and Disorders.

Symetra Life Insurance Company named Trinity Parker as Senior Vice President of Marketing, Communications, and Public Affairs. Parker will be responsible for Symetra’s overall marketing and communications strategy and programs, as well as develop and strengthen the company’s relationships.

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Legislative

In February, Representative Gregory W. Meeks (D-N.Y.) introduced the H.R. 1018 - Improving Corporate Governance Through Diversity Act of 2019, which will require public companies to disclose the gender, race, ethnicity and veteran status of their board directors, nominees and senior executive officers, as a way to track the progress of diverse representation in the corporate sphere. “Diversity has been proven to have a positive impact on business performance, and it is only natural for investors to want to know which companies are choosing to bring in a wealth of different perspectives into their corporate board rooms,” Representative Meeks said in an official statement. “Revealing the gender, racial, ethnic, and veteran makeup of these corporate C-suites and boardrooms will not only shed light on the value of diversity, but hopefully encourage corporate shareholders to increase diversity in the highest ranks of their corporations.” The bill has received support from the National Association for the Advancement of Colored People (NAACP), the Council for Institutional Investors and from the U.S. Chamber of Commerce as a way to increase the diverse representation of gender, race, and ethnicity on the corporate boards of directors. Having a diverse board leads to better business performance according to the PwC’s 2018 Annual Corporate Directors Survey. Of the board directors surveyed, 94 percent claimed that have a diverse board brings unique perspectives, 84 percent indicated that such diversity

“enhances board performance,” and 91 percent stated that their boards are taking measures to increase diversity. The introduced bill will endeavor to make sure public companies are doing their part to bring more unique voices to the table by empowering the SEC’s Office of Minority and Women Inclusion (OMWI) to publish triennial reports of best practices for complying with the new disclosure rules, as well as create an advisory council with the Federal Advisory Committee Act. OMWI will also be allowed to solicit public comments on its best practices publications. The Chamber notes that this “model to organically boost diversity on boards” has the potential to be more effective at producing deliverables than quota-driven strategies that have previously been attempted by jurisdictions.

Obstacles to Gender-Diverse Leadership

According to a recent report by IBM titled “Women Leadership, and the Priority Paradox,” a significant share of organizations are not making the increased inclusion of women in leadership roles a top business priority. Among the 2,300 organizations that were surveyed worldwide, only 18 percent had women in top leadership positions, including the C-suite, vice presidents, directors and senior managers. This finding is in stark contrast to a new wave of advocacy for gender-diverse leadership and a common understanding that diverse leadership leads to better financial performance.

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"Diversity has been proven to have a positive impact on business performance..." Laissez-Faire Approach to Diversity

Why aren’t more women being promoted into leadership positions? According to IBM, a majority of organizations are not making the advancement of women a “formal business priority,” which would mean setting reachable goals and applying metrics to measure progress. Rather, they taking a laissez-faire approach to diversity that relies on “good intentions.” Good intentions are not enough to drive action for tangible results, and this is the situation we are seeing among companies who are not making a concerted effort to improve the opportunities women have to take their seat at the table.

Top 3 Reasons for the Gender Gap

The three primary reasons for the looming gender gap among leadership positions in these organizations are • Many organizations are not fully convinced of the benefits of having gender equality in leadership despite evidence supporting it. Many hold the false assumption that “women are responsible for their own lack of advancement,” such as prioritizing family over their career and not desiring leadership obligations. • Organizations are relying on “good intentions” instead of establishing an operational business strategy. More than 75 percent, or three-fourths, of respondents said this issue is not treated as a formal business priority. • Men, who represent an overwhelming share of leadership roles, tend to underestimate the role of gender bias in their workplace plays in inhibiting their female coworkers. When asked if they would have been as likely to have been promoted to their current position if they were women, an astounding 65 percent say they would be “equally likely.”

First Movers Are Leading Change

Twelve percent of organizations surveyed report that they are dedicated to advancing women to leadership roles in their workforce and have made it a formal business priority. As much as 81 percent said that gender parity is included in their strategic agenda.

The main habits of First Movers include

1) Providing career development planning specific to women’s needs;

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2) Applying the same metrics of job performance evaluation to both men and women; 3) Providing equal career opportunities to both men and women; and 4) Creating a culture that embraces women’s leadership styles. First Movers report outperforming competitors in profitability, revenue growth, innovation and employee satisfaction, which indicates they are seeing tangible results of their efforts to achieve gender-diverse leadership.

Our Commitment to Diversity & Inclusion

NAWRB has been heavily involved in addressing the issue of diversity and inclusion throughout the entire housing ecosystem. In August 2010, I wrote an article for HousingWire, bringing attention to the Dodd-Frank Act specifically the Provision 342 for the creation of the Office of Minority and Women Inclusion (OMWI) in federal agencies beginning in January 2011. This was a major step towards accountability for women’s employment and women-owned businesses in our industry. Since then, we have had OMWI directors speak at each and every one of our conferences to discuss current progress and strategies. Six years later, NAWRB submitted comments in response to the Federal Housing Finance Agency (FHFA)’s Notice of Proposed Rulemaking (NPRM) and Request for Comments (RFC) published by the FHFA in October 2016, calling for the public’s input on the proposed changes to their minority and women inclusion amendments. Our comments were taken into consideration and discussed in the rule’s final version. In 2018, we publicly supported the passing of the SB 826 Women on Corporate Boards Bill that required public companies in California to have at least one woman on their boards by the end of 2019. We are pleased to see policies and legislation taking a step toward actionable solutions for increasing the representation of women and minorities at all levels of employment, and making sure they have a seat at the table.

A Primer on

Opportunity Zones Investing The opportunity zone program was enacted as part of the 2017 Tax Reform with the goal of directing longterm capital investments into underserved rural and urban communities. This program is viewed by many as the most ambitious federal tax incentive program for taxable investors to invest in real estate in decades. With an estimated $6.1 trillion of unrealized capital gains, the program uses a free-market approach to create economic resurgence and job creation in the low income and blighted communities. Qualified opportunity zones are “economically distressed communities where new investments may be eligible for preferential tax treatment.” To qualify as an opportunity zone, a locality had to be nominated for the designation by its state governor and certified by Treasury. Treasury certified 8,764 census tracks in the 50 states, District of Columbia, and five possessions, including the entire island of Puerto Rico. Taxpayers may receive tax incentives by investing their capital gain into opportunity zone property. Investments, however, cannot be made directly by a taxpayer. Within 180 days of the date of sale or exchange, investors must invest the capital gains into a qualified opportunity funds (QOF). A QOF is an investment vehicle that can be a corporation or partnership. Ninety percent of the assets in a QOF must be invested in businesses or property locate within an opportunity zone throughout the fund’s life.

"The entire island of Puerto Rico is an opportunity zone." Background on the tax incentives

The opportunity zone program provides the most incentives to long-term investors. First, investors in QOFs get a deferment on paying taxes on the original capital gain investment until December 31, 2026 or until the interest in the opportunity fund is sold, whichever comes earlier. Second, the capital gains investment has a zero basis. Investors get a 10 percent basis step-up after five years and a 15 percent basis step-up after seven years. Lastly, after 10 years, the appreciation of the investment in the fund is tax-exempt. Clearly, the benefits for appreciated property relating to the 10-year hold is the largest benefit and the incentive receiving the most attention. It is important to note that a taxpayer will always pay tax on at least 85 percent of the original capital gains. Further, the tax rates at December 31, 2026 or the date of sale will determine the tax due. Currently, the tax rate is 23.8 percent on capital gains – the tax rate in ten years may be significantly different. Further, the tax attributes will remain, as such the shortterm and long-term treatment will carry over. NAWRB MAGAZINE |

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Where to invest?

Few tax incentives and investment opportunities have brought about as much excitement and media attention. The guidance released by Treasury and the IRS favors real estate investments with the “substantially all” and 50 percent of gross income requirements. Investment in the typical large gateway markets in areas where revitalization has already started is getting a lot of the early investments. However, other non-gateway cities such as Philadelphia, Baltimore, Portland, and Nashville are receiving a lot of attention. There are prime properties in the downtown areas of many of these cities that aren’t available in the traditional markets. Further, many successful cities have put in place a program to streamline the permit and zoning process. And, many states are offering credits and grants to encourage investments. In these cases, investors can stack the benefits and reap both federal and state incentives. The opportunity zones are in distressed areas so there is inherent risk. Due diligence on the part of the investor is key. In addition to the location, investors should review median household income of the area, vacancy rates, unemployment rates, infrastructure, reputation of the developer, and track record of the developer to determine if the real estate project is a good investment. It is important to remember, however, that while this program offers potentially large tax benefits, it will not turn a bad project into a good project. But, opportunity zones could make a good investment a great investment.

While there has been some skepticism about the program, EIG’s recent comprehensive analysis of the opportunity zones suggests that more than 96 percent of the designated zones do not show signs of gentrification. Further, some of these zones have been recently hit by natural disasters. For example, the entire island of Puerto Rico is an opportunity zone. As such, the opportunity zones could fill a large need by using private funding to revitalize these devastated communities

What’s Next?

To maximize the tax benefits, taxpayers must invest in the QOF before December 31, 2019. The lack of guidance from Treasury and the IRS has many investors sitting on the sidelines. A hearing was held on February 14th to listen to the comments from the public and investors should be receiving additional guidance in the upcoming weeks. Additional clarity is needed for the opportunity zone program to achieve its maximum impact. We may not know for a decade or more whether the program was successful, but investment in these underserved communities is the first step for the program to achieve its goals.

Marla Miller

National Tax Office Managing Director, BDO mmiller@bdo.com

Impact Investing

The enactment of the opportunity zone program offers vehicle for high net worth individuals and institutions to diversify their funds in a meaningful way. The goal is to create jobs that result in higher wages. This should result in better government services for the community, including better schools and infrastructure. NAWRB MAGAZINE |

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Business Ownership

Don’t Bring Your Whole Self to Work:

Bring Your Best Whole Work Self As I look back on my twenty-five-year career in

corporate America, I am struck by and struggle with the Diversity & Inclusion (“D&I”) and employee engagement mantra to “bring your whole self to work.” That might surprise you if you know me: I started my career working on D&I, and have worked on D&I inside and outside the workplace ever since. Some may even consider me a champion of D&I. But it is my passion for D&I that brings me to the conclusion that it is time to break the “bring your whole self to work” myth.

Let’s be real: none of us should bring their whole self to work. We are inherently flawed. That is what makes us human and beautiful. And we do and will bring those flaws to work (and elsewhere). But we need to manage them more effectively. Those flaws — whether indecision or impatience or a superiority complex or something else — can foster negativity, dissension, and poor morale. On the other hand, bringing our best whole work selves to work fosters creativity, teamwork, empathy, and results. You know your best whole work self. That is the one that is compassionate and understanding and organized. They admit mistakes and try to make up for them. They drive to engage with and understand others, whether you are an introvert, extrovert, or ambivert. They figure out what communication style works for each person or team you interact with. They recognize that every human interaction is either positive or negative, and works for the former, every time. This is the person who shows up, every

"Let’s be real: none of us should bring their whole self to work. We are inherently flawed."

The idea behind this mantra is simple: if employees bring their whole selves to work, they will feel better about the workplace, and by extension be happier and more productive employees (and human beings). That sounds good on paper. The problem is this: you shouldn’t bring your whole self to work if that means behaving badly. Or said differently, you should bring your best whole work self to work, not your “whole self.”

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day, trying hard, working hard, being the best whole work self you can be. And let me be clear: you should be able to bring your Muslim, Atheist, Evangelical Christian, Jewish, Republican, Democrat, Trump-supporting, Sanders-supporting, Independent, transgender, bisexual or alcohol-free self to work (This, of course, is not meant to be a complete list. Instead, these are examples of groups that may be underrepresented in a work environment.) That should go without saying. It also means that you should do so respectfully and civilly, and that others should treat you respectfully and civilly. That means bringing your best whole work self to work, because your “whole self ” might not be tolerant of divergent views. Not just because each of us has implicit biases, but because we have explicit ones too. Work is a great training ground for the rest of the world and your own community — strive for respect and civility across the board, and see how far it takes you. Regardless of what your insides might be saying (or, sometimes, screaming). Let’s ditch the “bring your whole self to work” mantra. And embrace bringing our best whole work selves to

The Federal Deposit Insurance Corporation is all in for diversity.

work. Let’s be patient and kind and compassionate. Show some grace when someone missteps, whether that grace is for yourself or a colleague. And let us recognize that our best whole work self will change over time because you change over time, and your workplace — whether you stay at the same job or go elsewhere — will change, so even one’s best whole work self is not stagnant. I am committed to bringing my best whole work self to work (and my best whole self to the world), to be part of the positive change that is needed. And I am asking you to do the same. This call to action is for everyone, and particularly those of us in leadership roles or otherwise in a position of power.

Sarah Alexander Goldfrank

Sarah is an attorney and compliance & ethics officer with twenty-five years of experience in the financial services industry. NAWRB’s Diversity and Inclusion Leadership Council (NDILC) Member and Education Subcommittee Chair. Former Senior Vice President and Deputy General Counsel, Fannie Mae.

The FDIC recognizes the importance of contributions made by diverse communities in its workforce and business activities. As a leader among government agencies, we are committed to diversity and inclusion and providing opportunities for employment, contracting, investments, and sharing our expertise in financial education. We continue to strengthen stability and public confidence in the nation’s financial system, leveraging the talents of our workforce and small-, minority-, women-, LGBT-, and veteran-owned businesses to create business value and achieve a work environment of involvement, respect, and connection. Contact us: Office of Minority and Women Inclusion (OMWI) MWOBOutreach@fdic.gov 1-877-ASK-FDIC (1-877-275-3342)

www.fdic.gov Each depositor insured to at least $250,000

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Technology

A new report from New York University’s AI Now In-

stitute titled Discriminating Systems: Gender, Race and Power in AI highlights the diversity crisis in the Artificial Intelligence (AI) sector and its effect on the development of AI systems with gender and racial biases. The lack of diversity in the AI sector and academia spans across gender and race. Recent studies show that women comprise only 15 percent of AI research staff at Facebook and 10 percent at Google. Women make up 18 percent of authors at leading AI conferences, while more than 80 percent of AI professors are men. Representation of other minorities is also sparse. Only 2.5 percent of Google’s workforce is black, while this is true of 4 percent for both Facebook and Microsoft.

addressed in tandem with biases found in AI systems.

Main Obstacles to Diversity in AI

In addition to the apparent diversity crisis in the AI sector across race and gender, here are the other important research findings.

"Recent studies show that women comprise only 15% of AI research staff at Facebook and 10% at Google."

According to researchers, AI’s lack of diversity extends past the underrepresentation of women and other minority groups to power structures and the creation and use of various AI systems. Most of all, the report suggests that historical discrimination in the AI sector needs to be

The AI sector needs to change how it addresses the current diversity crisis. This includes admitting that previous methods have failed due to uneven distribution of power, and recognizing the connection between bias in AI systems and historical patterns of discrimination. These are manifestations of the same problem; therefore, they need to be addressed together.

Focusing on “women in tech” is not enough to address different experiences in AI, such as the intersection of race, gender and other identities. For instance, the potential effect of prioritizing the number of women in AI alone is that this narrow scope will likely privilege white women over minority women. NAWRB MAGAZINE |

Studies into AI have a preconceived notion of gender as binary, forgetting that gender is a lot more complicated than labeling individuals as “male” or “female” based on their physical appearance. These gender terms also carry with them stereotypes about how men and women act. Fixing the corporate pipeline won’t fix AI’s diversity problems. Other issues need to be addressed outside the pipeline from school to the industry, such as workplace culture, power asymmetries, harassment in the workplace, exclusionary hiring practices, unfair compensation and tokenization. These issues all play a role in deterring people from entering the AI sector or causing them to leave it. We need to reevaluate the use of AI systems for the classification, detection and prediction of race and gender, which only reinstate pre-existing patterns of racial and gender bias. Examples of the controversial use of AI systems includes detecting sexuality from headshots, predicting criminality based on facial features and assessing worker competence through “micro-expressions.”

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and diversity, such as targeting at other institutions other than elite universities, focusing on underrepresented groups, and creating more pathways for growth in the company; Being transparent about how candidates are leveled, compensated and promoted; Increasing representation of underrepresented groups, including women, people of color and other under-represented groups at senior leadership levels across all departments; Ensuring executive incentive structures are connected to increases in hiring and retention of underrepresented groups; and Committing to greater diversity in AI research at academic workplaces and AI conference committees. Recommendations for Addressing Discriminatory AI Systems • Addressing bias and discrimination in AI systems will require • Making sure AI systems are as transparent as possible, such as tracking what these tools are used for and who is benefiting from them; • Conducting rigorous testing during the lifecycle of AI systems, including pre-release trials, independent auditing, and ongoing testing for bias and discrimination; • Improving research on biases and fairness to include a wider range of disciplinary expertise with a focus on the effect of the use of AI systems in a social context; and Determining the usefulness of AI systems through risk assessment and assessing whether certain AI systems should be designed.

"Only 2.5% of Google’s workforce is black, while this is true of 4% for both Facebook and Microsoft."

The use of AI systems for the classification of race and gender based on appearance, or to determine one’s character, is not only scientifically flawed but perpetuates socially-ingrained racial and gender bias.

Recommendations for Improving Diversity in AI

The report also provides recommendations for improving workplace diversity and addressing bias and discrimination in AI systems. For example, the former issue can be addressed by • Publishing compensation levels broken down by race and gender, including bonuses and equity, for all job roles and categories; • Ending pay and opportunity inequality, and setting up pay and benefit equity goals that include contract workers, temporary workers and vendors; • Publishing harassment and discrimination transparency reports, including the number of claims made over a certain time period, the types of claims, and actions taken; • Changing hiring practices to maximize transparency

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•

Supporting Girls’ Interests in STEM

One well-supported reason for why there is a lower representation of women in the AI sector is that not many girls are encouraged to pursue STEM. Therefore, their interest in science and technology fields will quickly fade if that passion is not nourished with opportunity. According to a Microsoft survey, young women in Europe report that their interest in STEM began around age 11 or 12, but faltered when they reached the ages of 15 and 16. In the U.S., a greater proportion of girls are likely to have an interest in a coding career compared to young women.

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"According to a Microsoft survey, young women in Europe report that their interest in STEM began around age 11 or 12, but faltered when they reached the ages of 15 and 16."

Welcoming our New and Renewed

NAWRB Elite Members Yuri Blanco

Broker/Owner at RE/ MAX Executives

For instance, one third of middle school girls believed they would pursue this career compared to just 27 percent of women between the ages of 18 and 30. Girls are likely to be encouraged to pursue a STEM career if know a female role model working in the tech field or participate in STEM clubs and activities. Middle and high school girls are 17 percent more likely to feel empowered working on STEM activities if they know a woman in STEM. This same group of girls are 26 percent more likely to feel powerful when doing STEM activities if they are in a STEM club or participate in related activities.

Main Takeaway

While encouraging girls to pursue STEM is important in giving more women an opportunity to transcend the pipeline into the AI sector, it is not enough to address gender and racial bias and discrimination that persists in this field. This requires a multi-faceted approach from actors in a variety of disciplines to study the use and impact of AI systems. AI companies also need to be involved in making sure their power structures, hiring practices and executive incentive structures are reevaluated to accommodate underrepresented groups who are inhibited from excelling in the AI sector by unconscious bias. Preventing further gender and racial discrimination in this field requires the collective effort of individuals with a diverse set of backgrounds and perspectives.

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Joanne Lipman Joanne Lipman, author of the Best-Seller “That’s What She Said,” former Editor in Chief at USA TODAY, and top editor at The Wall Street Journal and Conde Nast, has impacted the corporate world by joining women and men together in addressing the issues women face in the workplace. In an interview with NAWRB, she shares her most memorable experiences working at some of the nation’s most prominent publications, the way social media has changed the media landscape and her top five solutions organizations can use to achieve gender equality.

Interview by Desirée Patno

I’m on the news side, so we reported on facts, not opinions. We were all about news coverage. There are a few rules I grew up with professionally that I believe in firmly, which I brought with me from the The Wall Street Journal to the business magazine I ran, Conde Nast Porfolio and then to the USA TODAY Network.

NAWRB: What are some of your most memorable and least favorite moments working as Editor in Chief at USA TODAY and The Wall Street Journal? Joanne Lipman (JL): All of my favorite memories have to do with my colleagues. To create great journalism, and do it with people you love, is for me the most fulfilling thing outside of your family that you can do. I spent 22 years at The Wall Street Journal. To this day, many of my closest friends are people who I grew up with at The Wall Street Journal. It was a place that was changing a lot while I was there. I started as an intern when I was still in college, and there were very, very few women. By the time I left, that had changed entirely. I was in a position where I was able to help mold coverage, I created Weekend Journal and Personal Journal at The Wall Street Journal, and I oversaw the creation of the Saturday Paper.

First, our job is to shine a light in dark corners and hold the powerful to account, no matter what their political beliefs.

Mortgage Bankers Association COO, mPower Founder, & NDILC Member Marcia Davies connected NAWRB with Joanne Lipman.

The “No Surprises” rule means let them respond before you go to press. They may not like the story - and there are plenty of people who don’t like what’s written about them - but the coverage is fair. You cannot argue with a story that it is fair.

It was such a pleasure to go to work every day, because we were doing work that we felt had meaning and purpose. I was very mission-driven, and doing it with the people I loved. Similarly at USA TODAY, my best moments there were when we could do excellent journalism with people who were like-minded and were pulling for one another. Those qualities are very important: that you feel like your work is mission-driven, and you believe in why you are doing it, and that you are doing it with people that you care about.

I also believe in the “No Surprises” rule: Whoever you are writing about should not be surprised by allegations that they aren’t aware of and haven’t had a chance to respond to.

One other crucial journalistic rule is to avoid pack journalism. That is harder today than it ever

CNN Reliable Sources

CNN Fareed Zakaria

"I, myself, have mentored both men and women. I have a special place in my heart for young women coming up, because they can have role models that I did not have."

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has been. Pack journalism is when you are jumping on the same story everyone else is jumping on. President Trump is a master at distracting the news media. For example, first everyone is reporting on the children who have been separated from their families at the border- and then suddenly he is tweeting about something else, and they all run to that story. As journalists, it is our job to not be distracted, and not run after the new shiny thing that perhaps has less substance. You see pack journalism most frequently in Washington and Hollywood. The reporters on those beats know one another, talk to one another, and end up chasing the same stories. At the same time, in both places the access to the players is controlled, and the players are trying to manipulate or control the storyline. That’s where you have to be particularly careful not to just follow the pack. The least favorite moments have been that in recent years the media industry has been under terrible financial stress. In leadership positions, unfortunately one of the duties that falls to you is, when your budgets are slashed, you have to downsize - to lay off newsroom employees. Without question, there is nothing worse than that professionally. When you’re a leader and you put together a team, the people who are on your team are there because you really believe in them, and you have a relationship with them. So it’s a horrendous situation when you face budget cuts.

Duet with Melanie Kupchynsky

"I realized there was so much that I learned from my music teacher, which had to do with focus, determination, the ability to fail and pick yourself back up again."

JL: Without question, I would say my parents, and particularly my dad who passed away 12 years ago. My mom, who was a force of nature, gave up her career to have kids, as most women did at that time. She would have been a kickass CEO, honestly. She was brilliant, organized, and had real leadership skills. My dad was a businessman. From before | NAWRB MAGAZINE

I grew up in New Jersey. When I was in college, I had an internship at a magazine in New York City. My dad also worked in Manhattan, so for that one summer, I would commute with my dad every day. He would even invite me to his business lunches on occasion. It was an entry into this whole other world that he had away from home. We commuted together by bus, and for the first time ever, because there were no cell phones back then, I actually picked up his The Wall Street Journal and started reading it. That is when I fell in love with the newspaper. I decided that my goal was to get an internship at The Wall Street Journal, which I did. They hired me as soon as I graduated, and I spent the next 22 years there.

NAWRB: Who has been the most influential person in your life and what do you most attribute to their rubber stamp?

I was born, every single morning The Wall Street Journal landed on our doorstep. Because I became interested in writing, my dad really encouraged me and was really proud of my work.

Professionally, I have had some phenomenal mentors. Almost all of them were men, because there weren’t that many women. I, myself, have mentored both men and women. I have a special place in my heart for young women coming up, because they can have role models that I did not have.

I have had phenomenal professional mentors, and I would say at the top of the list would Paul Steiger, who ran The Wall Street Journal. He was my boss and he gave me opportunities, such as creating the Weekend Journal, the Personal Journal, and Saturday Journal. NAWRB: What is something people would be really surprised to know about you? JL: Those who know me as a journalist, would be surprised to know that I was a very serious musician as a kid. I played the viola. My first book, which I co-authored, is called Strings Attached, a music memoir that focuses on my childhood music teacher. I wrote it with the teacher’s daughter,

Melanie Kupchynsky. We grew up together, and she is now a violinist with the Chicago Symphony. The reason I wrote the book was because I realized there was so much that I learned from my music teacher, which had to do with focus, determination, the ability to fail and pick yourself back up again. When the book came out, Melanie and I went on book tour and we would end it with a minute-long little duet, which is all I can handle these days! Something else that people don’t know is that I am a breast cancer survivor. I was diagnosed seventeen years ago, when I was very young. My boss knew, and just a handful of my close colleagues knew, but I just didn’t want to make it an issue. I went through surgery and chemo and radiation, and did not tell people at work. NAWRB: Women are often silenced in the corporate boardroom, whether by others or themselves for fear of consequences. Should we be risk-takers ourselves and support them and their ideas? JL: Absolutely, both men and women need to support women who are silenced, ignored, interrupted, or too fearful to speak up. Many times guys don’t even notice that it’s happened. A very common scenario is when a woman mentions an idea, and no one responds – until a man repeats her idea, and he gets the credit. We need to listen for those moments. It’s incredibly important to support the woman who said it first.

erybody that it was Barbara’s idea. I think everyone should be empowered to do that, both men and women. Even a junior person can do that comfortably. Same thing for when women are interrupted. You can say, “I’d love to hear what Barbara was saying first.” Leaders should be listening for these sorts of things – women being interrupted, their ideas being appropriated by men, or their voices not heard - and should make sure that the woman gets credit and that her voice is heard. If the leader does not notice it, then any one of us in that room should call it out. NAWRB: How can we best communicate to men the issues women face without making them feel demonized? JL: I’d say don’t bring it up in the heat of the moment, when a man has just said something bone-headed. The time to do this is when you are having a neutral conversation at a neu-

"Our job is to shine a light in dark corners and hold the powerful to account, no matter what their political beliefs."

JL with Katie Couric

There are ways to do this that are quite easy. For example, you can say, “Thanks, Bob. When Barbara mentioned that a few minutes ago, I thought it was a good idea, too. Barbara, I’d love to hear you elaborate on it.” It’s a way to remind evJL with Madeleine Albright

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Part of that is the big technology platforms incentivize all of us to share poor-quality information. Their business models are built on virality. They want information that is going to be spread, read and shared by the largest number of people, because they make more money that way.

"There's research that shows that false information spreads more quickly than true information." WashingtonPost Podcast

There’s research that shows that false information spreads more quickly than true information. The other data point is that when researchers look at what emotion spreads fastest, it is outrage. It is anger. So we are being incentivized to spread this divisive and false information. I think we need improved news literacy out there. I’d love to see news literacy taught in schools. The tech platforms also need to play their part, to acknowledge the problem and be much more proactive in solving for it.

tral time. You can do this in mixed company, or in a social setting, such as with both men and women at dinner. I very often will bring this up at a dinner. I’ll ask the men, “Hey, have you noticed that things in your office have changed since people started talking about #MeToo? Did you feel NAWRB: What are some of the greatest obstacles to genlike you had to change your beder equality in the workplace and havior?” I’ll just bring it up as a your top five solutions? "'No Surprises' rule: conversation starter and allow Whoever you are writing the issues to be aired. JL: I’d say there are two great about should not be surprised obstacles. One of them is instiOne of the major issues preventtutionalized sexism. The second by allegations that they aren’t ing men from being a part of this one is unconscious bias - the gender-balance conversation is biases that we all have that we aware of and haven’t had a fear. There’s research that shows don’t even realize exist. That unchance to respond to." that 74 percent of professional conscious bias ends up feeding men, when asked “What might into what I call a “respect gap” prevent you from championing gender equality?” said “Fear.” between men and women. Research shows that if you put They are afraid of loss of status, or that other men will dis- a man and a woman in the same job, same responsibilities, approve of them. They are also afraid they are going to say and same title, the man gets greater respect and he has more the wrong thing. influence in the same job. There are institutional, cultural, and structural barriers that we have to overcome. One way women can ease into this is to make it a conversation—not an argument, not a fight, not an accusation. But there are steps we can take. I’ll mention five easy ones. First, interrupt the interrupter. Women are interrupted three NAWRB: How has the influence of media changed, and times more frequently than men are. So, when a woman is what should both consumers and professionals need to be interrupted, anyone should be empowered to call it out and mindful of ? say, “Let her finish.” JL: The influence of media has changed, not so much because of the 24/7 hour news cycle, but because of the explosion of digital media and, in particular, social media. Now everyone can weigh in. Instead of ending up with better quality of information, you actually end up with poor-quality information.

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The second is amplification. Often, when a woman mentions an idea in a meeting, no one hears her until a man repeats it, and then he gets the credit for it. Amplification is when the woman says something and then another person, a man or woman, repeats her point and gives her credit for it - thus

amplifying her voice and making sure she gets the credit for her idea. A third stategy, which is one of my favorites, is “brag buddies.” This concept was invented by women in a consulting firm. Brag buddies is when one woman recounts her awesome achievements to another woman and vice versa - and then each of them goes to the boss and brags about the other one. A fourth tactic is to call out bad behavior when you see it. This is particularly true for men. There are a lot of good guys out there who would like to be part of the solution. They themselves make an effort, by mentoring and promoting and supporting women. However, when they see bad behavior from other men, it’s awkward and they don’t say anything. It’s not enough to be a good guy. You actually have to call out bad behavior when you see it in others. The fifth one is diversify the interviewers and decision-makers, not just the applicants for a job. We should all know by now that if you have a job opening you should have a diverse slate of candidates. Also, when people are being considered for the promotion, you should have a diverse slate of people who are up for promotion. But that is not enough; you have to diversify the decision-makers. For example, if you have a bunch of white guys that are interviewing the applicants, you’re not going to get optimal results because we all gravitate toward people who are like us. This is also why women, people of color and others who are not in the mainstream, are underrepresented.

"There’s research that shows that 74% of professional men, when asked 'What might prevent you from championing gender equality?' said 'Fear.'" This is one of the biggest obstacles to them getting promotions and moving up the ladder. It’s because the decision-makers, the ones who are interviewing or making the promotion decisions, are homogeneous. They are the ones who are saying, “That woman is too quiet,” or “She is too pushy,” or “she’s not a good culture fit.” “Not a good culture fit” is just coded language for “Isn’t like me,” and that really hurts women and other underrepresented groups. You have to diversify the group of people who are interviewing and making those decisions.

JL with Elie Wiesel

"During my tenure there, the Network won three Pulitzer Prizes and had an additional three Pulitzer finalists."

JL with Sheryl Sandberg

NAWRB: What achievements are you most proud of personally and professionally? JL: Personally, my kids—100 percent. Nothing comes close. As a mother who worked a lot of hours, I had a lot of guilt when my daughter and son were young. But they’ve grown into terrific young adults. They are both feminists. They both are also really hard workers. Professionally, I’m most proud of the work I have done that has had an impact. Journalism is more of a calling than a job, and journalists are mission driven. There have been a variety of projects, articles, and new initiatives that I have been involved with that have helped drive positive change – from investigative reporting that has exposed wrongdoing, to projects that have helped educate & inform people, to those that improve people’s lives. Most recently would certainly be That’s What She Said. It is a best-seller, which is nice, but what it signals is much larger than that: it’s that a growing number of people are eager to close the gender gap and create a more equitable world. The book is being embraced by a lot of male-dominated organizations. The reason I wrote it is because I do want men to be a part of the solution in closing the gender gap. As I speak to different organizations and groups, and as I hear from readers, more and more men are championing the book. It is gratifying to see that. NAWRB MAGAZINE |

"Both men and women need to support women who are silenced, ignored, interrupted, or too fearful to speak up. Many times guys don’t even notice that it’s happened." I’m very proud of the work that our journalists did at the Wall Street Journal, Conde Nast and USA TODAY. My mandate as chief content officer of Gannett was to help bring together all 110 of its newspapers, including USA TODAY, as the USA TODAY Network. The Network enables all of those news organizations to work together, to help one another, and to aim for the most ambitious and impactful journalism. During my tenure there, the Network won three Pulitzer Prizes and had an additional three Pulitzer finalists. That, of course, was a group effort with so many talented journalists. It feels really good when you have an organization that is all pulling in the same direction, working together, and where we are all stretching and challenging one another to raise the bar for our work. NAWRB: Where does Joanne Lipman see herself in ten years, and what do you hope to accomplish that you haven’t already? JL: Hopefully the renovation we are doing to our house will be done by then! This has been a year-long process already,

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and hopefully it will be done in ten years…. NAWRB: Knowing what you know now, what advice would you give your younger self ? JL: I would tell my younger self to not be quite as hard on yourself. I would say “Breathe, breathe.” There are a lot of things that you go through, and sometimes it seems like it’s going to be the end of the world, or you stay up all night stressing about it. I heard some great advice recently: “If it’s not something that you’re going to be worrying about five years from now, don’t worry about it now.” I remember this particularly stressful night, about a decade ago, when I was sick with worry about an article coming out about my publication, and I was worried about what it was going to say. That night, my husband and I were invited to an opening night at Broadway. It was a magnificent show. But I couldn’t focus on it, because I was nervous about what that article was going to say. But here’s the kicker: I don’t remember at all what that article said, or even what it was about. I have absolutely zero memory of whatever I was worrying about. I just remember that it ruined my night. So that advice rings so true. If you’re not going to worry about it five years from now, you don’t have to worry about it now.

The Lipman Family

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j o i n e x i t re a l t y. c o m

ong ago, I received some leadership advice from a good friend that has continued to resonate within both my work and personal life for years: Take chances. When you fail, admit your failures and learn from them. The fear of failing can be paralyzing, and leaders must do more than fail at random or simply learn from their mistakes. Being a true leader requires having the confidence to trust yourself and take risks, for it is only through taking risks – and often failing at them – that you can innovate and improve, explore new ideas, and pursue excellence for yourself and your team. Failures give us the opportunity to reset, learn and grow, and a leader understands that it is crucial to take advantage of these opportunities. Your reaction, response and recovery from failure can be an incredibly powerful path to success. When you let go of the fear of failure and instead seek active learning, adopt various perspectives, embrace continuous improvement, pay it forward and – most importantly – never give up, it will allow you to lead teams through a journey of discovery, innovation and success.

Seek an Education in Failure

In my business, a primary challenge is how to successfully invest in emerging real estate markets through volatile cycles, transparency gaps, local bureaucracy and inconsistent legal systems. To help investors combat these variables, I have studied both my own and other’s failures to understand how and where to find success. As a leader, it is imperative to constantly seek education and be an avid learner. Through reading, studying and speaking to others in your industry about their successes and failures, you can learn how to handle challenges in your own business. Through my own experiences and in learning from industry peers, we have been able to form key business partnerships by establishing a clear alignment of interest and implementing a culture of disciplined management, which includes accountability, transparency and opera-

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tional efficiencies. This aspect of our firm’s management has become essential to successfully navigating the unavoidable challenges of investing in emerging real estate markets, and it is one of our key differentiating factors.

Adopt Multiple Perspectives

It is imperative to embrace diverse perspectives. Having perspective doesn’t simply allow you to see different angles and other people’s points of view; having perspective also allows you to find solutions that no one else can see, and it is crucial for innovation. To have a diverse perspective, you not only need to reprogram your brain to consider various viewpoints, but you must also have a team of individuals of various ethnicities, cultures, ages and genders that you can rely on to challenge your own perspective. There have been numerous studies considering the impact of diverse perspectives on boards at public companies. Companies with board diversity consistently outperform those composed of similar, like-minded individuals. Fight within your firm to add new perspectives and voices.

Embrace Continuous Improvement

In addition to having a diversity of perspectives, you need to have the attitude of working for constant improvement of yourself, your company and your employees. There are not many women in the finance industry and very few women in private equity, much less in real estate private equity. This can be incredibly difficult and discouraging at times, and it explains why some women self-select out of these types of industries. I decided early in my career that giving up and opting out of my male-dominated industry would not be an option. Instead, I did everything I could to positively stand out. While this was certainly challenging in certain situations, it never stopped me from seeking ways to advance my career at every point.

Women's Independence For example, I often proactively attended industry events where I was typically one of only a few women. I would introduce myself to senior industry professionals and try to make myself memorable. Following the meeting, I would contact the men and remind them of my background and experience. I made an active decision to not to be intimidated in a room full of men twice my age, and instead I focused on making myself memorable in a positive way to build my network and improve.

things well during this time, and other things not so well, but this hardship changed my perspective on so many things. Most importantly, it impacted the way in which I approached my relationships with my family, friends and co-workers. I deepened the relationships with my team throughout the toughest years of my life. While I don’t necessarily recommend that everyone use a personal illness or hardship to affect their own perspectives, I think we can each find ways to reflect on our struggles we have faced to see things in a different light. This is what perspective and never giving up is all about – finding the best where others can’t.

"I made an active decision to not to be in- Pay it Forward timidated in a room full of men twice my age, and instead I focused on making myself memorable in a positive way to build my network and improve." Never Give Up

As a founder and partner of Cephas Partners, I have had an amazing opportunity to work and grow with institutional real estate investors handling portfolio management for hundreds of millions invested in real estate. My responsibilities have included acquisitions, dispositions, asset management and board representation – all while navigating a truly competitive, male-dominated industry.

None of this would have been worth it if I had decided to give up. When faced with setbacks, I humbly accepted them, learned from them and bounced back even stronger. Perspective and problem solving becomes crucial in moments of hardship – I learned this in a very personal and real way when I was diagnosed with breast cancer in my early 30s.

Although my diagnosis was not a business-related hardship, I faced it the only way I knew how – the same way I face professional challenges. In a two-year period, I underwent 13 surgeries, including a bilateral mastectomy, hysterectomy and blood transfusion. Throughout this trial, I didn’t react in fear, anger or bitterness. Instead, I tackled it like a challenge in the workplace: I educated myself, I surrounded myself with a group of individuals with diverse perspectives, and I remained positive. The day I received the diagnosis, I contacted everyone I knew that might be able to connect me with the best surgeons and oncologists in Seattle and New York. I stayed up all night researching my diagnosis, treatment options and reading blogs by women with the same diagnosis. Within three days of my diagnosis, I had seen four top-rated surgeons, spoken to over seven different doctors, and scheduled my first surgery. I let all my family, friends and co-workers know about my diagnosis, but I also communicated my positive outlook.

I’m not sure from which I’ve learned more: working in the fast-paced world of investment banking and private equity, or learning about my own strengths, weaknesses and the singularity of a female perspective within a male-dominated environment. If we, as women, do not proactively uplift and support other women in our industries through mentorship and sponsorship, we cannot expect the status quo to change. If you are in a leadership position and can positively effect change for other women in your industry, I urge you to pay it forward.

Stop Fearing Failure

Through all the risks, you will learn much more from your trials, failures and mistakes than you do from any successes. Take chances and don’t be afraid to fail, and when you do fail, take the opportunity to reflect and understand why. Constantly educate yourself and surround yourself with a diverse group of individuals that will challenge you to address problems from every angle and every point of view to find ways to do or be better. And above all, don’t ever stop striving for improvement and don’t ever give up – even when it seems the odds are stacked against you.

By Mollie Fadule

Founder and Partner of Cephas Partners, an avid supporter of women in real estate and finance. Brave mom of three.

To be honest though, at the time of diagnosis, I was concerned – things did not look great. My entire right breast was full of cancer and they identified nodules in my lungs, which at the time I thought may be cancerous. I was afraid, but I knew that the outcome of the disease was out of my control; what I could control was to fight it the best way I could and the only way I knew how. Throughout my surgeries and treatments, I continued to run my business and care for my children. I did some

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For

enturies, women have faced injustice and fought for equality to men. Examples of this are in the fight for women’s suffrage beginning in the late 1800s, the inability for women to serve on a jury pre-1919 or for a single woman to open a bank account in her own name as little as roughly 50 years ago. Being a woman has not been seen as advantageous, at least from a historical standpoint. In regards to the workforce, it wasn’t until 1975 that the Sex Discrimination Act made it illegal to discriminate against women in work, education and training. Even from that point, women still faced difficulty competing with their male counterparts in acquiring better positions and, despite the Equal Pay (Amendment) Act of 1983 allowing women to be paid the same as men for work of equal value, equal pay has still been an issue for some time. Yet, with all the struggle of women for equality, in recent years women—specifically Millennial women—have surged ahead of many of their male counterparts. Nearly 60 percent of all college students are women, demonstrating a growing gender gap (in favor of the female) in higher education—often times considered the “ticket” to a high-paying job.

"Employment rate for women has risen to 71%" Statistics reflect women not only dominating in education but improving in the job market as well, particularly with regard to labor market female participation rates. In 1970, 93 percent of primeage men in the U.S. were employed, compared to just 48 percent of women. By 2016, the employment rate for women had risen to 71percent, while the rate for men had declined to 85 percent. These statistics are only continuing to improve for women. So, even though the fight has been long and grueling for wom-

en towards equality to men, clearly in the education and labor arenas, it does seem that things are indeed significantly improving. This begs the question: does there now exist gender equality?

"In 1970, 93% of prime-age men in the U.S. were employed, compared to just 48% of women." Well, let’s take a look at the definition. Gender equality, also known as sexual equality, is defined as “the state of equal ease of access to resources and opportunities regardless of gender, including economic participation and decision-making,” according to Wikipedia. As Millennial women are poised to be the most financially independent generation in history, and as women as a whole are significantly increasing their advancement in the labor market, as compared to that of men, I would say that women now have a substantial amount of access to resources and opportunities, even debatably more than men. So, how can women continue to thrive in their advancement in the labor market, specifically with qualifying for competitive positions? And how can

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men increase their competition for the best jobs? The answer: through a variety of ways. One specific way? Having a powerful and effective resume. A resume is the marketing tool that job seekers use to communicate their value to employers. There are certain strategies that one can employ to not only catch the eye of but also keep the interest of hiring managers, leading to a call-in for an interview—the next step in getting closer to acquiring the target job. Here are a few tips and recommendations for putting the sparkle in that winning resume:

#1: Having a Strong Professional Summary

mortgage experience, credited with a track record of outstanding achievement in leading Fortune 100 and high-visibility organizations and their teams to success. Effective Communicator, well versed in public speaking with multiple appearances before Congress and on television as well as various media outlets. Helped organize and create the Association of Mortgage Investors (AMI) and served as President of the Board. Over the course of career, recognized for ability to take diverse groups with widely varying opinions and positions and find common ground to negotiate beneficial solutions. Structured Finance Expert noted with initiating the original mortgage-backed syllabus at the New York Institute of Finance and educating future generations on the importance of securitization.” As exhibited in the above example, there is no need to be shy or hold back in the professional summary as this section is truly meant to sell yourself and your accomplishments, marketing you towards your desired job.

#2: Focus on Accomplishments in Your Career History, Not Just Tasks

A professional summary is a short to medium length paragraph— roughly 3-5 sentences—at the beginning of a resume (usually under the job seeker’s contact information and above the career history and education sections) that highlights a job seeker’s professional skills and experience. The professional summary gives hiring managers a glimpse into your expertise before diving into the full resume and lets employers know what you can offer, opposed to an objective, which lets employers know what you want. In your professional summary, you’ll want to include your achievements, education and technical proficiencies (i.e. if you are skilled in Excel, CRM systems, software, etc.), being as specific as possible. Always keep in mind as well to highlight those achievements and skills from your career history that relate directly to the job to which you are applying. Here is an example of a professional summary constructed for one of my clients: “Growth-Minded, Knowledgeable & Diplomatic Financial Executive with over 30 years of residential, asset-backed and commercial

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On the career history or “Professional Experience” portion of job applicants’ resumes (where current and past positions are described in detail), it is more commonplace to describe tasks. For example, for job applicants in sales, task-based descriptions would include: “Prospect and make cold calls to increase

"...Stand out & differentiate yourself from the competition." business and establish new accounts,” or “Monitor competition by gathering current marketplace information on products, pricing, marketing techniques, new products, etc.” These descriptions, although accurate to what the job seeker does in his or her position, do not distinguish the applicant from other job seekers (sales applicants, in this case) in his or her industry. In addition to some task-based descriptions for each job, it is most advantageous to highlight promotions or awards you’ve been given, higher levels of responsibility or achievements (i.e. “Exceeded sales quota in year 1 by 25%,” “Expanded book of business by 50%” or “Achieved Sales Woman of the Year Award in 2018”). Including such accomplishments will help you to stand out and differentiate you from the competition.

#3: Optimize Your Resume with Effective Keywords

your resume from job descriptions of interest that are applicable to your background and experience. For example, if a job posting mentions that they are looking for an applicant who is “passionate about product marketing and has 5+ years project management experience, including use of Agile CRM software,” you’ll want to use as many relevant keywords (I call them “trigger words”), especially in your professional summary and skills section in the front part of your resume, to align yourself with that job and company’s recruiters and hiring managers. If the software experience is present that they are looking for, in this example, the applicant may include “Agile CRM Software” as a bullet point in their Skills section. They may also start off their professional summary with “Passionate, Knowledgeable and Experienced Product Manager with 8+ years product and project management experience…” hitting on the 5 plus years of experience guideline, the “project management experience” and “passionate” keyword mentioned in the job posting. Strategic application of these transferrable keywords and phrases from job descriptions will help your resume to populate more frequently in the ATS for specific jobs you are applying to and will significantly increase your odds of your resume being seen and you being called in for an interview. There are many more tips and tricks of writing an effective and stellar resume. These are just a few to keep in mind— the ones I felt would be the most beneficial to share.

There is a search engine application that resume writers and recruiters are familiar with called the Applicant Tracking System (ATS). The ATS is a software application designed for recruitment tracking purposes and filters applications automatically based on given criteria such as keywords, skills, former employers, years of experience and schools attended. Given the wide-use of the Applicant Tracking System by hiring managers and recruiters, it is beneficial to adapt resume optimization techniques—one being: include keywords and phrases in

It is wonderful to see women thriving in their advancement in the labor market and to see the path of gender equality as benefitting the woman as of late in the arenas of education and labor market participation (girl power!). However, it is important to keep labor market progress for women high and to increase that of men as well. We should never take any gain for granted. Having a strong and competitive resume will surely position you in a place to achieve success. Lesley Yvonne Hunter President / Certified Professional Resume Writer, Resume Makeover Lesley@ResumeMakeover.com

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upcoming

EVENTS

Federal Reserve System Community Development Research May 9-10 | Washington, D.C. For some Americans, the traditional paths to financial security-attending college, buying a home, and saving for retirement-may be out of reach or may have never been enough to guarantee that security. This event brings together researchers, policymakers, and practitioners to discuss important issues facing individuals and their communities, with a focus on the theme Renewing the Promise of the Middle Class.

NAR’s Legislative Meetings & Trade Expo May 13-18 | Washington, D.C. NAR members take an active role to advance the real estate industry, public policy and the association. REALTORS® come to Washington, DC, for Capitol Hill visits, special issues forums, committee meetings, legislative activities and the industry trade show. Available to those involved in the governance of the association and who volunteer on association committees.

MBA’s Commercial/Multifamily Servicing & Technology Conference May 14-17 | Los Angeles, CA This event brings together the biggest names and brightest minds to discuss relevant issues, such as key economic and market trends, strategies for complying in the regulatory environment, new technology solutions and more! The robust program offers a dynamic balance of networking events and engaging peer-to-peer learning opportunities to inform, engage, and inspire you.

The Houston Family Office & Wealth Management Conference May 16 | Houston, TX NAWRB CEO & President Desirée Patno will be Conference Moderator and Moderator of The Real Estate Panel - Opportunity Zones. This year's Keynote speakers are Mr. Reid Ryan, President, Houston Astros and CEO, Ryan-Sanders Baseball Inc. Each event hosts over 100 Single Family Office executives and Ultra and High Net Worth Individuals (HNWI) representing approximately $50 Billion USD under management.

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MBA National Secondary Market Conference & Expo May 19-22 | New York, NY This conference and expo hosted by Mortgage Bankers Association is one of the largest opportunities to network and meet key decision makers in the industry. This must-attend event is in New York—the heart of the financial district and an ideal location to access deal makers, make the connections you need to take your business to the next level and move the market forward.

IMN NPL/RPL & Mortgage Notes (West) June 3-4 | Dana Point, CA The program hosted by the Information Management Network in Dana Point will feature Large Institutional Buyers, Mid-Sized Funds and Smaller private buyers, with scheduled networking activities to meet your educational and networking needs. Last year’s event welcomed over 300 Institutional NPL and notes buyers, service provider participants and over 20 exhibitors and sponsors.

CIFS 2019 National Financial Services Expo June 3-5 | Irving, TX The National Finserv Expo hosted by the Council for Inclusion in Financial Services, was created to serve as a conduit to help the financial services industry attract, retain and sustain an inclusive workforce, increase access to small businesses, promote transformative technology initiatives and educate consumers about financial products and services. Over 700 participants are expected to attend.

ABA Regulatory Compliance Conference June 9-12 | New Orleans, LA Join the national conversation on compliance at this one-stop shop to discuss the most pressing issues in compliance with the nation’s top risk-based thinkers in the cultural hub of New Orleans, LA at the Hyatt Regency New Orleans. Talk with leading experts, banking peers and Washington insiders for up-to-the-minute information to enhance and strengthen your compliance program.

IMN Global Indexing & ETFs June 19-21 | Dana Point, CA This is the industry’s longest-running indexing and ETF event, and it is returning to the Monarch Beach Resort in Dana Point. The event stands out from competitors by bringing the first-ever track dedicated to ESG-focused content and highlighting the accelerating shift toward purposeful capitalism. IMN offers a fresh take on the most pressing issues facing the asset management space to industry professionals.

Women's Community

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Greater Social Impact

Health of Communities with Government Relations & Infrastructure Creates

Leveling the Playing Field with Knowledge Facilitating the Vision: Affordable Housing, Aging Population, Small Business Sustainability, Gender Equality, Access to Capital, Technology Human Balance ® and Opportunity Zones for Economic Growth.

Affordable Housing

From 2000 to 2015, the measure of the poor population living in high-poverty neighborhoods increased from 43% to 54%. With low inventory of rental units that are affordable and in adequate condition, low-income households are forced to live in units that are potentially unsafe.

Aging Population

Assisting people over 55 years old to prevent financial abuse before it happens. An estimated $36.5 billion is lost annually in US with only 1 in 44 cases reported, and 90% is committed by a family member or associate.

Technology Human Balance ® Small Business Sustainability

Providing Small business owners with guiding principles for long-term success. SBA Women-Owned Small Business Partner Resource

AI Technology with the Human Touch is the Perfect Balance. Global expertise to properly leveraging this dynamic tool in the way we live and work. Amicus Brain Reimagining Care for Alzheimer & Dementia Our AI, Your Companion. Your ray of sunshine for the care provider and patient to a greater Quality of Life.

Opportunity Zones

NAWRB’s decade-long history in social impact through our data analytics, media engagement, connections with family offices, senior executives and expert leaders across the housing ecosystem, and involvement in government legislation, drives our ability to facilitate greater returns on communities, helping them thrive and be sustainable for generations to come.

NAWRB Diversity & Inclusion Leadership Council

Access to Capital: Natural Disasters

$306 billion dollars were spent for natural disasters in 2017, with over $1 trillion estimated to be in 2018. Renters and Homeowners can gain access to capital for up to $40k and $200k, respectively and small businesses can receive up to $2 million.

2018 Women in the Housing Ecosystem Report (WHER)

Covering a broad range of women’s issues, from poverty, homeownership, business ownership, C-suite and leadership opportunities, to Family Offices. Reshaping the community is a necessity for economic growth and prosperity.

Social Impact, Advisor, Stragetic Partner & Speaker

Desirée Patno, CEO & President of NAWRB

NAWRB.com . (949) 559-9800

Captain Marvel

Girl, Stop Apologizing

BrightBurn

That's What She Said: What Men

Starring: Brie Larson, Samuel L. Jackson, and Jude Law Bringing in nearly a billion dollars so far, audiences are craving a woman who, not only doesn’t need to be saved, but is the hero of her story and everyone else’s. The story is based around an extraterrestrial Kree warrior, Captain Marvel, as she tries to uncover the secrets of her past while harnessing her superpowers to end a war between her people and the Skrulls. Starring: Elizabeth Banks, Meredith Hagner, and Jennifer Holland We’ve all heard the tale of Superman: an innocent child in the field is taken in by kind parents who love and care for him, but then he starts develop alien abilities. What if Superman wasn’t a hero? What if that child in a field turned out to be something more sinister? This story is of an extraterrestrial adoption gone wrong and what a caring mother will do in that situation.

Where’d You Go, Bernadette

Starring: Cate Blanchett and Emma Nelson Adapted from a comedic novel, this movie plays with the concept of a perfect family, an upcoming family trip and the unexpected. When Bernadette gets a phone call, everything goes out the window for a chance she’s been waiting for, and then she disappears. It’s up to her husband and daughter to track her down and find out where and why she’s gone.

Downton Abbey

Starring: Michelle Dockery, Maggie Smith, Allen Leech If you’ve already fallen in love with the popular PBS’ series Downton Abbey, then you’re in for a treat. This September comes a film adaptation featuring the same beloved actors and actresses and the same home in an unbelievable new adventure with an assumed romance for the popular Mr. Tom Branson. It’s hard to imagine this film could disappoint when it picks up in the fall of 1927 and promises fun, surprises, sadness and intrigue.

by Rachel Hollis “I believe we can change the world. But first, we’ve got to stop living in fear of being judged for who we are.” Rachel Hollis encourages her readers to stop apologizing for going after their goals. She knows that women have been put in a box, defined in a way that can often hinder their full potential. If you’re going through life, feeling like there is more out there for you, this book might be what you need. Need to Know (and Women Need to Tell Them) about Working Together by Joanne Lipman

With major gender gap studies flooding the internet, men have been left feeling demonized while women have been told to close the gender gap on their own. This book is meant to end that disconnect and help more people work together in order to accomplish their leadership roles. Based around Joanne Lipman’s own journey to the top of a male-dominated industry, these pages will break down data studies and help men acquire the tools to help instead of hinder women’s careers.

The Ant and the Elephant

Leadership for the Self by Vince Poscente From childhood we are taught how to use our conscious mind but that only uses 10 percent of our thinking power. We often forget how powerful our subconscious, which makes up 50 percent of the brain, really is. This book will teach you how to realign your conscious mind with your subconscious mind as you recognize the true power of your own subconscious.

Successful Women Speak Differently

by Valorie Burton “The most successful women are often not the most talented, the most gifted, or even the most experienced,” states Valorie Burton. What insecurity is holding you back from reaching your full potential? In this book, you will learn how to be the best version of yourself through powerful tools. Start building your life the way you want.

Living

e s i c r e Ex

The Perfect

ht ig ra St

Are you ready for the perfect exercise for those 50 years of age and older?

The Chinese sitting position (Chinese squat) is a proven exercise for keeping full body strength. We lose our muscles from sitting, and muscle loss is a sign of aging. Sitting, which we do 90 percent of the time, accelerates muscle loss as it loosens our glutes and doesnít engage any muscles.

ck Ba

Hold on, donít flip this page! It turns out (after trying this myself at 29) that this seemingly simple exercise is perfect for any age.

Ga p

So do this exercise everyday to increase your strength. With practice youíll be able to squat for longer periods of time. It is even more important if youíre over 50 years old as it will greatly improve your health by lengthening your hip flexors, which will keep you from being stiff as you get older. It also strengthens your knees, core and legs while also helping with bal function. When you go into the squat, you will need to keep your feet flat on the ground. I personally canít do it without holding onto a door handle, but thatís okay! Hold onto something and get your body strength up until you can do it alone. Start with 10 seconds, and build up to 30 seconds, a minute, five minutes and so on.

Brought to you by NAWRB Team Member Kendall - Designer

Have an exerCise you love?

lat F t e Fe

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The latest UCLA Anderson Forecast of California’s economic and housing market reports that housing will continue to cool into the year 2020 despite current job growth and strong economy. The economists attribute the weakening to falling home prices in major markets and decreased demand. Economists anticipate the demand for housing will decrease in California’s major markets even though recent trends indicate the state’s overall economic strength, including improvements in the job market. According to a report by CNBC, California’s average unemployment rate is expected to rise to an average of 4.5 percent this year and then decrease to 4.3 percent in 2020 and 2021. Also, the state has added the highest number of construction jobs, amounting to 28,500, in the past year. At the same time, falling home prices in markets have been “widespread and substantial”, states Jerry Nickelsburg, Director of UCLA’s Anderson School of Management forecast. This includes areas other than San Francisco, Los Angeles and Silicon Valley. Even the Central Valley of California has been impacted by the cooling housing market as home sales have declined by more than 10 percent. In Southern California and the San Francisco Bay Area, CoreLogic reports that home sales fell to an 11-year low in January 2019. Sales have been falling on a year-over-year basis for the past eight months in the Bay Area and for the last six months in Southern California. The problem of declining home sales is compounded by the state’s housing shortage and decrease in housing starts. “Home

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"According to a report by CNBC, California’s average unemployment rate is expected to rise to an average of 4.5% this year & then decrease to 4.3% in 2020 & 2021." prices are falling in California as is the level of building,” writes Nickelsburg forecast. One possible reason for this is that “higher mortgage interest rates are depressing prices but not the underlying demand.” California’s housing market slowdown will likely affect Governor Gavin Newson’s plan to build 3.5 million new housing units in the state by the year 2025, which would require 500,000 homes to be built per year. The current rate at which new housing, with 120,000 homes built in 2018, is only a fraction of this goal. Overall, these trends are signs of weaker economic growth in the near future. Low Housing Starts and Affordability are National Issues According to a report by the U.S. Department of Commerce, the number of homes that were being built as of December 2018 was at its lowest level in the more than two years. The decrease in housing starts during this period indicates that developers are anticipating fewer new houses that will be sold this year. Building permits increased by just 0.3 percent, suggesting that growth in new housing will continue to be sluggish in the future. The Commerce Department states that housing starts fell 11.2

Women's Homeownership percent in December from the previous month, resulting in a seasonally adjusted rate of 1.08 million. Pace of construction has not been this slow since September of 2016. While housing starts have plummeted 10.2 percent in the past 12 months, the decline that occurred in December is attributed to a stall in single-family houses and apartment buildings. Higher home prices have created an affordability problem for potential renters and buyers. According to CNBC, home prices have steadily increased faster than wages, and their is a tight selection of available homes listed at $250,000 or less. The decrease in home sales has influenced builders to limit construction projects, but there is hope that falling 30-year mortgage rates, which increased by nearly 5 percent last year, will bolster homebuying in 2019.

Other noteworthy relations include a positive correlation between home values on the Zillow Home Price Index and investment in residential real estate projects. However, changes in median earnings were not correlated with new housing investment. Overall, low levels of housing development can be a greater symptom of economic challenges such as lack of employment opportunities and slow population growth. However, it appears that rising home prices are pushing potential homebuyers out of the market, and the lack of home sales are decreasing construction projects. It is in America's best interest to develop affordable housing for its citizens so they can attain jobs, earn money for short-term and long-term financial wealth and contribute to the economy at the statewide and national level.

U.S. Metro Cities Investing the Most in New Housing Increased demand for new housing in a specific geographic area can be an indicator of job growth and a prospering economy, while a halt in demand in new housing might signify an economic slowdown. Using data from the U.S. Census Bureau Building Permit Survey, researchers from Construction Coverage identified the metropolitan areas in the nation that are investing the most funds in new housing.

Cities Investing the Most in New Housing

1. Austin - Round Rock, TX • 137.1 new housing units (per 10K residents) 2. North Port-Sarasota-Bradenton, FL • 131.9 new housing units 3. Raleigh, NC • 125.9 new housing units 4. Cape Coral-Fort Myers, FL • 124.1 new housing units 5. Boise City, ID • 122.3 new housing units 6. Provo-Orem, UT • 118.7 new housing units 7. Orlando-Kissimmee-Sanford, FL • 113.1 new housing units 8. Durham-Chapel Hill, NC • 95.7 new housing units 9. Nashville-Davidson-Murfreesboro-Franklin, TN • 95.0 new housing units 10. Charlotte-Concord-Gastonia, NC-SC • 93.6 new housing units

For each metropolitan area, the company calculated the number of building permits that were issued per capita for the last 12 months, and then compared it to the national average. Notable trends from the recent trailing 12 months of data show that builders constructed approximately 40 new residential units per 10,000 residents. Moreover, in the largest metros, the range in per capita residential construction varied from below one unit to more than 130 units per 10,000 residents. According to the report, there is a strong correlation between new housing development with population and employment growth. Therefore, areas that have the most per capita residential construction projects are more likely to have high employment and population growth. NAWRB MAGAZINE |

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