Vol 3, Issue 2

she CENTER(FOLD)

GLENDA GABRIEL

SVP - Neighborhood Lending Executive Bank of America

The Borrower Effect: Impacts & Implications OF 2014 LOAN LIMITS

Policy Prescriptions to Assist WOMEN ENTREPRENEURS Diversity in THE HOUSING MARKET

VOL. 3 / ISSUE 2

SBA: Putting Tools in the Hands of WOMEN ENTREPRENEURS N MAGAZINE |

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COMPLIANCE || FORECLOSURE || INVESTMENT || PROPERTY MANAGEMENT || REO || SERVICING COMPLIANCE FORECLOSURE INVESTMENT PROPERTY MANAGEMENT REO SERVICING COMPLIANCE | FORECLOSURE | INVESTMENT | PROPERTY MANAGEMENT | REO | SERVICING

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Vol 3. Issue 2: Housing Diversity

FEATURES

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THE BORROWER EFFECT: IMPACTS & IMPLICATIONS OF 2014 LOAN LIMITS Are we repressing the third cycle of bubble fears?

By Ingrid Beckles POLICY PRESCRIPTIONS TO ASSIST WOMEN ENTREPRENEURS A couple policy recommendations to support the march in the right decision

By Ann Sullivan | N MAGAZINE

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DEPARTMENTS

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DIVERSITY IN THE HOUSING MARKET A focused look on home buyers and the types of homes in demand within the Inland Empire

By Scott Kueny PUTTING TOOLS IN THE HANDS OF WOMEN ENTREPRENEURS The SBA, with the help of its resource partners, is part of the largest entrepreneurial development and training network in the nation.

By Sylvia Gutierrez

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SHE CENTER(FOLD): GLENDA GABRIEL An industry change agent serving as a relentless champion for sustainable homeownership for underserved and multicultural customers BUILDERS OF HOPE: MOVING THE ECONOMY FORWARD THROUGH STABILIZATION OF MIDDLE CLASS HOUSING Never in our history has the middle class suffered such loss in available housing opportunities

By Nancy Welsh

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SHE IS CHANGING REAL ESTATE The real estate round-up: NAWRB’s newest members, renewals and certifications.

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INFOGRAPHIC Sustainability by the numbers

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APP MAPP For the best deals, adventures and coupons use these apps dedicated to ensuring you find what your heart desires without breaking the bank.

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DEAR DESIRÉE From business to fashion, ask the 23-year real estate veteran your pressing questions.

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DIMENSION IS CREDIT CONSTRAINED? Comparing Multiple Credit Measures to Normal

By Mark Fleming

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NEVER GIVE UP! How losing everything led me to finding new opportunities for success

By Debbie A. Oliver

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WHAT WOMEN WANT Health, review, fashion, and recipe: The go-to guide to a woman’s world.

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SWAN: • SPEAK • WRITE • ATTEND • NETWORK Out of their offices and into the field, where NAWRB members can be seen and heard.

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N CROWD Join the conversation: What have you done to promote your business and gain recognition in our culturally diverse market?

GLENDA GABRIEL

SVP - Neighborhood Lending Executive Bank of America N MAGAZINE |

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nawrb STAFF & CONTRIBUTORS

PUBLISHER/CEO Desirée Patno Desiree.Patno@NAWRB.com EDITOR-IN-CHIEF Lauri Howell Lauri.Howell@NAWRB.com OFFICE AND MEMBER RELATIONS COORDINATOR Olivia Frick Olivia.Frick@NAWRB.com GRAPHIC DESIGNER Samantha Cauguiran Samantha.Cauguiran@NAWRB.com CONTRIBUTORS Ingrid Beckles Ann Sullivan Scott Kueny Sylvia Gutierrez Nancy Welsh Mark Fleming Debbie A. Oliver Betsy Stewart small businesses receive new options IN OBTAINING FUNDING

N Magazine,the official publication of NAWRB, a monthly magazine featuring unique content for women in the housing economy, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. N Magazine welcomes comments from all readers. All materials submitted to N Magazine are subject to editing.

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

www.NAWRB.com (949) 559-9800 | NMag@NAWRB.com 34 Executive Park, Suite 260, Irvine, CA 92614

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NAWRB Responds To The INTERAGENCY POLICY STATEMENT OF THE OMWIs REQUEST FOR COMMENT

five things small businesses SHOULD WATCH FOR IN 2014

Women Entrepeneurs: THE NATIONAL WOMEN’S BUSINESS COUNCIL RELEASES ITS ANNUAL REPORT

VOL. 3 / ISSUE 1

N Magazine | 1

SUBSCRIBE NOW Call (949) 559-9800 or email info@nawrb.com today!

Diversity is a buzz word that is bandied about in almost every industry, and touches all aspects of the business from its consumers and vendors to the work environment and company culture.

These elements integrate into one another to create a direct link to business strategy and practices, providing diversity can be a benefit to the bottom line and provide your company additional growth.

Each of us has the responsibility to foster an environment of diversity and crosscultural communication. Organizations also have the responsibility to ensure they create a work environment where people can make a difference. Businesses big or small that create an environment of learning, sharing and exchanging of ideas can impart knowledge beyond just their business, making an impact on their external consumers as well.

However, how does diversity directly relate to the Housing Economy?

For the first time in our nation’s history we have seen ethnic homeowner growth becoming critical to sustaining housing markets across the country. In today’s housing market minorities, including women, account for 40 percent of firsttime home buyers. With a multitude of different cultural elements and needs in effect, it is imperative those in the housing economy are prepared and equipped to best serve all of their customers.

In addition to the client being more diverse than ever, the type of housing options available is quite distinct. From sustainable housing, to a property that can accommodate the needs of someone aging in place, potential buyers are looking at the market place better informed and with more specific needs than ever before.

a demolished community while sharing an inspiring tale of one woman’s struggle to find her way after being affected by the recession. We take an in depth look at the Borrower Effect - Impacts and Implications of the 2014 FHA loan limits and how these have been influence by both the 1930 Great Depression and 2008 recession. This article touches on the devastating impacts these events had on the American population and how the nation continues to recover. Our SHE Centerfold features Glenda Gabriel, SVP - Neighborhood Lending Executive of Bank of America. Gabriel continually works to build relationships and promote education within her local and national community as well as strengthen the company and encourage diversity in the workplace. Glenda Gabriel as always been known in the industry as a strategic thinker with the ability to lead through complex business issues and is passionate about providing others with access to better schools, safer neighborhoods, and neighbors who have also invested in the American dream.

Those who adapt to cultural or business diversity in the market and establish a strong presence in their communities will gain a competitive edge. As diversity in the housing economy continues to grow, it is important to evaluate your business structure, take advantage of new business opportunities with certification and develop personal and professional relationships to ensure the continued success of your business.

Desirée Patno Publisher/CEO Desiree.Patno@NAWRB.com

In this issue of N Magazine, we address the changing needs of a diverse market place. We highlight one company bringing affordable housing to the middle class in what would have otherwise been

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SUSAN JENKINS

Principal Broker/Owner/Realtor Native American Group, LLC Susan.jenkins@nativeamericangroup.com betterlivingva.com 757.672.6732

TINA ESTRADA

Broker/Owner The Omni Group tina@theomnigroup.biz www.theomnigroup.biz 714.501.9995

ANGELA MACIEL-GIBBONS Broker Home Smart Professionals Angela@PalmDesertREO.com www.angelamaciel.com 760.772.5850

CRISTINA ANDERSON

Kimball, Tirey & St. John Cristina.Anderson@KTS-LAW.com kts-law.com 619.234.1690 Member since: 2012

SANDRA COPE

GAIL MAYO

Managing Broker Thunderbird Real Estate thunderbird.com 831.475.8400 Member since: 2010

Vice President/Escrow Officer Inwest Title Services, Inc. Sandra@inwesttitle.com inwesttitle.com 801.399.3544 Member since: 2013

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WENDY FORSYTHE

EVP/Head of Global Operations Carrington Real Estate Services Carringtonrealestate.com Member Since 2012

"Thank you so very much for jumping through the hoops to get this closed.

You have been a joy to work with. Your extra distance is appreciated.�

-Victoria Davis California Professional Real Estate

Full Service Escrow Company Where Customer Service is Priority

SIMPLIFYING & EXPEDITING ESCROW SINCE 2004 Harmony Title Agency providing services in AZ, NV, WA, & OR

Call (866) 714-0966 Today

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infoGRAPHIC

RECYCLING

WATER

ENERGY

19%

25,000,000,000

Styrofoam coffee cups are thrown away by Americans each year

of all energy consumed is from office buildings

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100 billion

Pieces of junk mail are delivered in the United States each year, which comes out to 848 pieces per household

gallons of water are used in an average bath

15-25

gallons of water are used in an average 5-minute shower

5

gallons of water are used if you leave the water running while brushing your teeth

1 million

A typical family consumes 182 gallons of soda, 29 gallons of juice, 104 gallons of milk, and 26 gallons of bottled water a year.

miles of pipelines and aqueducts carry water in the U.S. & Cananda.

That’s enough pipe to circle the earth 40 times

2

30%

of the world’s garbage is generated by Americans, who only represent 5% of the world’s population

75,000

number of trees to print a Sunday Edition of the New York Times

1,457

the amount of pieces of litter you will find if you walked 1 mile along an average highway

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77%

billion people lack access to safe water

of diseases are water-borne

$20 billion

is the amount of money that would be saved if the energy efficiency of commercial and industrial buildings improved by 10%

Laptops are more environmentally friendly than desktops. They consume five times less electricity.

75%

of China’s energy is from buring coal.

China is set to overtake the U.S. (at 21%) as the biggest producer of greenhouse gases by 2025 unless current trends are modified

1 billion

tons of CO2 are emitted through home heating systems per year

70%

of the Earth’s surface is covered in water, but less than 1% of that is available for human use

$20 trillion

is estimated to be spent in new energy research over the next 25 years in an attempt to slow the effects of global warming

infoGRAPHIC

TRANSPORTATION

COMMUNITY DEVELOPMENT

90%

Crawling traffic contributes eight times as much air pollution as traffic moving at regular highway speed

500 million cars on the planet, and by 2030, it is expected to double to 1 billion cars

OVERALL SUSTAINABILITY

of people in the United States spend their time indoors

15-35%

of energy bills for a household can be reduced by a properly shaded neighborhood, mostly from urban street trees

9 times

more pollutants are absorbed by trees in street proximity than more distant trees

40

trees remove 80 lbs. of air pollutants annually

380,000+

25%

of the world’s oil is used by the United States, when they only have 3% of the world’s oil reserves

1 in 3

cleaning chemicals used in schools can cause environmental or health problems such as asthma

people are employed by the $48.4 billion public transporation industry

18 cents

of every dollar is spent on transporation in the average household

90%

less pollutants are produced by hybrid cars like the Toyota Prius compared to non-hybrid cars

2,000,000

gallons of water can be contaminated if a single quart of motor oil is disposed of improperly

43%

of America’s energy resources are used for transportation

20 lbs

$15k-25k

home or business values increase by this amount versus streets without trees according to realtor based estimates

50 - 100

species of animals and plants are driven extinct by human influences

Studies report that landscaping speeds the sale of a home by four to six weeks

100,000

acres of wetlands are destroyed each year, in large part to build sprawling new developments

Students with the most day lighting in their classrooms progressed 20% faster on math tests and 26% faster on reading tests in one year than those with less day lighting

Sprawl destroys more than one million acres of parks, farms and open space each year By 2015, an estimated 40-48% of new nonresidential construction will be green, equating to a $120-145 billion opportunity

of daily carbon emissions can be reduced by one person switching to public transit, or more than 4,800 pounds in a year

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appMAPP Groupon Your favorite site for finding local deals on adventures, services and dining is also available in a convenient app. Never miss a one of a kind opportunity to get half off of parasailing again. In addition to finding discounts on a plethora of deals, this app provides the ability to redeem your deals directly from your phone eliminating the need for a printer.

Track your purchased vouchers by location and expiration date making plans to use your Groupon smoother than that Brazilian wax you have yet to redeem.

Amazon

For the best deals, adventures and coupons use these apps dedicated in ensuring you find what your heart desires without breaking the bank.

The amazon app is simply an extension of the website you use every day for millions of products. Shopping from you mobile phone has never been easier as you can sign in with your existing Amazon account to access your cart, payment and shipping options. Looking for a better deal on a shirt you found at your favorite store? With this app you can easily compare prices and check availability instantly by scanning a barcode, snapping a picture or searching by name. Relax knowing all of your purchases are routed through Amazon’s secure servers and come with the ability to return anything that is not a perfect fit.

Gilt Looking for instant access to top designer labels at sample sale prices?

Gilt provides the best pricing on up to the minute trends for your entire family. App users receive access to mobile-only sales, exclusive offers, and real time notifications. Each featured item or designer is available for a limited time, so better act fast. This app will ensure you never miss out on a great deal for those Valentino wedges you had your heart set on again.

The Hunt - Style & Shopping Advice There is no rule in fashion that says, I shall not covet my neighbor’s handbag. If you find yourself continually searching for hard to find products this is the app for you. Join a community of stylish women and receive help in finding what you are searching for, personal styling tips, as well as be able to browse what is trending right now. The Hunt enables you to start your own “hunt” by posting a photograph of whatever you are currently in search of, and get help from your fashionable friends to find and purchase your current obsession. You can also show off your shopping savvy by helping solve hunts for other community members.

GeoQpons This app is the best way to obtain coupons and sales from your favorite retailers. A wide range of stores from Target, Costco, Sephora, Banana Republic, Nordstrom’s and thousands more are featured on GeoQpons.

You can access both large retailers and small local businesses by filtering your search as well as selecting from a specific category.

Looking for an easier way to redeem your coupons? Using this app will enable you to save your personal coupons and use by simply showing the coupon code or image. Constantly letting your coupons expire?

Never again with the expiration date integration that syncs with your phone’s calendar. This application is your best tool to stay organized and efficient when shopping with coupons.

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dearDESIRÉE

Dear Desirée “Make sure you are knowledgeable about the people you want to connect with, as you want to make it personal and build long lasting relationships.”

Questions were submitted by individuals working in the housing economy You can submit your questions to Dear.Desirée@nawrb.com “I have one property that I will be renting.

I have never been a landlord and was wondering where is a good place to send people or to refer people to get their own background and credit checks. Tenant screening service is what I’m after as it seems there are a few to choose from.”

-Lara Roberts, Irvine, CA Enterprise Risk Management Being a landlord myself, I think the bigger question is how involved do I want to be as a landlord? Screening a client isn’t always just running a background and credit check.

What is their morale of character? Do they have pride and will they communicate with you? These are extremely important attributes. I have seen a tenant with really bad credit end up being one of our best renters, still living in the property a decade later. Are you going to be the one that responds at 1 am when the water pipe breaks in the house? If

you don’t want to collect a check, hire a good property management company. If you want to do all the property management - be the direct landlord.

a reliable system, put notes in your phone or calendar follow ups. Most importantly, follow up with your commitments to make the most of your investment of attending the event.

“What tips do you have for career networking at Real Estate Industry Events?”

-Silvia Hernandez, Fountain Valley, CA Lender with Banc Home Loans

“Now that I have my women-owned business certification what do I do with it?”

-Tina Estrada, Santa Ana, CA Broker/Owner of The Omni Group

Attending real estate industry events can range from local small settings of only 20 to major national conferences with thousands of attendees. One of the most important elements we often overlook is doing our homework and asking the basic questions; “What is this event for?, Is this going to provide new or continuing education or business opportunities?, and Is this going to be a new group of networking opportunities?”

The amount of time, energy and money real estate professionals spend going to places is a huge commitment in our industry. Make sure you plan ahead, budget and come prepared.

If you are going to be there for an extended time, can you share a room with another co-worker? Who are the quest speakers and who is on the attendee list? Preplan meetings with colleagues, yet always be prepared to handle change on the spot. Make sure you are knowledgeable about the people you want to connect with, as you want to make it personal and build long lasting relationships. Take plenty of business cards, dress for success and be organized. Most importantly make sure you take extra care to take accurate notes with

First you must look at your marketing platform and incorporate your new certification.

This is a business certification and affects each of your employees and independent contractors that are associated with your business. Once you have incorporated your new marketing strategies including yet not limited to websites, emails, and marketing pieces, you need to update your client vendors to support their initiatives, and see what additional business opportunities are geared specifically to women-owned businesses. Federal, state, county and city contracting opportunities, those companies looking to do business with women-owned businesses and associations or agencies established to support and provide guidance are essential to open new doors and provide an exponential awareness curve.

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State of the INDUSTRY

“The stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The "crash" begins on October 24, 1929 (Black Thursday). By October 29, stock prices…plummet and banks (are)… calling in loans. An estimated $30 billion in stock values … "disappear(s)" by mid-November.”

THE BORROWER EFFECT: IMPACTS & IMPLICATIONS OF 2014 LOAN LIMITS

Are we repressing the third cycle of ‘bubble’ fears?

BY INGRID

BECKLES

T

he Great Depression left the United States with widespread unemployment and financial collapse. Two million construction workers were out of work. Home mortgages were typically shortterm loans that were limited to 50% LTV.

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In 1934, the National Housing Act created the Federal Housing Administration (FHA) to improve housing conditions and provide a more accessible housing finance system to rejuvenate and stabilize the broader housing finance market that was then only serving

borrowers with means. Today’s FHA is still focused on stabilizing the broader housing markets by ensuring that properly documented and qualified borrowers, including those in the low to median income ranges, and in some cases, those adversely affected by and

State of the INDUSTRY recovering from the recent economic crises, can systematically access affordable mortgage financing, purchase good, safe homes priced at or below the median income.

“Realtors are telling their buyers that FHA financing is not a viable option any longer and steering them away, which has not been the case in years/decades past.”

The end of 2013 marked the expiration of the emergency legislation implemented during the economic crisis from which the US is only now recovering. In similar fashion to the Depression era emergency legislation initially creating the FHA, the Economic Stabilization Act (ESA) of 2008, now expired, and it’s successor, the Housing and Economic Recovery Act of 2008 (HERA) both included provisions to stabilize the broader housing markets when the US housing market had been once again roiled by a severe national economic crises.

Nevada Area Sales Manager for New American Funding, Chris Garza, also confirms the lower loan limits “have negatively impacted [Las] Vegas.” In addition to the downward pressure that reduced loan limits are having on the prospective homebuyer’s purchasing power, Garza says that “…Fannie Mae and Freddie Mac having much tougher…cred-

ESA increased the national FHA loan ceilings nationwide and allowed the highest cost markets to hold a $729,750 loan limit to maintain housing finance liquidity. Now, the HERA regulations reduce the national loan ceilings in approximately 20% of the more than 3,200 counties for which FHA establishes loan limits, adjusting for median house price corrections and recovering markets. Under HERA, the highest cost markets now have a loan limit of $625,500 – a reduction of $104,250.

Tom Clifford, Branch Manager of New American Funding in Paulsbo, Washington shared, “Yes, we have been affected by the FHA loan limit reductions in Washington State. Our county limits decreased from $475,000.00 to $307,000.00. The larger challenge however, is the drastic increase in the monthly MIP (mortgage insurance premium) making it a monumental challenge for median income homebuyers to afford FHA financing with home prices stabilizing and or increasing.” Clifford goes on say that

it guidelines,” is also negatively impacting the Nevada market. So let’s unbundle each of these significant changes and the effects they’re having on the housing markets and the borrower’s purchasing power. In both of these high cost markets, the senior mortgage professionals identified three major changes; (1) The HERA implementation lowering the FHA and Conventional (GSE) loan limits; (2) the increased Mortgage Insurance Premiums required to insure the FHA loan product, and (3) the seemingly more restrictive credit environment in which the GSEs are operating.

2014 Loan Limits On December 6, 2013, HUD announced the new loan limits with the January 1, 2014 effective date. Fortunately, the first-time and affordable homebuyers seeking to purchase homes in markets where the housing costs remain low, did not experience any loan limit changes. Their maximum available loan amounts remained at $271,050.

However, about 652 (20%) of the 3,234 counties for which HUD sets loan limits, will see reductions to their maximum loan amounts as FHA implements the long delayed requirements promulgated by the HERA legislation.

These 652 counties are considered “high cost” markets and FHA historically provided for them to have loan limits higher than the median housing price for that county. ESA allowed the ceiling to rise to 125% above median housing price to keep mortgage funds available and sufficient to cover the high house prices created in the advent of the crises. HERA corrects the ceiling in these highcost markets to 115% of the county’s current median housing price.

It’s important to understand that the emergency legislation deployed through ESA enabled the federal government to fill the housing finance liquidity void created by the mass and abrupt exodus of private sector financing during the U.S. mortgage crisis. Housing is the second largest contributor to our nation’s Gross Domestic Product (GDP), historically comprising 17-20% of GDP and second only to Consumerism, and the federal government could not allow the funding for housing finance to evaporate.

This temporary emergency measure was intended to be a short term “plug” and, in 2009 was to be replaced by the more sustainable and permanent HERA, which amended the National Housing Act to tie the FHA’s loan limit “ceiling” and “floor” to the conforming loan limit standard used by Fannie Mae and Freddie Mac. We can see in the graph above, that as a result of HERA, 183 counties across the US now have loan limits that are lower by a whopping $100,000 or greater!

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State of the INDUSTRY

As you might expect, California felt the heaviest impact of HERA, with 54 counties receiving downward adjustments. In contrast, Texas saw 27 counties receive upward adjustments. While California was the largest issuer of FHA Single Family endorsements in 2013, in both dollar volume ($24.7B) and loan count (89.1MM), only 7.7% of those issuances were above the 2014 loan limits.

Nonetheless, reductions of this nature have constrained the purchasing power of borrowers in the impacted markets, causing them to rethink their home buying strategy and possibly even their timing.

The map above provides a visual depiction of the heavily impacted markets.

Note that the concentration of “reds” and “oranges” are along the coastal regions where population density is higher. Typically, the

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high and highest cost markets are designated as such as they tend to also be higher job producing markets, which create higher density populations, which in turn create higher housing demands. And as we all know, increased housing demands tend to increase house prices.

So why is all of this important for the real estate professionals working across the housing continuum? The job seekers filling the red and orange landscape fit the traditional first time homebuyer profiles for which the FHA program was developed. 2013 was a very strong recovery year for housing prices, with many markets showing strong improvement. And even though some of these high and higher costs markets were hit so severely during this economic crisis, they had risen so high prior to it, that with the reduced loan limits, their current prices are out of reach for the gainfully employed first-time homebuyer.

Legitimate homebuyers who managed to save

the 3-3.5% required to buy their entry level home were also located in those 183 counties who’s loan limits were reduced by $100,000 or more. Where do they now derive the additional funds to fill the down payment gap created by the reduced loan limits?

The National Association of Realtors (NAR) reports that in a normal market environment, first-time homebuyers consummate 40% of home sales. By the end of 2013, NAR reported that only 28% of the home sales were to first time homebuyers!

At upwards of 80%, the GSEs and FHA remain the main sources of housing funding.

While it’s important to enact the requirements of any final piece of legislation, would it have been truly detrimental to have enacted these particular requirements/corrections in phases? Especially, since it had already been completely delayed 5 years past its legislated enactment date.

State of the INDUSTRY The photograph that has become known as "Migrant Mother" is one of a series of photographs that Dorothea Lange made in February or March of 1936 in Nipomo, California. Lange was concluding a month's trip photographing migratory farm labor around the state for what was then the Resettlement Administration. In 1960, Lange gave this account of the experience: I saw and approached the hungry and desperate mother, as if drawn by a magnet.

I do not remember how I explained my presence or my camera to her, but I do remember she asked me no questions. I made five exposures, working closer and closer from the same direction. I did not ask her name or her history. She told me her age, that she was thirty-two. She said that they had been living on frozen vegetables from the surrounding fields, and birds that the children killed. She had just sold the tires from her car to buy food.

There she sat in that lean- to tent with her children huddled around her, and seemed to know that my pictures might help her, and so she helped me. There was a sort of equality about it. (From: Popular Photography, Feb. 1960).

Brainpower and models much larger and more intense than ours evaluated these changes and made the decision to move forward on all fronts in one swooping, market pervasive move. With the overall economic recovery still progressing very slowly, the recovery in the housing sector still far from “full-steam-ahead”, and the prevailing lack of meaningful private financing, one begins to wonder. Is it possible that all three agencies are repressing “bubble” fears?

Come back next month to get our perspective on drivers and impacts of FHA’s higher MIP and the increasingly “intense” credit mindset in the conventional loan arena.

•

•

During the great Depression, home mortgages were typically short-term loans that were limited to 50% LTV The Federal Housing Administration was created in 1934 through the National Housing Act

•

•

The Housing and Economic Recovery Act of 2008 (HERA) includes provisions to stabilize the broader housing market during economic crises.

Housing is the second largest contributor to our nation’s Gross Domestic Product

Ingrid Beckles Founder & CEO of The Beckles Collective, LLC NAWRB’s Regulatory & Policy Chair ibeckles@thebecklescollective.com N MAGAZINE |

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Government

Policy Prescriptions to Assist WOMEN ENTREPRENEURS A couple of policy recommendations to support the march in the right direction

BY ANN

SULLIVAN

D

oes the name Alice Paul ring a bell? Alice Paul led the effort to give women the right to vote.

She raised money for the cause, led a group of White House protesters known as the Silent Sentinels, was imprisoned three times, force-fed raw eggs when she staged a hunger strike, and kept the pressure on President Wilson to support ratification of the 19th Amendment. She was all of these things, but above all else, she was a fierce advocate on behalf of women.

Today, hunger strikes or stage protests to stop traffic are less common, but we do raise money and we do advocate for the advancement of women-owned businesses.

Having just celebrated Women’s History Month, the following are policy changes that will enhance the growth of women owned businesses.

Strengthen Counseling for Women Business Owners.

There are 106 Women Business Centers (WBCs) across the country that counsel and train more than 137,000 entrepreneurs and aspiring entrepreneurs annually, creating 700 new businesses a year at a cost of $122 per person. Last year, WBCs outperformed their goals by 18% and enjoy high customer satisfaction ratings. With the success of these women business centers, Congress should

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invest in more funding to establish additional centers and to boost the ones currently in existence. The centers are required to match these federal grants by raising matching funds from other sources, but with $14 million in federal money for the whole program they are boot strapped. Women deserve better.

In addition, other entrepreneurial training and counseling programs operated by the U.S. Small Business Administration (SBA) should

be given priority when it comes to funding.

Programs such as the Program for Investment in Microentrepreneurs (PRIME) are critical pieces of the puzzle when it comes to supporting women entrepreneurs with the skills needed to successfully run a business.

Studies show that these investments pay off.

According to the Association for Enterprise Opportunity’s (AEO) most recent report, Bigger than you Think: The Power or Microbusiness in the United States,

Government to unemployed individuals interested in starting a business – thus creating a job for themselves. However, a barrier exists that prohibits these centers from counting people starting a business as a “successful employment outcome,” and discourages these centers from providing entrepreneurial training. The DOL should change their performance metrics to accept a business startup as a successful employment outcome.

Increase Capital Access for Women-owned Businesses.

Women entrepreneurs continue to struggle to access capital to start or grow a business.

According to Women Impacting Public Policy’s (WIPP) most recent annual member survey, women make an average of two attempts to access capital, securing a loan only 60% of the time.

The SBA operates a number of loan programs essential to women-owned small businesses: the 7(a) loan program, the Microloan Program, and the 504 commercial real estate loan program. These programs are supported by federal funding, meaning any decrease in funding reduces their ability to make loans. Congress should ensure adequate funding in order to meet the demands of women-owned businesses.

The advent of online crowdfunding is another recent development and step in the right direction, allowing businesses to raise up to $1 million. However, the Securities and Exchange Commission (SEC) threatens to derail it from taking off with burdensome compliance and reporting requirements.

The SEC should ensure these costs stay at a minimum to allow this innovative model to take off.

businesses that receive training have higher success rates (88% are still in business after five years, compared to a 50% success rate for businesses that do not) and have average annual revenues 38% higher.

Similarly, the Department of Labor (DOL) should encourage entrepreneurship as a viable job strategy. The DOL oversees a national network of job training centers, which are allowed to provide entrepreneurial training

Bring Women to the International Marketplace.

women’s business presence abroad through exporting should be a top priority. Many women business owners limit themselves to selling domestically because the international market is too daunting. A simpler, streamlined exporting process, one focused on getting our products abroad, would help. The dividends are significant: women-owned businesses that exported have on average more than 100 times the total annual receipts, five times as many employees, and more than triple the receipts per employee than those only selling domestically.

WIPP operates an export education platform, ExportNOW focused on encouraging more women entrepreneurs to engage within the global marketplace to increase their success.

Bring Parity to the Women’s Federal Contracting Program.

The U.S. federal government is the world’s largest consumer —spending more than half a trillion dollars annually. You may be surprised to know that the goal — not mandate — for federal agencies to buy from women-owned companies is 5%;and the government has never met it. The Women-Owned Small Business (WOSB) procurement program, designed to ensure the mandate is met, does not have parity with other contracting programs. There are some bills to combat this in Congress — though none have been a priority for the leadership.

That seems to be what the suffragettes fought for — parity. So why are we fighting for this 100 years later?

The histories of women like Alice Paul, and the countless other Suffragettes, serve as reminders of how hard we have fought to achieve the present. But more work needs to be done. To quote Alice Paul, “When you put your hand to the plow, you can't put it down until you get to the end of the row.”

March 8th was International Women’s Day — a good reminder that expanding U.S.

Ann Sullivan WIPP Government Relations 1156 15th Street, NW, Suite 1100 Washington, DC 20005 202-626-8528 N MAGAZINE |

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Local

Diversity in the HOUSING MARKET A focused look on homebuyers and the types of homes in demand within the Inland Empire

D

BY

SCOTT KUENY

iversity in the housing market is a broad topic, and one with many avenues to venture down. There is a range of buyers and sellers and there always will be. Further, there are an equal number of products for those same buyers/sellers as well. Over the last few years it went from homeowners to banks, investors, foreigners and it is beginning to circle back to homeowners.

Reflecting back on the most recent U.S. Census Bureau State and County Quick Facts data, one can immediately notice diversity, from the various ethnicities, age makeups, and types of homes being owned.

This is by far the most widely assumed diversity today within the American melting pot. Most notably though is the homeownership rate. Why is this important?

Homeownership has always been the driving force within the U.S. economy, but over the last few years the housing market has been impacted dramatically, as well as the households that participated during the run up to the housing crash. We saw many short sales, foreclosures, and REOs; the resulting

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Local effect was many displaced households forced to enter into the rental market.

Those forced households were in a state of credit repair for the last few years. We are now seeing those same homeowners re-entering the housing market. Their attitudes on financing are completely different, as well as their choice of home; people are now living within their means. Competing against these displaced persons are the younger generations in their twenties and thirties beginning their careers and looking to buy their first home. With scarce inventories of homes an increased demand for new housing has arisen and the new trend shows that first time buyers are from the younger generations.

These demographics favor higher-end lofts, condos, and townhomes over the traditional single-family residences.

There are plenty of examples of these high-end properties in the Los Angeles area, and the model is slowly working its way out to the Inland Empire. In Los Angeles there are the Ritz-Carlton Residences, the Wilshire Coronado, and 432 Oakhurst set to open in the summer. Most of these communities offer gym facilities, pools, pet amenities, and social activities for residents to interact with one another. In the Inland Empire Lewis Development Corporation built Santa Barbara in Rancho Cucamonga.

Within the Inland Empire we are seeing homebuilders build again, and this is a positive sign for the area. A unique finding came from The Urban Land Institute’s (ULI) report on Emerging Trends In Real Estate 2014, “…interest in development is up in 2014, and it isn’t the multifamily sector, that lands at the top of the list. Industrial development is where respondents feel the best opportunities exist for development in 2014.” The Inland Empire has long been a hub for industrial warehousing and this amplified emphasis on industrial could spell improved demand for housing starts. Wellknown Inland Empire economist John Husing estimated an increase in housing starts of 6,442, up from 4,737.

The Inland Empire is comprised mainly of blue-collar workers, and a potential industrial spike will likely increase blue-collar jobs.

In John Husing’s same presentation he highlighted that manufacturing could be a major growth source for the Inland Empire. This in

turn will attract more workers, and as a result increase the demand for housing. With the median wage for manufacturing sectors between $40,000-$55,000, and using the industry standard that a mortgage payment should not represent more than 35 percent of monthly wages, the higher quartile of blue-collar workers qualify for a $225,000 dollar home, with a 3.5 percent down payment. What the above figure describes is a need for moderately priced housing.

Another facet to the home buying market is the entrance of the female consumer. In an Urban Land Institute (ULI) report titled, Resident Futures, the researchers noted young women in their twenties are buying houses at twice the rate of males. More women are entering the housing market, and their needs, wants, and desires are driving a fresh approach on new communities. An MSN story highlighted the following eleven demands of women buyers: big closets, jetted bathtubs, location, security, a great place for socializing, dedicated laundry room, low maintenance, separate shower and tub combination, twocar garage, great kitchen, and a smart layout.

With no signs of slowing, the woman consumer is one that the housing industry will be heeding in their housing concepts.

Fostering more housing diversity is the Baby Boomers. The Baby Boom generation was born between 1946-1964, with roughly 4 million born every year from 1954-1964 making up 40 percent of the US population, and is one of the largest groups in the United States. At the date of this publishing the youngest Baby Boomer is 49 years old. As the enormous population of Boomers ages, their need for adequate housing will be stressed. Signs of these developments are already in place as more new homes include a downstairs suite complete with separate bedroom, bathroom, and entrance.

Real estate is extremely fragmented and no two geographic areas or communities are the same. Though some basics remain constant, the consumer in 2014 is very diverse and has a different outlook on what a home should be.

Scared from the 2008 housing crash and subsequent recession, the consumer is very

cautious and more financially aware. Moreover as the Baby Boomers continue to age their impact in the local markets will also drive change and product types in the housing market. The world will continue to shrink as well, and as people immigrate and emigrate to and from areas, the local real estate markets will evolve to reflect these changes. Diversity is inevitable, and the real estate industry is evolving to accommodate and embrace these changes.

•

•

•

•

Homeownership has always been the driving force within the U.S. economy, but over the last few years the housing market has been impacted dramatically, as well as the households that participated during the run up to the housing crash.

Those forced households were in a state of credit repair for the last few years. We are now seeing those same homeowners re-entering the housing market.

Their attitudes on financing are completely different, as well as their choice of home; people are now living within their means.

With scarce inventories of homes an increased demand for new housing has arisen and the new trend shows that first time buyers are from the younger generations.

Real estate is extremely fragmented and no two geographic areas or communities are the same. Though some basics remain constant, the consumer in 2014 is very diverse and has a different outlook on what a home should be.

Scott Kueny Strategic Business Partner Ticor Title Company www.ticoroc.com N MAGAZINE |

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SBA BUSINESS

Putting Tools In The Hands of WOMEN ENTREPRENEURS

The SBA, with the help of its resource partners, is part of the largest entrepreneurial development and training network in the nation

BY

SYLVIA GUTIERREZ

A

t the Small Business Administration, we recognize that helping small women-owned businesses is critical to our economy. Women-owned businesses are one of the fastest growing segments. In fact, from 2002 to 2007, the growth of women-owned firms outpaced firms owned by men at a rate of 4-to-1.

The impact women-owned businesses have on our economy is easy to see: they employ more than 7 million workers and generate more than $1 trillion in revenue each year.

The U.S. Small Business Administration (SBA) is committed to helping these businesses start, succeed, and grow, with opportunities for women-owned businesses existing in all of SBA’s core program areas.

Many people are familiar with the SBA because of its loan programs, and for good reason. We’re the nation’s largest single financial backer of small businesses. Over the past three years, we’ve guaranteed an average of over $30 billion in loans to small businesses each year. SBA loans are three to five times more likely to go to women than non-SBA loans. This is critically important because women-owned firms typically start with less capital. A Kauffman Foundation study found firms starting with higher levels of capital show significantly better performance in terms of assets, revenue, profitability and survival.

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While these loans cannot be used for acquiring residential real estate, they can be used for most business purposes, including: • • • • • •

expansion/renovation new construction of owner occupied commercial real estate to purchase equipment, fixtures, and make leasehold improvements refinance business debt for compelling reasons as a seasonal line of credit purchase inventory

Through Fiscal Year 2014, the SBA is waiving the guaranty fee on all 7(a) loans of $150,000 or less. Why is that important? Because the most significant credit gap we see is for smaller dollar loans. This is important because these lower dollar loans often help finance new startups and entrepreneurs in underserved communities, which include women, minorities, veterans, and others. Setting these loan fees at zero effectively makes these loans cheaper for borrowers, encouraging lending to small businesses facing the most constraints on credit access. That’s good for these businesses, it’s good news for their neighborhoods and communities, and it’s good news for our economy.

Another SBA program area you should consider is government contracting. The federal government is charged with putting at least 5 percent of federal contracts in the hands of small women-owned firms. This

is referred to as the Women Owned Small Business Program (WOSB). Women-owned businesses get the contracts they need to increase their top line and create more jobs, and the federal government gets innovative products and responsive services, often with a direct line to the CEO. Federal agencies meet the 5 percent goal by using set-aside contracts, which limit competition to firms with the same status (for example, all women-owned small businesses).

There are two federal contracting certifications reserved solely for women-owned businesses. The first is the Women Owned Small Business certification (WOSB) and the second is the Economically Disadvantaged Women-Owned Small Business certification (EDWOSB). An EDWOSB is a small business concern that is at least 51 percent directly and unconditionally owned and controlled by one or more women who are citizens (born or naturalized) of the United States and who are economically disadvantaged. The EDWOSB automatically qualifies women-owned small businesses for the WOSB Program.

A woman is presumed economically disadvantaged if she has a personal net worth of less than $750,000, if her adjusted gross yearly income averaged over the three years preceding the certification does not exceed $350,000, and the fair market value of all her assets (including her primary residence and the value of the business concern) do not exceed $6 million.

Based on market research on which industries are underrepresented in terms of percentage of women business owners, SBA has identified over 300 industries that qualify for set-asides, including: • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

237210 WOSB Land Subdivision 337110 WOSB Wood Kitchen cabinet and countertop manufacturing 337121 WOSB Upholstered household furniture manufacturing 337125 WOSB Household furniture (except wood and metal) manufacturing 337127 WOSB Institutional Furniture Manufacturing 337211 WOSB Wood Office Furniture Manufacturing 337212 WOSB Custom Architectural Woodwork and Millwork Manufacturing 337214 WOSB Office Furniture (except Wood) Manufacturing 337215 WOSB Showcase, Partition, Shelving, and Locker Manufacturing 531210 WOSB Offices of Real Estate Agents and Brokers 236115 EDWOSB New Single-Family Housing Construction (except For-Sale Builders) 236116 EDWOSB New Multifamily Housing Construction (except For-Sale Builders) 236117 EDWOSB New Housing For-Sale Builders 236118 EDWOSB Residential Remodelers 237110 EDWOSB Water and Sewer Line and Related Structures Construction 238110 EDWOSB Poured Concrete Foundation and Structure Contractors 238120 EDWOSB Structural Steel and Precast Concrete Contractors 238130 EDWOSB Framing Contractors 238140 EDWOSB Masonry Contractors 238150 EDWOSB Glass and Glazing Contractors 238160 EDWOSB Roofing Contractors 238170 EDWOSB Siding Contractors 238190 EDWOSB Other Foundation, Structure, and Building Exterior Contractors 238210 EDWOSB Electrical Contractors and Other Wiring Installation Contractors 238220 EDWOSB Plumbing, Heating, and Air-Conditioning Contractors 238290 EDWOSB Other Building Equipment Contractors 238310 EDWOSB Drywall and Insulation Contractors 238320 EDWOSB Painting and Wall Covering Contractors 238330 EDWOSB Flooring Contractors 238340 EDWOSB Tile and Terrazzo Contractors 238350 EDWOSB Finish Carpentry Contractors 238390 EDWOSB Other Building Finishing Contractors 238910 EDWOSB Site Preparation Contractors 238990 EDWOSB All Other Specialty Trade Contractors 321911 EDWOSB Wood Window and Door Manufacturing 531110 EDWOSB Lessors of Residential Buildings and Dwellings 531120 EDWOSB Lessors of Nonresidential Buildings (except Mini-warehouses) 531130 EDWOSB Lessors of Miniwarehouses and Self-Storage Units 531190 EDWOSB Lessors of Other Real Estate Property 541310 EDWOSB Architectural Services 541320 EDWOSB Landscape Architectural Services 541330 EDWOSB Engineering Services 541340 EDWOSB Drafting Services 541350 EDWOSB Building Inspection Services 541410 EDWOSB Interior Design Services 561210 EDWOSB Facilities Support Services 561720 EDWOSB Janitorial Services 561730 EDWOSB Landscaping Services 561740 EDWOSB Carpet and Upholstery Cleaning Services 561790 EDWOSB Other Services to Buildings and Dwellings

SBA BUSINESS The government buys nearly $100 billion worth of goods and services from small businesses each year, making it a vast market with a lot of potential. To learn more about contracting with your business, you can visit our Government Contracting Classroom at www.sba. gov/gcclassroom, and to learn about upcoming federal procurement opportunities, visit FedBizOpps at www.fbo.gov.

SBA, with the help of its resource partners, is also part of the largest entrepreneurial development and training network in the nation. We have more than 110 Women Business Centers, 900 Small Business Development Centers, and 360 SCORE chapters across the country where small business owners and entrepreneurs can receive comprehensive training and counseling on a vast array of topics. How great is it to be able to meet with a mentor that’s been in your shoes and understands your situation? Let’s say you need some PR tips and best practices. Chances are there will be a mentor nearby who either ran their own PR firm or worked as an executive for a PR firm.

Why is having a mentor important? Because we know the growth rate in revenues and employment for small business clients who receive SBA counseling has outpaced the rate of growth in the economy overall, measured in terms of changes in GDP. This is particularly impressive during a recessionary period. We also have considerable evidence small businesses that have had more than three hours of counseling have higher one-year survival rates than firms receiving less counseling. In addition, these surviving small businesses tend to realize higher growth in revenues and employees than those who have had less counseling.

Visit www.sba.gov to gain acces to the fantastic resources on a number of business topics, from managing a business, to exporting, and everything in between. There’s a Learning Center with all sorts of content to enjoy from the comfort of your home or office. You can find various community blogs at www.sba.gov/blog and interact with business experts and business owners in an environment that’s prime for sharing and learning.

The bottom line is no matter where you are, there’s an SBA resource near you. Just go to www.sba.gov and click on ‘Local Assistance.’

Whether it’s one of our close to 70 SBA district offices, an SBA lender, or one of the thousands of SBA Resource Partner mentors, you’ll always be able to reach someone ready, willing and able to help you start, build and grow your business. That’s our mission. We know when you succeed, our economy and our nation as a whole succeeds.

Sylvia Gutierrez Economic Development Specialist U.S. SBA - Santa Ana District Office sylvia.gutierrez@sba.gov N MAGAZINE |

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creditAFFAIRS

T

he year 2014 is sure to be another eventful one in mortgage finance. A litany of new regulations are prepared to be implemented, the economy is projected to improve, driving mortgage rates higher, and demand to refinance loans is expected to decline further.

The overall size of the mortgage market, in dollar terms, is anticipated to be significantly smaller than in 2013. In light of these market conditions, one of the most discussed issues right now is the availability of credit for mortgage borrowers – is mortgage credit availability too tight? The importance of this question cannot be understated, particularly because of the impending implementation of the Qualified Mortgage (QM) standard and the mortgage market’s determination of the types of credit it will offer to borrowers.

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In Which Dimension Is CREDIT CONSTRAINED? Comparing Multiple Credit Measures to Normal BY

MARK FLEMING

Printed by permission from Corelogic.

creditAFFAIRS Whether credit is too tight or too loose is an especially hard question to answer because there is no one single measure of credit availability. Nonetheless, it is possible to look at a variety of measures that collectively influence a borrower’s access to credit: borrower credit worthiness, loan-to-value (LTV) ratios, debt-to-income (DTI) ratios, the level of documentation, the propensity of adjustable rate (ARM) loans and the share of purchase-money loans.

To answer the question of whether each of these credit measures is too loose or too tight requires a determination of what would constitute a “normal” level of availability. For example, the average credit score of all originated first-lien purchase loans in October 2013 was 749. The average credit score over the year before the Federal Reserve announcement encouraging the use of ARMS in February 2004, and subsequently raising the federal funds rate, was 710.

In percentage terms, this is only a 5-percent difference. The average doesn’t show us that the share of originated first-lien purchase loans in October 2013 with credit scores below 620 (typically ineligible under GSE guidelines) was 0.3 percent, but averaged 29 percent over the year before the Fed announcement.

Credit to borrowers with low FICO scores was normally available prior to the beginning of the housing boom (as marked by the Fed announcement), but clearly is not currently. For each measure of credit availability, it is much more insightful to compare the share of the riskiest subset of the entire measure’s distribution to that same share prior to the housing bubble. Credit availability in each measure represents the extent to which lenders originate loans to the riskier subset of the distribution.

In the chart, each axis represents a different measure of credit availability. The inner hexagon crosses each axis at a value of 100, which is the reference point for the normal value for the measure illustrated on that axis, based on the average over the year preceding the Fed announcement in February 2004. For example, as described above, the share of first-lien purchase loans in October 2013 with credit scores below 620 was 0.3 percent, but averaged 29 percent over the year before the Fed announcement. Therefore, relative to a normal share of 29 percent, indexed to 100 and represented in the “normal” hexagon, the “current” unbalanced hexagon clearly shows the con-

strained availability of credit to low credit score borrowers. For each measure, the “current” and “maximum” unbalanced hexagons represent the deviation from normal for each measure both currently and at the loosest since the start of the housing bubble, respectively.

Immediately apparent from this chart is that credit availability is tight for two important underwriting criteria – credit scores and documentation levels. Low-credit-score loans are not being originated relative to the height of the expansion of credit or even at the normalized level of availability. Additionally, access to no- and low-documentation loans is significantly constrained relative to the height of expanded credit or the normalized level of availability.

Underwriting eligibility in the current market requires good credit and the ability to fully document your loan.

Also interesting to note is that the shares of high-LTV and DTI lending are very close to normal. Both measures expanded availability during the housing boom. High-LTV lending currently remains modestly loose relative to normal and highDTI lending is modestly tight relative to normal.

The share of ARM loans being originated is currently much more restricted than normal, as many subprime ARM loan products are no longer available.

Looking at the share of the riskiest subset of an entire measure’s distribution compared to the share prior to the housing bubble for multiple measures gives more insight into the answer to the pressing question of whether credit is too loose or too tight. Right now, credit is tight for low credit score borrowers, those who don’t want to or can’t fully document their loans, or who would like an ARM product.

For many, the choice to document or select an ARM product is not necessarily an impediment to credit availability, but for those with low credit scores there are fewer options.

Mark Fleming Chief Economist CoreLogic www.corelogic.com N MAGAZINE |

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GLENDA GABRIEL

SVP - Neighborhood Lending Executive Bank of America

Glenda Gabriel An industry change agent serving as a relentless champion for sustainable homeownership for underserved and multicultural customers

A

s the United States becomes increasingly diverse, it is imperative that businesses build strategies and create outreach initiatives to connect with and better serve multicultural consumers and communities. It is also vital for businesses to understand the consumer dynamics that shape demand for their products and services, and to recruit the right talent to lead through an increasingly complex business environment. Glenda Gabriel as always been known in the industry as a strategic thinker with the ability to lead through complex business issues, and this underlying capability is why she was sought out by Bank of America.

As Bank of America’s Neighborhood Lending Executive, Gabriel leads a team dedicated to meeting the homeownership needs of low-to-moderate-income and multicultural customers, whether they are those with modest means or clients with substantial wealth.

Gabriel and her team connect and build relationships with key real estate market influencers, including local and national non-profit housing organizations, multicultural real estate trade organizations and others to educate consumers and connect them to the products, programs, tools and resources that enable successful homeownership.

Bank of America’s community leadership and culture closely aligned with Gabriel’s own values. Her new assignment provided her with the opportunity to help people transform their lives. She is now the driving force at the bank to assist underserved and multicultural consumers across the nation to become successful homeowners. “I know first-hand the difference a home can make in a person’s life, by providing access to better schools, safer neighborhoods, and neighbors who have also invested in the American dream. This type of environment fundamentally changes the arc of your life. This is one of the reasons that I’m so passionate about providing others with that same opportunity and doing so in the right way”.

In addition to her day job, Gabriel is also an Enterprise player, providing leadership in a number of capacities to help make Bank of America a great place to work.

For instance, to continually strengthen the company

and encourage diversity and inclusion in the workplace, Bank of America is committed to helping all its employees achieve their potential and better serve the bank’s customers, clients, communities, and shareholders. To that end, Bank of America’s employee networks are a vital part of the company’s diversity and inclusion efforts. The employee networks are formal, bank-supported groups made up of employees who share a dimension of diversity. The groups meet periodically to network, mentor and encourage each other’s development, leadership and success.

One such network is LEAD (Leadership, Education, Advocacy and Development) for Women. LEAD for Women is dedicated to promoting professional women’s development to help grow, attract and retain successful women throughout Bank of America. LEAD for Women offers information, education, advocacy and networking with other women to share best practices and cultivate connections fostering success. This organization focuses on providing women with opportunities for leadership, advancement and expanding their horizons.

As an executive co-sponsor of LEAD for Women, Gabriel serves as a catalyst for professional growth and success of other women, at all levels of the bank. “Part of our company goal is to be the employer of choice for female talent at every level of the organization, and that is what LEAD for Women is about,” said Gabriel.

“Not having women at the top of their game is really not operating at optimal capacity. We view having women at the top of our organization and fully integrated into all aspects of our business as a strategic imperative,” Gabriel stated.

Bank of America is one of the top 50 companies for executive women, according to the National Association for Female Executives. Through LEAD for Women and other mentoring programs, the company continually strives to develop the talents of women throughout the organization. “I not only mentor women, I am also mentored by women and men, and that has helped me understand, and help others understand, what barriers they have to work on and how they best present their brand,” said Gabriel. “We are not only a strong com-

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“Diversity is not just about culture or ethnicity, but it is the experiences that people bring to the table and being able to utilize them in a number of capacities.” pany, but we are getting stronger everyday because of the talent we employ.”

The Global Diversity and Inclusion Council, of which Gabriel is a member, leads the bank’s efforts to create a diverse and inclusive environment. The Council includes bank leaders from around the globe, and works to create an environment where every employee can succeed and feel comfortable bringing their whole self to work. “We examine core issues, like generational differences, and what impact they have on recruiting and retaining the best talent, and how people communicate,” said Gabriel. “We look at how we develop people and where we could do a better job. We look at what diversity really means, and bring that to the forefront, with intentional focus. Diversity is not just about culture or ethnicity, but it is the experiences that people bring to the table and being able to utilize them in a number of capacities.”

Gabriel’s work to influence and develop the leaders of tomorrow extends well beyond the workplace. She also serves on the Girl Scouts Hornet’s Nest Board of Directors, an organization that helps girls build courage, character and confidence. Involvement in this organization enables her to encourage women and girls to be leaders in their own lives, a value she learned from her early heroes, her mother, father and grandparents.

Gabriel has reached a high level of success in the financial world and has set herself apart from her counterparts by her determination and ability to continue her education on new trends, products, programs and initiatives. Holding a Bachelor’s Degree in Business

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Administration and a MBA from the University of California, Berkeley, Gabriel has been preparing herself for leadership roles throughout her life. “I don’t think there is a universal format for women or men who strive for success, but it is understanding what your key strengths are, what it is that you want to do, how can you get better, and what is your game plan for getting there,” said Gabriel. “You have to be dedicated to your own development. I know a lot of people wait on other people to say ‘this is the blueprint that you should follow,’ but you have to educate yourself; be your own advocate.”

Gabriel is a constant champion not only for educating herself and her team, but also for ensuring that Bank of America’s customers have the information they need to make informed decisions when purchasing a home.

One way the bank ensures its mortgage customers understand everything that is involved - from the loan process to owning a home - is through consumer education and counseling. Bank of America offers customers a variety of educational tools and programs to help them prepare for homeownership. These include online tools and resources, educational webinars, and in-person education and counseling provided by non-profit homebuyer education partners. Additionally, Bank of America’s mortgage loan officers are dedicated to keeping customers informed through every step of the mortgage process.

“The common thread people need is help demystifying the mortgage process. They want to be in a position to make informed, educated decisions about one of the most important investments they make in their lives.

This comes through time and time again in all of our research,” said Gabriel. “People want it in simple, concise terms, and they want to make sure they really do have someone, once they make a financial decision, that can walk them through the process and get back to them if they have a question. Good communication is the key to a customer having a superb mortgage experience.”

As the housing market continues to recover, financial industry regulations are continually changing, making it essential for Gabriel and her team to be ahead of the curve. They constantly look for new ways to assist underserved consumers to understand the home loan process and to provide them with the education, tools and resources so that they can achieve their home ownership goals. “If we can bridge the gap in financial literacy, we can bridge the gap in homeownership and set in motion the foundation for personal wealth creation,” said Gabriel.

NAWRB INVITES YOU TO

LEARN BREAKTHROUGH NEW OPPORTUNITIES FOR GROWING YOUR BUSINESS

J

oin us to learn about: • Contract opportunities and new income sources • Access to capital • Business leads • Financial benefits of Women-Owned Business Certification • Lighting and window shade solutions

This is a CAN’T MISS event for all WOMEN working in the HOUSING ECONOMY.

G

uest speakers include: • Sylvia Gutierrez, U.S. SBA - Santa Ana District Office, Economic Development Specialist • Desirée Patno, CEO of NAWRB and EAB member for WIPP, • Debbie Molino, SCORE Business Counselor, and local city procuring contracting officer from OCSBDC.

Sylvia Gutierrez Desirée Patno

This is YOUR opportunity to take your business skills and capitalize on your aspiring business, with the experts of Small Business Development Centers (SBDC) and the Women’s Business Centers (WBC).

Wednesday, April 23, 2014 | 4:30 pm to 7:00 pm Lutron Irvine Experience Center 2458 Dupont Drive, Irvine, CA

NAWRB Members: Free | Non-Members: $20 RSVP: info@NAWRB.com For more information on this event call: 949.559.9800

Economy

Builders of Hope:

MOVING THE ECONOMY FORWARD THROUGH STABILIZATION OF MIDDLE CLASS HOUSING Never in our history has the middle class suffered such loss in available housing opportunities BY

NANCY WELSH

I

t’s amazing what can be accomplished when a group of enthusiastic and passionate entrepreneurs put their minds to it. Builders of Hope is demonstrating how we can change our country through the redevelopment of inner city neighborhoods. Rebuilding for the existing residents and middle class through rehabilitation of existing distressed inventory is dissolving crime, stabilizing families, creating pride in home ownership and rental and restoring confidence and accountability with residents to protect and expand this safe haven. Having something worth protecting is the very incentive that was needed. When coupled with our ongoing commitment to the neighborhood for continued revitalization and the delivering of meaningful and sustainable change, the result is astounding. Large scale rehabilitation of boarded and vacant single family and multi-family properties creates successful high density safe havens and has a tremendously positive trickle-down effect throughout the entire neighborhood. Even as an innovative builder, the sustainable rehabilitation of this inventory is challenging. However, the more difficult challenge is seeding the social change we must be held accountable for and working with municipalities to protect these inner city neighborhoods from being completely wiped out. Advocating for social justice through the establishment of affordability thresholds for what is rebuilt in these communities is at the heart of our ability to rebuild America. Persevering through racial and discriminatory issues with long-standing histories of prejudice can be daunting. Creating new paradigms and creating track records of delivering inventory without displacement at affordable prices for existing residents is legendary.

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There is some confusion about the determination of middle class status. Is it determined by level of education and job description or simply by income? I believe the middle class has a broad overlap with working class and erosion of the middle class will negatively affect the working class due to competition for affordable housing. Stabilizing housing for the middle class in an affordable range, while

addressing greater affordability for lower middle and working class are equally important and can both be effectively addressed through community revitalization efforts as demonstrated at State Street Village, a Builders of Hope P3 revitalization project.

As has been the case over the past 50 years, affordable housing has required a high level of subsidy. This has been achieved through highly successful and innovative programs such as LIHTC and HOPE VI. These programs

have driven affordable rental development to meet the growing demand. In the past, it has been largely a replacement strategy for aging, poorly managed government housing projects. More recently, as housing authorities and municipalities acquire homes to be demolished and assemble land for new projects they are simultaneously achieving city council directives to “clean up the neighborhood” and attract new business. This redevelopment strategy made way for beautiful projects with often higher density, but at a high cost, often necessitating higher rents and larger subsidies; our current economy and the now declining subsidies demand that new strategies enter the arena to compliment these older programs. The demand for affordable housing is on the increase and new strategies with new funding opportunities must be realized, not dismissing the current programs which must continue to drive new construction.

Never in our history has the Middle Class suffered such loss in available housing opportunities. Millions of individuals and families have been displaced from their homes due to foreclosure or short sale, disqualifying them from homeownership and now find themselves priced out of the rental market.

This middle segment of the population is expanding with scarce affordable inventory with which to grow. Our inner city neighborhoods, in cities such as Baltimore, Cleveland and Detroit have ample vacant housing stock to fill this void. Most every city does in fact.

News media and government officials purport that these vacancies demonstrate population shifts. In most cases, the census data arguably demonstrates the move may not be all that far. Surrounding counties to these metro areas show double digit population growth

Economy where families have fled for safety and better schools. They are doubling up in existing homes of family members and friends; new families and transient prospects are not moving into vacated metro neighborhoods due to epidemic abandonment. This suggests that the opportunity to rebuild these neighborhoods to address the loss of affordable housing would provide means to bring people back into the city that have not yet found permanent housing alternatives.

Even these disinvested communities want to stay together and are crying out for help.

Help, however, that comes in the form of destroying these homes through demolition, and continued scattering of long-time residents, is advisably not in the best interest of the city, the residents or the environment.

Utilizing government funded programs to revitalize neighborhoods through destruction and disbanding of the population is not a healthy strategy. These communities have suffered decades of disinvestment, poor landlords, low tax base and typically underperforming schools. They have been waiting for revitalization and community reinvestment they can participate in. Revitalization through rehabilitation allows for that opportunity. Beginning with the boarded and vacant homes to create new affordable housing opportunities in a low income neighborhood is a strategy that works.

As we develop Builders of Hope projects in disinvested communities, our model allows affordable opportunities for existing residents to trade up into rehabilitated, green affordable housing using their same voucher and/or at comparable neighborhood rental rates.

Further, we rebuild for home ownership, partnering with municipalities for first-time home owner mortgage assistance programs, allowing native renters the opportunities to move into home ownership. We commit to rebuilding affordable housing opportunities for both home ownership and rental. Quality is essential and must be both sustainable and commensurate to market rate housing while remaining truly affordable. This affordability varies by region although consistent in that the monthly mortgage or rent payments should not exceed 33 percent of the AMI for that neighborhood. Construction subsidies

B

uilders of Hope works to increase the availability of high-quality, safe, affordable and workforce housing options. Through innovative reuse and rehabilitation they incorporate economic benefits, environmental stewardship and social solutions. Builders of Hope sustainably revitalizes at-risk communities creating viable solutions for both the shortage of affordable housing and the tear-down epidemic. With a growing trend toward urban living, creating affordable neighborhoods in depressed urban communities has endless potential.

and budgets should be aligned with income studies in order to provide appropriately affordable housing options for the geography you choose. This can be effectively accomplished through the rebuilding of existing single family and multi- family inventory.

This, in part, is made possible through our patented process of sustainable rehabilitation,

the layering of NSP, CDBG and HOME funds and the leveraging of bank financing or investor funding. Opportunities for revitalization of abandoned houses along entire streets, and often times entire neighborhoods, are ever more prevalent in the current economy.

These are the projects that need funding.

These inner city neighborhoods hold 100’s of boarded and vacant homes that are ripe for investment. It is not that our population is shrinking and creating these vacancies, it is that the housing stock is uninhabitable and owners, heirs or landlords did not have the financial backing for upkeep of this aging,

sometimes functionally obsolete inventory.

Funding strategies for this work need to be capitalized. The Builders of Hope model is astute in restructuring and re-engineering these abandoned homes to meet today’s lifestyle and design standards. These homes, in most all cases should not be torn down.

Modernizing floor plans and upgrading energy-efficiencies and mechanicals to meet the highest sustainability criteria is at the heart of what we do as a builder.

Understanding the building method for whole house sustainable rehabilitation of aging inventory is a unique and imperative skill in revitalization of urban neighborhoods. If the middle class is to be stabilized and the poor are to be housed decently, existing inventory has to be salvaged and rehabilitated to meet the demand for both. These neighborhoods have to be rebuilt for the preservation of truly affordable housing in order to preserve cultural integrity and the social fabric of the existing lower income population.

Reuse of existing inventory is the greenest way to build. This is the fastest way to rehouse, by starting with neighborhoods and infrastructures that already exist. We must challenge our cities to discontinue the “quick-fix” reaction of tearing down aging inventory. There is ample population to substantiate the existing housing stock. It is more affordable in most every case to rebuild an existing unit vs. tearing down and rebuilding with all new materials, not to mention the environmental impact of doing so and the speed to market to address the immediate need. This preservation approach must be adopted into the arsenal of affordable housing inventory expansion strategies.

Redevelopment of existing neighborhoods takes years when tear-down is involved. As an N MAGAZINE |

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example, new construction requires new comprehensive plans and council approvals, rezoning, new infrastructure, architectural drawings and the like.

Let’s get started rebuilding America through the rehabilitation of our existing inventory. This will lead to a resuscitation of our disappearing middle class by substantially improving their access to affordable, sustainable housing options. Housing is the key to stabilization and the middle class has been largely overlooked. The overbuilding of expensive housing stock, when no-doc loans were prevalent, fed the developers well but wreaked havoc on families later unable to pay their mortgages. The time is now to turn the tables on affordability. Industry providers must be willing to work on thinner margins in order to deliver housing at prices middle-class America can actually afford. Heady margins on affordable housing can no longer deliver the inventory at a cost that 70 percent of our country is able to bear. We have to stretch the money to create a larger number of units, and based on the declining income of a growing lower income population, the units need to be more affordable, making do with less available subsidy. Builders of Hope has demonstrated we can deliver market opportunities through public private partnership and do so with a reasonable rate of return while achieving both economic and social gain. This dual strategy complimented with existing programs such as LIHTC, HOPE VI, NSP, CDBG and HOME can have a powerful impact on stabilizing the middle class and ultimately the turnaround of our economy.

Prospect Has

Renovation Loans for Every Need

Renovation loans are a great option for people who are looking to buy or refinance a property in need of repairs or upgrades. With one loan, and one set of fees, buyers can close on a home and get the cash for major to minor repairs. Unlike many lenders, Prospect offers a full line of renovation mortgages. Here are a few basics to help you understand the differences.

FHA 203(k) Renovation Loan: n

Fannie Mae HomeStyle® Renovation Mortgage: n

• •

•

Large scale rehabilitation of boarded and vacant properties creates successful high density safe havens Millions have been displaced from their homes due to foreclosure and find themselves priced out of the rental market Existing inventory needs to be salvaged and rehabilitated to meet the needs of the middle class.

Nancy Welsh Founder/CEO Builders of Hope buildersofhope.org

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Allows complete home renovation with a Consultant loan or, smaller projects that cost $35,000 or less with a Streamline loan* Purchase and renovate most residential properties and even include luxury items like pools that cannot be done with the 203(k)

Fannie Mae HomePath® Mortgage: n

Purchase a Fannie Mae-owned property that is designated for a HomePath® Mortgage and include the cost of renovation

With our renovation background and experience with timely dispersal of funds for the project, we can help your buyers buy and create their perfect home. Contact us today!

888-685-1576 *Please speak to your Loan Officer regarding the differences between Consultant and Streamline FHA 203(k) Renovation loans. HomePath® and HomeStyle® are registered trademarks of Fannie Mae. Rev 3.19.14 (1213-0787) Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company; Licensed Banker-NJ Dept. of Banking and Insurance #9932414, branch located at 200 Continental Drive, Suite 207, Newark, DE 19713. This is not an offer for extension of credit or a commitment to lend. Terms and conditions apply.

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Info@NAWRB.com A non-profit 501(c)3 N MAGAZINE |

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Inspirational

BY

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DEBBIE A. OLIVER

Inspirational

How losing everything led me to finding new opportunities for success

D

uring a recent networking event, the other participants and I were asked to walk around the crowded room, shake hands, and introduce ourselves and our business to three other people. I confidently approached a well dressed woman with my hand extended, and enthusiastically stated, “Hi, I’m Debbie Oliver and I Clean Ugly Credit!” I was rather taken aback when she somewhat rudely replied, “Well, I certainly don’t need you.” I simply smiled, turned my attention to the next attendee, and moved on. I thought to myself, she may not need me today, but for the grace of God. Little does she know, but only a few short years ago, I wouldn’t have needed my services either. Then life happened.

As a single woman in the title and escrow industry for over 25 years, I felt I had it all: a successful career that I loved, $60K in savings and a 401K for retirement, a beautiful four bedroom home with an incredible backyard and pool, a dependable car, and the best friends anyone could ever want. Then, in 2007, my world came crashing down. My boss walked into my office, handed me a cardboard box, and told me to pack up my belongings. My position had been eliminated.

In shock, I was escorted out of the building and to my car without as much as a good-bye.

Once the trauma subsided and I had “licked my wounds”, I jumped into searching for a new job. However, it was during the downturn in the real estate market, I was over 55 years old, and jobs were scarce. I sent out over 150 resumes with absolutely no results.

During this time, my savings quickly vanished as I tried to hold on to my possessions.

I tried unsuccessfully to get a loan modification for over two years. Ultimately, I lost my house, my savings, my 401K, and my dignity. Everything I had worked so hard for was gone. Everything except my wonderful friends, most of whom were my real estate clients, or more accurately, my real estate family. They supported me with food, money, odd jobs, love and encouragement. Most importantly, they believed in me even when I did not believe in myself.

I learned many lessons from losing all of my “stuff.” One that truly stands out is the importance of being the best we can be and living our life’s purpose, no matter the obstacles.

As my credit crashed, I became more and more overwhelmed. I quickly realized how much we are judged by our credit score. Just because my score was low, it did not mean I was a bad person. That’s when I discovered that there were thousands of people just like me who suffered from the poor economy and needed help to rebuild their credit lives. I had found my purpose!

It is often said that when one gives to others, things are gained in return. I experienced this myself. While helping one of my clients qualify for home ownership, she told me about the financial opportunities available to women like me to go back to school. This has been a lifelong dream of mine, but it always seemed out of reach. Since I now had a “financial need,” I qualified for scholarships, grants, and loans that I never would have received when I had all the “stuff ”. At the ripe old age of 64, I will soon complete my Bachelor’s degree, and I am proudly carrying a 4.0 grade point average.

This is certainly not where I thought I would be at this age. But without the obstacles that came my way, I would not have found my real purpose or reached my true potential. I am absolutely passionate about giving people hope and about earning my college degree.

Had I not lost my job, I would not have had the time or resources to attend college. Had I not lost my job, I would not have started my own business and found my true passion. I never gave up. Now I am close to graduating college, and I am blessed to help people across the nation to take back control of their credit and reach their financial goals.

I started my business with the intention of being a “credit coach” to teach people that there is always hope, no matter how impossible the situation feels. I discovered that most people do not need “traditional” credit repair, but instead they need financial education, guidance, direction, and encouragement. For years, many of us have been playing the “credit game” without knowing the rules of the game. To learn these rules, I took numerous classes and amassed several certificates and credentials. However, my best credential was, and always will be, my personal experience. I have lived it!

What I thought was one of the worst times of my life has became a true blessing. So my message to all is: Never give up as the best is yet to be.

Debbie A. Oliver I Clean Ugly Credit www.ICleanUglyCredit.com N MAGAZINE |

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women’scancers

Looking to Nature for a Cure women’s cancers have some powerful new, and very old, foes

By Betsy stewart

One promising natural compound is being developed into a treatment by City of Hope researcher-clinician John H. Yim, M.D., associate professor of surgery.

The compound, called baicalein, is derived from a root called Huang Qin, an extract used in traditional Chinese medicine that has already been shown JOHn H. yIM to decrease chemotherapy side effects. Yim found that baicalein enhances the activity of a protein that suppresses tumor growth by making cancer cells more vulnerable to the immune system.

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In lab tests, baicalein inhibited cancer-cell growth and showed no toxicity, making it a promising and appealing compound for therapy. In animal trials, baicalein’s effectiveness in shrinking breast tumors and prolonging survival in mice was particularly potent when used in combination with the common chemotherapy drug cisplatin.

Yim believes baicalein may help overcome a hurdle in treating women with ovarian cancer, many of whom develop resistance to medicines used in conventional chemotherapy, like carboplatin.

His studies have found that baicalein is more than 10 times more effective than carboplatin in killing platinum-resistant cells. And because the therapy is being developed from a natural product, Yim predicts that the doses of baicalein required for this cancer-killing activity should be much gentler for patients than medicines used in conventional chemotherapy.

Another key finding in preclinical studies is that baicalein inhibits the PI3K pathway. This signaling pathway is often overactive in cancerous cells, which means that cells continue proliferating

homas Brown

T

he concept is as old as humanity itself: To heal the body, consult nature. For centuries, practitioners of alternative medicine have looked for natural, gentler methods to heal. Now, scientists at City of Hope are taking a cue from these approaches by studying natural products and traditional Chinese medicine for further clues about how to treat — and cure — women’s cancers.

science with PurPose Physicians and researchers explore better ways to heal and treat cancer n Women with late-stage breast cancers often receive neoadjuvant chemotherapy, which is administered before surgery to reduce the size and spread of cancer — but it isn’t always effective. emily Wang, Ph.D., assistant professor of cancer biology, is seeking a molecular “signature” that will help predict a response to neoadjuvant chemotherapy. In her research on micrornas, she identified two that regulate genes related to chemotherapy resistance.

Wang published these results in the journal Oncogene and Molecular Cancer Research. n Peter P. Lee, M.D., is pursuing a novel model of therapy called integrated immunotherapy. This concept involves using immuneboosting drugs and treatments in a sequence that fortifies the immune system’s natural response against cancer. This response is launched in three distinct phases: immune cells recognize cancer, expand and surround cancer, and then kill cancerous cells. Lee believes the types of drugs and how they are administered can help the immune

system to coordinate all three stages against cancer. He is pursuing this research with a prestigious and highly selective $3.1 million grant from the U.s.

Department of Defense’s era of Hope scholar award. n With prophylactic mastectomies gaining more public attention, addressing access to and quality of reconstruction after surgery is vital.

Laura Kruper, M.D., director of the rita cooper Finkel and J. William Finkel Women’s Health center at city of Hope and head of breast surgery service, has led several studies evaluating inequalities in reconstruction procedures after mastectomy. she found that a woman’s insurance, ethnicity and where she receives care are all important factors that impact her decision whether to receive breast reconstruction. Kruper is actively sharing results from her research around the nation, and her overarching aim is to recommend changes in health-care policy to provide equal care to all breast cancer patients. n Linda Malkas, Ph.D., professor of molecular and cellular biology and deputy director of basic research, wants to enhance the effectiveness of cancer treatments by making

instead of dying. Targeting P13K with baicalein will slow or stop cancer cell development.

Because the P13K pathway is a popular target for pharmaceutical companies, this finding is significant for drug development.

Yim’s development of baicalein is a vital part of City of Hope’s ambitious new Natural Therapies Program. Established to produce novel cancer therapies using natural products, this program applies the fast-paced translation of science into new therapies that cure cancer while preserving the quality of patients’ lives.

This leading-edge model of natural drug development will enable Yim to fully optimize

them more specifically directed to cancer cells. she has found a target in cancer cells, called cancerassociated proliferating cell nuclear antigen (caPcna), that plays a role in Dna repair and helps cancer survive and proliferate. she and her team have developed a synthetic peptide that blocks caPcna from repairing Dna — causing cancer cells to die. and because the compound is specific to caPcna, it will impact only cancer cells. Malkas is pursing these peptides as the basis for new, more effective anti-cancer chemotherapeutics. n The Breast cancer survivorship Program empowers women to make informed decisions about their care during treatment and well into the future. Breast cancer patients are enrolled in this program from diagnosis. after treatment, each woman meets with a nurse practitioner to review an individualized “survivorship care plan” that addresses physical and emotional needs as well as the possible ramifications for her daughters and granddaughters.

Women also attend follow-up appointments to monitor potential medical complications. Of special note, the program contributes to city of Hope’s pioneering research on survivorship.

baicalein’s benefit as a cancer-fighting compound.

His next steps include further preclinical work, including safety and mechanistic testing of the drug in mouse models of ovarian cancer, as well as production of the drug. Scientists will also look for improvements in side effects when compared to chemotherapy, for possible drug interactions, and for biomarkers that will reveal how the treatment is working on its intended targets.

Phase 1 trials in women battling metastatic breast and recurrent ovarian cancer will follow. These trials will help investigators determine the safety of the drug, as well as the most effective way to administer it to women — giving women one more reason to hope. CN Reprinted by permission from City of Hope.

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what WOMEN WANT

Have you read or watched something lately that impacted you? Share your thoughts with N Magazine’s editorial staff and readers.

Send reviews to info@nawrb.com

BOOKS MIDDLESEX

By Jeffrey Eugenides In this exhilarating reinvention of the American epic, Jeffrey Eugenides chronicles the life of Calliope Stephanides and her family as they emigrate from Greece to Prohibition era Detroit. Calliope struggles with why she is not like other girls and uncovers a shocking family secret and astonishing genetic history that turns her from Calliope to Cal. This audacious and wondrous book won the 2003 Pulitzer Prize for fiction and is a must read.

A MORE BEAUTIFUL QUESTION

By Warren Berger

Innovation expert Warner Berger reveals one of the most powerful forces for igniting change in our daily lives and in our business-questioning. We need to do more than ask superficial questions, we need to ask meaningful, deep, thought provoking questions that will help us identify and solve problems. Berger notes that as we age our instinct to ask questions diminishes, yet the most successful people have mastered the art of inquiry.

AND THE MOUNTAINS ECHOED

By Khaled Hosseini

The #1 New York Times bestselling author of The Kite Runner and A Thousand Splendid Suns, writes another riveting novel on how we love, how we care for one another, and how our choices resonate through generations.

Hosseini’s novel explores the many ways parents, siblings, cousins, and caretakers nurture, honor, betray, and sacrifice for one another. And The Mountains Echoed tells stories from Kabul to Paris, from San Francisco to Greece and becomes more and more emotionally complex and stimulating as the novel progresses.

Hosseini’s latest novel is a must read and will leave you with a whole new view of how your choices resonant through time.

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FILMS THE MONUMENTS MEN

Starring Bill Murray, George Clooney, and Matt Damon This action filled drama is based on the greatest treasure hunt in history and the men who braved Nazi Germany to rescue artistic masterpieces from Nazi thieves. These ordinary men, art historians, museum curators, and museum directors must cross enemy lines to save 1000 years of cultural artifacts and risk their lives in doing so.

With a star-studded cast The Monuments Men will thrill from start to finish.

DIVERGENT

Starring Shailene Woodley, Theo James, and Kate Winslet Based on Veronica Roth’s best seller, Divergent is the latest installment in the book-to-film adaptation. Set in dystopian Chicago in a society divided based on human virtues, Tris Prior must choose from five factions to spend the rest of her life in. Her aptitude test comes back inconclusive, revealing she is Divergent, a dangerous trait in her society. This film follows Tris as she discovers who she is and what is worth fighting for in life.

MUPPETS MOST WANTED

Starring Ricky Gervais, Ty Burrell, and Tina Fey The latest installment of Disney’s The Muppets is sure to be a good time for the whole family. The Muppets gang, in the midst of a world wide international tour, become entangled in a jewel-heist caper headed by the notorious criminal Constantine. Operating as the world’s number one criminal Costantine creates chaos within the Muppets as he is a dead ringer for Kermit. This film will satisfy fans of all ages with its celebrity cameos, original songs and fun filled adventure.

what WOMEN WANT

These soft shades come in a wide range of shades enabling you to pick the color that looks best on you.

Designers this season are creating a myriad of different styles and silhouettes to ensure that there is a look for everyone to get on board with this trend for Spring. From bomber jackets and wide leg trousers, to a pant suit or a flowy dress, there is a combination that is bound to speak to you.

spring FORWARD As we transition from the dreary cold Winter months to bask in the warmth of the Spring sun it is time to update last year’s wardrobe by incorporating a few new pieces to help your overall ensemble feel up to date and fresh.

Here are a few Spring 2014 trends that can easily be worked into any outfit.

PASTELS These soft shades come in a wide range of shades enabling you to pick the color that looks best on you. Designers this season are creating a myriad of different styles and silhouettes to ensure that there is a look for everyone to get on board with this trend for Spring. From bomber jackets and wide leg trousers, to a pant suit or a form fitting dress, there is combination that is bound to speak to you.

CONTRAST-COLLAR BUTTON-DOWNS Add some interest to your outfit without sacrificing comfort.

The menswear-inspired dress shirt is updated with a twist with the addition of necktie detailing, textured collars, and asymmetrical cuts. This wardrobe essential provides polish to your outfit, but ensures you stand out from the rest of the pack.

TEA LENGTH SKIRTS The tea length skirt which regained popularity last year is here to stay, as it creates an element of sophistication to any ensemble. Designers added their own flavor to this style through fabric choice such as metallic’s as well as styling by pairing with a crop top. The ladylike hemline is given a modern edge when paired with a casual top or a rugged boot. You can essentially create a style all your own with this skirt length depending on what accessories you pair with it.

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THE SHIFT BLOUSE Much like the shift dress, the shift blouse will camouflage any bodily imperfections you may want to cover up. Perfect for the office, dinner with clients, or a casual day, this blouse is easy to wear, but adds sophistication. The near elbow length sleeve and boxy silhouette is not only flattering but also versatile. This stylish take on a casual top can be seen in a wide range of | N MAGAZINE variations, from fun-filled prints to luxurious textures and flirty details, so there is bound to be

Spring has sprung and as the weather begins to heat up, look to keep cool with a sweet yet unique spin on the classic margarita. Whether your drink includes spirits or features refreshing mint instead, this concoction is sure to impress all those you serve at your next gathering.

Makes 1 pitcher, or about 8 servings • 1 can (12 ounces) frozen limeade concentrate • 10 strawberries (or 12 if you're using smaller ones from the farmer's market or your backyard.)

• 8 basil leaves • 2 to 2 1/2 cups tequila (gold or silver) ** 1. Empty the limeade concentrate into a pitcher.

Add 2 1/2 cans of water and 1 1/2 (18 ounces, or 2 1/4 cups) cans of tequila (or a bit less, if you don't want your drinks to be quite as strong).

2. Hull the strawberries, slice lengthwise, and add to the pitcher. Crumple the basil a little in your hands (this will help the basil flavor release into the drink) and add it to the pitcher, too. Place the pitcher, covered, in the fridge overnight, or for at least four hours.

3. When you remove the pitcher from the fridge, your margaritas will be a lovely pale pink color. ** For a refreshing virgin variety the entire family can enjoy, add a few sprigs of mint in place of tequila.

Recipe from: www.thekitchn.com/pitcher-perfect-supereasy-stra-151952

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CHR MATA NC.

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Speak At the March 20, NAHREP OC Network to Increase Your Net Worth event; Peter Felix, Jay O’Brien, Tina Maria Estrada, Desirée Patno, Patricia Arvielo, and Chris Bedgood were the speakers of the night. This event featured top industry leaders, producers, and company owners for sophisticated networking opportunities. >

On March 6, Elizabeth Goodchild spoke at the AREAA LEAP Event in Chicago. Among the speakers and participants were Chicago AREAA Board of Director members Ann Trandai, Vicky Salvano, Mary Murray, Jeff Scholly, Tuyen Nguyen, Sagar Patel, and Stephany Oliveros. <

NAWRB President Desirée Patno spoke on the diversity panel at the 2014 REOMAC Conference with Moderator Ivan Choi, and panelist Jason Houle, Eric Lawrence Frazier, and The Orange County representative of NAHREP Ryan Edwards. >

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Write PROACTIVE APPROACH, TECH SOLUTIONS KEEP BUSINESS BUZZING TERESA RYAN RISMEDIA MAGAZINE (MARCH 2014 ISSUE) Teresa Ryan, owner of Ryan Hill Realty, was interviewed by Rismedia Magazine on how she runs her business and how she continually works on improving her business.

ity to conduct daily activities relative to their contemporaries that owned their own residences. The surveyâ&#x20AC;&#x2122;s authors felt that this data pointed to potential concerns on the availability of affordable rental housing for older Americans. â&#x20AC;&#x153;The study found older Americans who own their homes are more financially secure and generally experience fewer impediments to good health than their peers who rent,â&#x20AC;? said Professor Michael D. Eriksen of Texas Tech University, coauthor of the RIHA survey. â&#x20AC;&#x153;Owning a home provides the single largest asset in most Americansâ&#x20AC;&#x2122; retirement portfolios, while renters have far more difficulty modifying their living space to adapt to any of the myriad physical ailments that tend to affect older people.â&#x20AC;?

But for the mortgage industry, the expanding number of seniors brings about new concerns. For Rocke Andrews, vice president of NAMBâ&#x20AC;&#x201D;The Association of Mortgage Professionals and a broker at Lending Arizona LLC in Tucson, Ariz., a current challenge in loan origination for older borrowers is being seen in the qualification process. â&#x20AC;&#x153;Right now, weâ&#x20AC;&#x2122;re seeing a concern over the ability to repay ratio of 43 percent,â&#x20AC;? said Andrews. â&#x20AC;&#x153;A lot of older Americans are on fixed incomes and

NEW CHALLENGES WITH AN OLDER POPULATION

retirement plans. There can be the ability to repay through asset depletion or other methods.â&#x20AC;?

DesirĂŠe Patno, president and CEO of the National Association of Women in Real Estate Businesses, observes that locating the right type of residence for older homeowners can often taken a great deal of patience. â&#x20AC;&#x153;Finding single-level houses is a very big deal,â&#x20AC;? said Patno, noting that many older people are not comfortable with the staircase demands in two-level housing. â&#x20AC;&#x153;Not that many single-level homes being built. Also, not all older people want to live in a retirement community or a setting associated with being for the elderly.â&#x20AC;?

Patno also notes that brokers that are eager to work with older borrowers often need to go the proverbial extra mile to locate themâ&#x20AC;&#x201D;and not in cyberspace. â&#x20AC;&#x153;This is a very different market,â&#x20AC;? she continues, noting that many older people prefer person-to-person communications rather than texting or e-mails. â&#x20AC;&#x153;You just cannot go on Facebook and say, â&#x20AC;&#x2DC;Here I am!â&#x20AC;&#x2122;â&#x20AC;?

DESIRĂ&#x2030;E PATNO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE (MARCH 2014 ISSUE)

Phil Hall is senior editor of National Mortgage Professional Magazine. He may be reached by e-mail at philh@nmpmediacorp.com.

consumers who fall outside of qm continued from page 46

safeguards that have protected the lending industry and consumers for decades.

This is all possible with technology currently in place, if the industry wishes to embrace higher credit reporting quality. It has been said that to ignore history you doom yourself to repeat it.

Are we going to repeat the previous errors or learn from them?

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No net worth requirement No non-use fee and no wire fee Warehouse line is non-captive Non-delegated underwriting

nmp professional of the month continued from page 63

why I decided that when I stepped out of baseball, it was one of those things where I felt umpiring would be perfect for me, because you have all of those qualities and traits that make you an umpire.

Iâ&#x20AC;&#x2122;ve been very fortunate to attend Major League Baseball umpire camps and meet professional umpires to improve my game. Those opportunities have made it exciting. Every year you try to better yourself with what youâ&#x20AC;&#x2122;re doing.

Any parting words for our readers?

Frommeyer: I think the thing you have

to remember is that, if you are passionate about what you do, stepping down from a leadership position doesnâ&#x20AC;&#x2122;t necessarily mean you wonâ&#x20AC;&#x2122;t have a voice anymore. I am sure Iâ&#x20AC;&#x2122;ll be vested in this industry and in NAMB in one way, shape or form, and Iâ&#x20AC;&#x2122;m going to do everything I can to help shed a positive light on our industry.

Robert Ottone is executive editor with National Mortgage Professional Magazine. He may be reached by phone at (516) 409-5555, ext. 314 or by e-mail at robertpo@nmpmediacorp.com.

Bridging the gap from broker to banker Contact: Stephen Bertrand sbertrand@ravdocs.com 800-343-7160

n National Mortgage Professional Magazine n MARCH 2014

Terry W. Clemans is executive director of the National Consumer Reporting Association (NCRA). He may be reached by phone at (630) 539-1525 or e-mail tclemans@ncrainc.org.

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Mortgage Warehouse Lending Services NationalMortgageProfessional.com

sure of all creditors, even those not being reported to the NCRAs, and the legal responsibility and benefit to report them to the mortgage consumer reporting agency to eliminate the conflict of interest of the mortgage originator potentially filtering debt to income altering disclosures.

The QMCR and QMCR Score is a hybrid approach that incorporates the evaluation of more than 40 years of mortgage credit reporting processes. It includes the best practices of the automated underwriting technology systems that revolutionized the mortgage process in the mid-1990s, as well as the

DesirĂŠe Patno was interviewed for the March 2014 issue of National Mortgage Professional (NMP) magazine for the article on New Challenges with an Older Population. Patno discusses the process and patience required in locating the right type of residence for older homeowners.

40 UNDER 40 VANDANA CHIMA-BHALLA THE SUNDAY (MARCH 2014 ISSUE) In the 2014 40 under 40 publication by Vegas Inc., a subset of The Sunday magazine, Vandana Chima-Bhalla was recognized as an outstanding individual with a strong work ethic who has made a significant impact in her community.

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Attend

2

3

1

5

4

7

8

1. NAWRB Founder/ CEO Desirée Patno and NAWRB N Magazine Chair and AREAA Chicago Chapter President, Elizabeth Goodchild attend the AREAA Leadership Enhancement Program on March 6, 2014 in Chicago.

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2. On March 7 Pat Slack attended the RE/MAX Awards Ceremony in Oklahoma along with Juanita Crocker, Catherine Wright, and Liz Kerran.

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3. At the third annual NAWRB Salon Day on March 23 members Silvia Hernandez, Roberta Chatfield, Ivy Melton and Desirée Patno pose with J. Russel!

The Salon owner Meg Firestone and guest speaker Kyle Wagner.

4. Elizabeth Goodchild attended the Weichert National Convention in Atlantic City where she spent time with the Top Producers of Goodchild Homes Dori Gordon and Kelly O’ConnellGuzak.

5. Susanna Boyer helped organize the Texas Real Estate Political Action Committee (TREPAC) fundraising Spring Bowling Tournament in Gerogetown, TX on March 20. She helped hand out awards for “Most Gutter Balls”, “Best Dressed”, and “Best Individual Score”.

6. The inaugural Miami Women in Real Estate (MWIRE) mixer was held on March 18 at Morton’s Steakhouse in Miami, FL. MWIRE founder and NAWRB Board Member Renee Smith and Susie Raduenz are pictured enjoying the event.

7. Ivy Melton enjoys a pampered morning at the J. Russell Salon in Palm Desert, CA at NAWRB’s third annual Salon Day during the REOMAC conference.

8. Attendees of the NAWRB Salon Day, Maria Barragan, Brandy Nelson, and Angelica Suarez show off their new hairstyles as they pose with Desirée Patno, Heidi Robinson, Silvia Hernandez, and guest speaker Kyle Wagner.

Network

upcomingEVENTS April 4 // call4ALL with John Torvi Irvine, CA John Torvi is the Vice President of Marketing and Sales at the Herbert H. Landy Insurance Agency.

He has been in insurance for over 25 years and specializes in understanding and assisting the needs of small business owners. Join us for our call4ALL as John speaks on professional liability insurance for real estate professionals and gaining a better understanding of this insurance. Email info@ NAWRB.com for more information.

April 7 // 2014 APACC East-West Business Connection Troy, MI Facilitate lasting business relationships among Asian and U.S. based companies and promote the economic advancement of Asian Pacific American.

This event will feature opportunities to meet professionals from all areas and exchange business ideas while building your network. The Board of Director for the Export-Import Bank of the United States, Hon. Patricia M. Loui, will be the featured keynote speaker.

April 11 // The 2014 San Diego Country REALTOR Expo and Conference San Diego, CA Join the over 2,000 Real Estate professionals at the Greater San Diego Association of REALTOR Expo and Conference. This group is dedicated to the preservation of private property rights and to the promotion and protection of the business interests of the REALTOR members. This conference will offer information on providing better customer service, Loans on HOAs, techniques for conversions, and much more!

April 12-15 // 2014 AREAA Global & Luxury Summit New York, NY At AREAA’s 2014 Global & Luxury Summit, you’ll hear the best practices for working with international buyers, build you understanding of global investment strategies, and learn from experts whose experience will help you market your business to investors in Asia and around the world.

April 10 // NxLevel For Business Start-ups

April 23 // NAWRB Spring Mixer

Philadelphia, PA

Join NAWRB to learn how small changes can make a big difference to your bottom line. From lighting and window shade solutions, contracting opportunities, to getting your questions answered on the benefits of certification, this is a can’t miss event at Lutron’s Irvine Experience Center. Hear guest speakers from SBA, receive expert business counseling from retired executives from SCORE, get assistance for your aspiring business from the experts of Small Business Development Centers (SBDC), and from the Woman Business Council. This event will be held on Wednesday April 23 from 4:30pm-7:00pm.

Email info@NAWRB.com for more information and to RSVP!

This 10-session, 30-hour course address the questions every porspective business owner must answer before launching their business. Participants will learn how to start-up a successful and sustainable new business by identifying the feasible start-up opportunities and how to properly create business plans based on proven market trends and data. Each of the ten sessions focus on different tools needed to create a successful business.

Irvine, CA

April 23-25 // The Annual Mortgage Servicing Conference Dallas, TX Take this opportunity to enlarge your network of colleagues who can assist you in navigating this historical time in mortgage servicing. National Mortgage News’ 8th Annual Mortgage Servicing Conference is the event lenders and servicers attend to learn and to better understand the challenge they face and how to make smarter decisions.

April 25 // NAPW National NEtworking Conference New York, NY The National Association of Professional Women will be holding their 2014 National Networking Conference on April 25 in New York. This conference will feature powerful women speakers such as Barabara Corcoran of ABC’s Shark Tank, Robin Roberts from ABC’s Good Morning America, and many other strong women. This is the conference for all women looking to aspire to achieve more.

April 28 // NYAMB’s Annual Wholesale Conference & Tradeshow Armonk, NY The 21st Annual New York Association of Mortgage Professionals Wholesale Conference brings together New York’s top industry professionals. This one day event will provide you with all of the tools, products, and best practices you need to accomplish your goals in today’s marketplace.

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nCROWD

MARKET? CAMERON DEANGELO Broker/Owner ALL Vegas Valley Realty It is vitally important women-owned businesses showcase their diversity as a certified women-owned business to bring awareness and growth to women business owners.

Simple and effective ways to spread the word is: 1. Integrate the NAWRB Certification logo onto company letterheads, envelopes, business cards, website, and social media platforms: Facebook, LinkedIn, and Twitter.

2. Ensure press releases and blogs include the certification logo 3. Sponsor educational, charity and/or community events and include your NAWRB certification 4. Network and encourage support of other women-owned businesses in the Housing Economy Most importantly always be present, and actively engaged in your business, in a responsible, and professional manner worthy as an exemplary example to others.

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TERESA RYAN Broker/Owner Ryan Hill Realty

SANDRA COPE Vice President/Escrow Officer Inwest Title Services, Inc.

As owner of Ryan Hill Realty and working with various government agencies, I felt it was important to get Ryan Hill Realty third party certified and showcase us as a Women-Owned business. We’ve promoted this certification by announcing it on our RHR Facebook, Twitter, our blog, and by letting our clients know that RHR has been certified as ‘Women Owned’ on all our applications and updates. Additionally, I’ve included the certification on my email footer and will be updating our website, business cards and print advertising to showcase Ryan Hill Realty is a women-owned business.

Inwest Title Services has used the platform of becoming certified though NAWRB to receive our designation as a women/minority-owned Title Insurance provider.

This designation has opened, and we believe will continue to open new business opportunites in an ever-changing diverse market where a business like ours needs to capitalize on all market niches.

Diversity

Diversity in Today’s Workforce How diverse is our workforce?

Given the importance of diversity to our economy and to our society, let’s look at the economic data to better understand the state of diversity in today’s workforce.

People of color

As of June 2012 people of color made up 36% of the labor force. Breaking it down by race and ethnicity, approximately 64% in the labor force are non-Hispanic white; 16% are Hispanic; 12% are African American; and 8.5% are Asian.

The proportion of people of color participating in the workforce will only increase as the United States becomes a more racially and ethnically diverse country. Census data tell us that by 2050 there will be no racial or ethnic majority in our country. Further, between 2000 and 2050 new immigrants and their children will account for 83% of the growth in the working-age population.

Women

Currently, women account for 47% of the labor force. This is a major increase from 1950, when women represented just 29.6% of the workforce.

By 2020 the number of women in the workforce is expected to increase of 6.2% from today. Moreover, by 2020 women’s participation rate in the labor force is expected to be greater than that of men.

In terms of employment, the current unemployment rate for women is also lower than men’s—7.4% of women are unemployed, compared to 7.8% of men.

People with disabilities

Approximately 11% of Americanshave a disability, yet only 21% of these individuals are in the labor force. The unemployment rate of people with disabilities (disabled but looking for work) is 15%—much higher than that for people who are not disabled (8.7 %).

Boardrooms and business owners

We unfortunately see a stark lack of diversity in corporate boardrooms. Looking specifically at Fortune 500 CEOs, only 21—a mere 4.2%—are people of color. And while women make up nearly half of the labor force today, only 18 Fortune 500 CEOs (3.6%) are female.

By contrast, diversity is stronger than ever among our nation’s business owners. According to the Census Bureau, people of color own 22.1% of all U.S. businesses. Moreover, women own more than a quarter of all businesses—28.8%.

Lack of diversity in key sectors

Diversity is lacking in certain sectors of our economy. In nonprofits, for example, 82% of employees are white, and 18% are people of color (10% are African American; 5% are Hispanic; 3% are other; and 1% are Asian). This stands in stark contrast to the working-age population, where 64 % are non-Hispanic white and 36% are people of color.

The federal government employs 2.8 million people and is the nation’s largest employer. But diversity is lacking in senior levels of the federal government, as well.

Conclusion

Diversity is one of our country’s core strengths. The economic data clearly show that our nation—and, by extension, our workforce—will continue to become increasingly more diverse. Moving forward, businesses should continue to embrace diversity, as our economy and our society depend on it.

Sources: American Progress, Bureau of Labor Statistics, Diversity Inc.

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index ADVERTISERS C Chrimata, Inc.............................41 City of Hope...............................52 D DesirĂŠe Patno Enterprises, Inc....33 DS News......................................3 H Harmony Escrow..........................9 Herbert H. Landy Insurance Agency...............................................46 N National Association of Women In Real Estate Businesses (NAWRB)..........................2, 49, 50 NAWRB Community Enhancement.............................33 P Prospect Mortgage.....................32

COMPANIES A ALL Vegas Valley Realty.............46 Amazon......................................12 Asian Real Estate Association of America..........................42, 44, 45 American Progress.....................47 Association for Enterprise Opportunities........................................18 B Banana Republic........................12 Bank of America....................7, 27 Builders of Hope............30, 31, 32 Bureau of Labor Statistics..........47 C Carrington Real Estate Service.........................................8 Census Bureau State.................20 Center for Women and Enterprise...................................45 Costco........................................12 County Quick Data.....................20 48

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City of Hope.........................36, 37 National Association of ProfessionCoreLogic...................................25 al Women (NAPW)......................45 National Association of Realtors (NAR)..........................................16 D National Association of Women In Diversity Inc...............................47 Real Estate Businesses (NAWRB)..................................2, 6 F National Mortgage News...........45 Fannie Mae..........................15, 32 National Mortgage Professional Federal Housing AdministraMagazine....................................43 tion.................................14, 15, 16 Native American Group, LLC.......8 Federal Reserve.........................25 New American Funding..............15 Freddie Mac...............................15 New York Association of Mortgage Professionals..............................45 G Nordstrom..................................12 GeoQpons..................................12 Gilt.............................................12 P Goodchild Homes......................44 Program for Investment in MicroGreater San Diego Association of entrepreneurs.............................18 Realtors......................................45 Groupon.....................................12 R REOMAC....................................42 H RE/MAX.....................................44 Herbert H. Landy Insurance Agen- Rismedia Magazine....................43 cy...............................................45 Ritz-Carlton Residences............21 Home Smart Professionals..........8 Ryan Hill Realty....................43, 46 HUD...........................................15 S I Safeguard Properties...................3 Inwest Title Services, Inc.......8, 46 Securities and Exchange CommisI Clean Ugly Credit.....................35 sion............................................19 Sephora......................................12 J Small Business Administration (S JPMorgan Chase.......................27 BA)...........................18, 19, 22, 23 J Russell! Salon..........................44 T K Target.........................................12 Kaufmann Foundation................22 Ticor Title Company...................21 Kimball, Tirey & St. John..............8 Thunderbird Real Estate..............8 The Beckles Collective, LLC......17 L The Hunt-Style & Shopping AdLewis Development Corporation vice............................................12 ...................................................21 The Omni Group...........................8 M Miami Women in Real Estate.....44 MSN...........................................21 N National Association of Hispanic Real Estate Professional (NAHR EP).............................................42

U Urban Land Institute..................21 V Vegas, Inc.................................43 W Weichert National Convention...44

index Wilshire Coronado......................21 Husing, John..............................21 Trandai, Ann...............................42 WIPP...........................................19 J Jenkins, Susan.............................8 W Wagner, Kyle..............................44 PEOPLE K Wang, Emily................................37 Kerran, Liz..................................44 Welsh, Nancy....................30, 31, 32 A Kruper, Laura..............................37 Wright, Catherine.......................44 Anderson, Cristina.......................8 Kueny, Scott..........................20, 21 Arvielo, Patricia..........................42 Y L Yim, John.............................36, 37 Lee, Peter...................................37 B Barragan, Maria.........................44 Bedgood, Chris..........................42 M Beckles, Ingrid.....................14, 17 Maciel-Gibbons, Angela..............8 Boyer, Susanna..........................44 Malkas, Linda.............................37 Mayo, Gail....................................8 C Melton, Ivy..................................44 Chatfield, Roberta......................44 Murray, Mary..............................42 Choi, Ivan...................................42 N Chrima-Bhalla, Vandana............43 Nelson, Brandy...........................44 Clifford, Tom...............................15 Nguyen, Tuyen...........................42 Cope, Sandra.........................8, 46 Corcoran, Barbara.....................45 O Crocker, Juanita.........................44 Oliver, Debbie........................34, 35 Oliveros, Stephany.....................42 D O’Brien, Jay...............................42 Davis, Victoria..............................9 O’Connell-Guzak, Kelly..............44 DeAngelo, Cameron...................46 P E Patel, Sagar................................42 Edwards, Ryan............................42 Patno, Desirée..............7, 13, 33, Estrada, Tina......................8, 13, 42 42, 43, 44 F Felix, Peter..................................42 Firestone, Meg...........................44 Fleming, Mark.......................24, 25 Forsythe, Wendy..........................8 Frazier, Eric................................42 G Gabriel, Glenda...................7, 26, 27 Garza, Chris...............................15 Goodchild, Elizabeth............42, 44 Gordon Dori...............................44 Gutierrez,Sylvia....................22, 23

R Raduenz, Susie..........................44 Roberts, Robin...........................45 Robinson, Heidi..........................44 Ryan, Teresa........................43, 46 S Salvano, Vicky............................42 Scholly, Jeff................................42 Slack, Pat...................................44 Smith, Renee..............................44 Stewart, Betsy............................36 Suarez, Angelica........................44 Sullivan, Ann..........................18, 19

H Hernandez, Silvia...................13, 44 T Houle, Jason..............................42 Torvi, John.................................45

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Benefits of being certified: â&#x20AC;˘ â&#x20AC;˘

first fact

â&#x20AC;˘ â&#x20AC;˘

"DDFTT UP DPOUSBDUJOH PQQPSUVOJUJFT TQFDJĂ&#x2122;DBMMZ GPS Women-Owned businesses Connection to professional community of women and women business owners Highlights your technical expertise and experience while providing exposure to the Industry and validating your business $FSUJĂ&#x2122;FE CVTJOFTTFT DBO UBQ JOUP B NVMUJUVEF PG QVCMJD and private sector contracts and support client initiatives

Requirements for certification:

/"83# 8PNFO 0XOFE #VTJOFTT $FSUJĂ&#x2122;DBUJPO SFRVJSFT applicants to provide the following documentation: â&#x20AC;˘

second fact

â&#x20AC;˘ â&#x20AC;˘

The business must be 51 percent or more women-owned, managed and operated.

The women business owner must be a U.S. citizen or legal resident alien Technical expertise in the Housing Economy

Process of certification:

third fact

1. 3FRVFTU /"83# BQQMJDBUJPO CZ QIPOF PS FNBJM DFSUJĂ&#x2122;DBUJPO!OBXSC DPN 2. Submit completed application with supporting EPDVNFOUBUJPO TXPSO BGĂ&#x2122;EBWJU BOE BQQMJDBUJPO processing fee 3. 3FWJFX PG QBDLFU CZ DFSUJĂ&#x2122;DBUJPO TUBGG 4. Follow up with applicant to obtain any additional materials necessary 5. Committee and Board Review 6. 6QPO Ă&#x2122;OBM BQQSPWBM DFSUJĂ&#x2122;DBUJPO JT USBEJUJPOBMMZ HSBOUFE within four to six weeks

Why Certify with NAWRB:

fourth fact

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NAWRB is the most visible womenâ&#x20AC;&#x2122;s trade association specializing in the housing economy. As the only third-party Women-Owned Business (WOB) and Minority 8PNFO 0XOFE #VTJOFTT .80# DFSUJĂ&#x2122;FS TQFDJĂ&#x2122;D UP UIF housing economy, NAWRB is dedicated to the access and advocacy of professional women and women business owners.

5P PCUBJO ZPVS BQQMJDBUJPO WJTJU XXX /"83# DPN ] ] DFSUJĂ&#x2122;DBUJPO!/"83# DPN

N C O N C L U S I O N

â&#x20AC;&#x153; Well-behaved women rarely make history.â&#x20AC;?

-Laurel Thatcher Ulrich

Historian of Early America and the History of Women

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