Vol 4, Issue 6 by Women in the Housing & Real Estate Ecosystem

Dottie Herman

sheCENTER(FOLD)

Dottie Herman President President and and CEO CEO of of Douglas Douglas Elliman Elliman Real Real Estate Estate

Page 36

Women in Boardrooms: Ethical and ProďŹ table Page 9

Inclusion at the Top Six U.S. Banks Page 19

Women of GSA Transform Historic Federal Building into 21st Century Workplace Page 42

NAWRB Pushes in the Right Direction Page 18

Hotel Figueroa: Women Finance Hotel for Professional Women Page 46

VOL. 4 / ISSUE 6

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Contents:

Features 8 NAWRB Diversity and Inclusion Leadership Council (NDILC)

9 Women in Boardrooms: Ethical and Proﬁtable 12 Diversity and Inclusion: Effects on Homebuyers 18 NAWRB Pushes in the Right Direction by Irma Delgado-Trikas 22 FHFA Performance & Accountability 25 Conference Recaps

29 The Future of our Communities Lies in our Mothers’ Hands by Donna VanNess and NAWRB

32 International Luxury Real Estate Beckons Ultra High Net Worth Buyers 36 sheCENTER(FOLD) Dottie Herman 42 Women of GSA Transform Historic Federal Building into 21st Century Workplace by Linda N. Allen and Leslie Yamagata

46 Hotel Figueroa: Women Finance Hotel for Professional Women 50 SBA InnovateHER 52 Mentorship: A Boon for Enterprising Women 59 Snapshot Interview with NAWRB Members 66 Lipstick Angels: Use Beauty to Help Patients Transform and Heal by Veronique de Turenne, City of Hope

Departments 16 Showcasing Women ‘On the Move’ in the Housing Economy

19 Inclusion at the Top Six U.S. Banks (Infographic)

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60 SWAN

-Speak -Write

-Attend -Network

42 sheCENTER(FOLD) Dottie Herman

36 12 32

46 29 66

Vol 4. Issue 6: Women in the Housing Continuum NAWRB MAGAZINE |

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

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno CONTENT WRITERS Belester Benitez Aparna Mankada Covilakam SENIOR GRAPHIC DESIGNER Kendall Roderick

ORDER YOUR DIGITAL OR PRINT SUBSCRIPTION TODAY!

PRODUCTION ASSISTANTS Shideh Balali Lauren Iglehart CONTRIBUTORS Linda N. Allen Leslie Yamagata Irma Delgado-Trikas Dottie Herman Donna VanNess Veronique de Turenne

NAWRB Magazine is a bi-monthly magazine featuring unique content, articles on diversity and inclusion for women in the housing economy, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. NAWRB Magazine encourages comments. All materials submitted to NAWRB Magazine are subject to editing if utilized. The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reﬂect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.

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NAWRB.COM NAWRB Magazine is your gateway to the hottest topics for women in the housing economy, bringing women’s diversity and inclusion to the forefront with accountability and results. /NAWRB

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“A woman with a voice is by definition a strong woman. But the search to find that voice can be remarkably difficult.” —Melinda Gates This has been a pivotal year in securing viable conversation for professional Women in the Housing Continuum, our theme for this issue. We review the limited data of women in boardrooms and the greater effect of bringing C-suite women to the table. The recognition and employ of executive women is crucial for increased bottom-line profits, mentoring programs, vendor relationships and initiatives for the improvement of women’s homeownership and women’s poverty level. Banks are an integral part of the housing continuum and national economy; as a leader in the Diversity and Inclusion (D&I) movement, we present an in-depth infographic of the top 20 officers in the boards and executive offices of the nation’s top six banks. Companies can express their dedication to inclusion, they can even create initiatives or

departments focused on including minorities and women, but they can’t escape the facts. We leave it to our readers to analyze the six largest U.S. banks on the inclusivity in their company cultures. Our sheCENTER(FOLD), Dottie Herman, is the president and CEO of Douglas Elliman, the fourth largest real estate firm in the country. From her time as a single mother to turning down multi-million dollar offers for her company, she shares her trailblazing journey. As 2015 comes to a close, we are happy to say this year we had critical movement for NAWRB and the women of the housing continuum. From the FHFA Office of Minority and Women Inclusion (OMWI) strategic plan and the revolutionary interagency OMWI standards to the attainment of sole source authority by the Women-Owned Small Business (WOSB) Program, women secured important progress in 2015. Among our notable highlights this year were receiving the 2015 APEX Award for Publication Excellence recognizing our international magazine; the recent announcement of our Diversity and Inclusion Leadership Council (NDILC), dedicated to bringing women in housing to the forefront with accountability and results; and our approval as a Freddie Mac HomeSteps Diversity Supplier. With the dedicated work and achievements of this year, NAWRB enters 2016 with the momentum to continue effecting real change and progress for women in housing.

Desirée Patno Publisher/CEO

Desirée.Patno@NAWRB.com

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NDILC

NAWRB Diversity and Inclusion Leadership Council (NDILC) What is the most recent thing you did to offer professional women in your network help and support? The mission of the women’s diversity and inclusion movement is to attain equal resources, representation and opportunities for working women. NAWRB is advocating and promoting professional women to occupy more C-suite positions and seats in boardrooms throughout America.

Jennifer Hughes, Vice President, National Retail

Mortgage Sales Manager, Development & Support, U.S. Bank

Cheryl-Travis Johnson, EVP and COO, VRM Mortgage Services

Rayman Mathoda, President, Genesis Capital and Hudson & Marshall

Vanessa Montañez, National Mortgage Business DevelIn October, NAWRB introduced our Diversity and opment Manager, Vice President, East West Bank Inclusion Leadership Council, dedicated to bringing Miriam Moore, Division President, Default Services women’s diversity and inclusion to the forefront in at ServiceLink the housing industry with accountability and results. December 11 marked the Council’s inaugural meeting Sharon Mualem, Senior Manager, Buyer Brokerage uniting senior level executive women from different inServices, Altisource dustries with the goal of securing progress for women Amy Schumacher, COO, Prospect Mortgage in the workplace. NDILC members represented over 350,000 employees from their respective companies. As the goals and principles of our Council develop, they will effect change in the business world through our extensive and diverse networks. A multitude of investigative reports released recently and in years past affirm that companies with women in decision-making roles consistently outperform those with male-dominated executive offices and boards. If we delve farther than its monetary benefit, equality in the workplace is an ethical choice. It’s profitable, but more importantly, it’s the right thing to do. Women’s inclusion is not debatable. What are you doing to support women’s diversity and inclusion?

Chairwoman Rebecca Steele, President and CEO, Steele Advisory and Services, LLC

NDILC Members Cerita Battles, SVP, Head of Retail Diverse Segments, Wells Fargo

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BOARDROOMS

Women in Boardrooms: Ethical and Profitable There is no two ways about it, diversity in the workplace is essential. True equality—a basic tenet on which this country is built, second only to freedom—cannot be achieved until women receive equal representation and opportunity in our workforce. After considering ethical responsibility, we must consider the pragmatic benefits of being inclusive to women and minorities. By limiting the participation of entire groups of people we are voluntarily denying the meaningful contributions they can make to our workforce, economy and country. By several accounts, management systems lacking minorities and women have achieved widespread success. But to what can this success be compared? If women and minorities have never been afforded the equal opportunity to contribute, the success of these management systems is relative to other similar management systems. Fear to deviate from the norm, an extremely effective practice to preventing progress and innovation, is what hinders women and minorities. Why does this occur?

Have minorities been proven to achieve less success in the business world? No. Women leaders are not as effective or capable as men? Wrong.

“…women are great executives, bringing in billions of dollars for the companies utilizing them as such...”

The opposite is true.

Of the limited reports on women board members, the following three illustrate the significance female leaders have in their boardrooms.

Fortune

1000

2020 Women On Boards (WOB), a national campaign with the goal of increasing the percentage of women in boardrooms to 20 percent by 2020, recently released their 2015 Gender Diversity Index (GDI) tracking the progress of women boardroom members. The index utiNAWRB MAGAZINE |

BOARDROOMS lizes the 2010 Fortune 1000 companies—which 2020 WOB originally used when they began publishing their GDI in 2011—as well as the current firms and confirms that however slowly, progress is happening.

2020 W

O B Findings:

• Women hold 18.8 percent of board seats at the original 842 active GDI companies • The number of women boardroom members increased by 75 • 45 percent of companies have met or exceeded the 20 percent goal • The percentage of companies without female board members decreased to 9 • More than 55 percent of companies that became inactive in the 2015 GDI either had one or zero women on their boards • Women hold 17.9 percent of the board seats at the 960 active Fortune 1000 companies • For the 199 companies that have joined the Fortune 1000 since 2010, the percentage of female board members is 13.5

There are two main takeaways from the 2015 GDI. The first, that women’s inclusion in Fortune 1000 companies is growing, albeit slowly; the second, that it seems companies not practicing inclusivity eventually meet a dire fate. Fortunately, for women and companies striving for longevity, inclusivity is also happening elsewhere besides America’s largest companies.

California

UC Davis’s Study of California Women Business Leaders is “an annual benchmark for gender diversity in the C-suites and boardrooms of the 400 largest public companies headquartered in California.” In a video released with the study, Ann Huff Stevens, Interim Dean, UC Davis Graduate School of Management, states, “The study is important because it really shines a continuous light on what we all know is a concern, and that’s the lack of substantial representation of women in top leadership of the corporate sector of California and the country.” Stevens goes on to articulate, “It’s easy to forget, I think, why at some level we would like to make sure there are a substantial number of women in these business leadership positions, but there are many reasons. We know,

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over and over again, that a more representative, diverse group of leaders can change the decision-making, and can improve outcomes in companies and organizations; there’s research that shows that. I think it’s also true that as the economy and the state change demographically, we need to make sure that the leadership of these companies that drive our economy represents that.” UC Davis reveals that there is one woman for every seven men in executive leadership roles at California’s biggest companies, and that women hold 12.3 percent of board seats and highest-paid executive positions, a mild .75 percent increase from last year.

Key Study Findings:

• 11 of the report’s top 25 firms have a female CEO. • The number of female CEOs increased from 14 to 17, marking a 21 percent rise from last year and a 55 percent boost from 2006. These 17 female CEOs make up only 4.3 percent of the CEOs at the 400 companies. • There are 92 companies without women in director and highest-paid executive positions, a figure that is below 100 for the first time in the study’s history. • The amount of women directors in California has increased from 8.8 percent in 2006 to 13.3 percent in 2015. • Women hold 432 of 3,260 total board seats, 29 more than last year. The total number of board seats increased by 20 in the last year, lessening the impact of female board member growth. • Of counties with 20 or more companies, San Francisco County has the highest percentage of women directors with 20.2 percent, Orange County has the lowest with 10.5 percent, Los Angeles County has 11.6 percent and Santa Clara County 12.7 percent. • The majority of the companies studied lack women among their highest-paid executives. The percentage of women who are the highest-paid

BOARDROOMS

executives increased to 10.5 percent in 2015, up from 7.8 percent in 2007. • Of counties with at least 20 companies, San Francisco County has the highest percentage of highest-paid executives with 15.1 percent, Alameda County has the lowest with 7.9 percent, San Diego County has 8 percent and Santa Clara County 8.6 percent. • 70 percent of companies have zero or one woman on their boards.

Opportunity Cost

A recent study by international advisory firm Grant Thornton, Women in Business: the Value of Diversity, reveals that companies with women in executive roles outperform those with all-male boardrooms. The study analyzed S&P 500 companies from the U.S., FTSE 350 companies from the U.K. and CNX 200 companies in India on their day-to-day business operations. The report discovered that companies lacking diversity at the executive level lost out on billions of dollars in 2014.

firms with all-male boardrooms by .53 percent, translating to $74 billion more in revenue. Grant Thornton’s study exemplifies the truth that while women are great executives, bringing in billions of dollars for the companies utilizing them as such, they remain disadvantaged and widely excluded from executive positions within the workplace. Some women are being given important opportunities on which they are capitalizing, but the majority of them are still overlooked. As the studies above demonstrate, women CEOs and executives are growing, but they are still very small in number. Practicing gender diversity is an intelligent guiding principle for businesses. A diverse workforce generates more revenue while promoting equality. It’s a win-win, the nature of which businessmen are supposed to be so hungry for, so adept at recognizing. Why, then, is it so difficult and time-consuming to include women in the boardrooms and C-suites of America?

United States

Of the 500 studied companies, 484 have women on their boards, either executives or non-executives, and 35 have diverse executive boards with at least one female executive. Companies with female executives surpassed their all-male counterparts in revenue by 1.91 percent. In total, American companies with gender diversity at the executive level generated $567 billion more than those with all-male boardrooms.

India

Indian companies with diverse boardrooms bested male-dominated companies by .85 percent. The opportunity cost for firms lacking executive gender diversity was 14 billion American dollars. One hundred seventy-six of the evaluated Indian companies have women on their boards, and 45 of them can boast diverse executive boards.

United Kingdom

In the U.K., 330 of the analyzed companies have boardrooms with women, and 47 businesses have at least one female executive. The diverse companies here exceeded NAWRB MAGAZINE |

Diversity & Inclusion: Effects on Homebuyers “Diversity: the art of thinking independently together.” -Malcolm Forbes

Diversity and Inclusion (D&I) is receiving more at-

tention in the business world, as a greater number of companies are increasing their efforts to include women and minorities in their workforce. A recent study, Women in the Workplace, conducted by LeanIn.org and McKinsey & Company reveals disappointing results; it shows that the American corporate world is nowhere near achieving gender equality. The study analyzed 118 companies, 30,000 employees, and reveals that over the past three years, there was only a meager increase of 0.9 percent in the number of C-Suite women; as the report asserts, at this rate it will take women at least 100 years to match men in similar roles, and at least 25 years to match men even in senior vice presidential positions.

paid the maximum rates among all. This translates to African-American men and women paying thousands of dollars more over the course of their loan than white men and women. Apart from this disparity in interest rates, there is also a huge difference in the number of Caucasian and minority homebuyers. The 2015 Prof ile of Home Buyers and Sellers from the National Association of REALTORS (NAR) reports that 85 percent of homebuyers from July 2013 to June 2014 were white, with the remaining 15 percent being divided equally among Hispanics, African-Americans and Asians.

“... it will take women at least 100 years to match men in similar roles...”

The inequality endured by women and minorities can be seen in various segments, from employment to purchasing power. A recent study published by the Journal of Real Estate and Finance Economics reveals that there is a vast difference in the interest rates charged to African-American and white homebuyers. The report assessed the demographic traits and mortgages of over 3,500 households during the housing boom and found that on average, African-American borrowers were charged between 0.29 and 0.31 percentage points more than white borrowers, and African-American women

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The National Association of Hispanic Real Estate Professionals (NAHREP) affirms that the Hispanic community has a difficult time getting home loans when compared to people from other backgrounds. In their 2014 State of Hispanic Homeownership Report—based on data from the U.S. Census Bureau, Pew Research Center and the Nielsen & Selig Center for Economic Growth—NAHREP states that there has been a drop in the rate of Hispanic homeownership between 2013 and 2014, from 46.1 to 45.4 percent; the numbers were derived from owner households in comparison to the total number of overall households.

EFFECTS ON HOMEBUYERS NAHREP and NAWRB are of the opinion that the homeownership rates in minority communities could improve if there were more policies to increase and promote the credit offered to lower- and middle-income families.

The two government-sponsored enterprises (GSEs) at the forefront of D&I are Fannie Mae and Freddie Mac. In the ’90s, Fannie Mae established a program in collaboration with some community colleges to encourage female and minority students to enter the banking and mortgage industries. The program was aimed at preparing students for careers in the mortgage business by providing certificates and degree programs. Community colleges that were part of the program also partnered with local mortgage companies and banks to ensure employment for graduates.

Affordability and strict underwriting standards in the industry are additional contributing factors to the lack of Hispanic homeownership, as well as the scarcity of mortgage officers who can communicate effectively in Spanish with these potential buyers. A noticeable change has been in“D&I promotes equality in the troduced by companies like New industry, helps people build Freddie Mac created CreditSmart American Funding that have opened their doors to the Hispan- symbiotic relationships & adds Asian which provides a three-part ic community, both by employing proven bottom line profits.” series of guidebooks in Chinese, and focusing their efforts towards Korean, Vietnamese and English. people of Hispanic origin; about half of their employ- These books help the Asian community understand key ees are minorities and more than half are women. New topics like good credit, the right steps towards buying a American Funding, through its university, also offers a home and the benefits of owning a home. Learn more at Loan Officer Certification program that helps interested http://www.freddiemac.com/creditsmart/creditsmart_ individuals start a career in the mortgage industry. asian.html. The advantages of increasing D&I in the mortgage and lending industry are numerous and invaluable. D&I promotes equality in the industry, helps people build symbiotic relationships and adds proven bottom line profits. With D&I as part of the core business, it adds value to the local community and promotes greater business relationships especially with entities conducting business with the government.

The U.S. Department of Housing and Urban Development (HUD) released the final ruling on their Affirmatively Fur-

Diversity and Inclusion

Kickstarting the mortgage industry D&I movement is the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, with its Section 342 which created the Office(s) of Minority and Women Inclusion (OMWI) for regulated entities. Dodd-Frank tasked these offices with “all matters of the agency relating to diversity in management, employment, and business activities.”

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EFFECTS ON HOMEBUYERS thering Fair Housing (AFFH) Rule in July of this year. Under rule guidelines, communities that receive HUD funding will be trained with tools and data to assist them in fulfilling established fair housing responsibilities. HUD will help in decision-making on fair housing issues and goals to help cultivate affordable housing and stimulate community development. HUD also has a program specially created for the Native American community. The Indian Home Loan Guarantee Program is “a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.” Visit http://portal. hud.gov/hudportal/HUD?src=/ program_offices/public_indian_housing/ih/homeownership/184 for more information.

for minority communities to get home loans. An article, Biased Lending Evolves, and Blacks Face Trouble Getting Mortgages, in the NY Times reports that in one of the largest redlining settlement cases to date, the Hudson City Savings bank, one of New Jersey’s largest savings banks, recently had to pay $33 million to settle a lawsuit filed by the Consumer Financial Protection Bureau (CFPB) and the Justice Department. The bank was sued because in 2014, out of 1,886 approved mortgage loans only 25 went to African-Americans.

It also mentions a similar situation where last month, the Eagle Bank in Missouri settled a redlining lawsuit with the Justice Department. Exclusionary practices of this nature have a profound and noticeable effect; according to the Federal Reserve Bank, in 2014, African-Americans accounted for 5.2 percent of the country’s total home loans, which was down from 8.7 percent in 2006. Hispanics came “The inclusion of women & mi- in at 7.9 percent that same year, norities has been growing in a significant decrease from 11.6 percent in 2007.

The Federal Deposit Insurance Corporation (FDIC) provides prevalence but despite a valuable financial education the available resources, D&I Reflecting on Malcolm Forbes’ curriculum for low- and moderate-income groups: Money quote, “Diversity: the art of continues to lack in the Smart. This module teaches usthinking independently together,” mortgage industry.” ers the importance of building or diversity of thought provides the repairing credit and banking services. As a member of flexibility to challenge the norm and originate the best the Money Smart for Small Business (MSSB) Alliance, business solutions. This diversity of thought is best creNAWRB finds the program useful especially because ated by a group of diverse individuals, and the former it is categorized into Money Smart for Adults, Money cannot increase until the latter does. Smart for Young People, Money Smart for Older Adults and Money Smart for Small Business. Some of these are Let’s create a workforce that involves women and miavailable in Braille, English, Chinese, Haitian, Creole, norities at all levels of the hierarchy in order to promote Hindi, Hmong, Korean, Russian, Spanish and Vietnamese a diverse and talented workforce to lead the country. to cater to different communities. For more information go to www.fdic.gov/moneysmart. The inclusion of women and minorities has been growing in prevalence but despite the available resources, D&I continues to lack in the mortgage industry. This is made worse by incidents of redlining occurring in several parts of the country. Redlining is the practice whereby banks and mortgage lenders make it extremely difficult

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SHE SHOWCASE

JANET SPITLER

Janet Spitler has joined Housing Vermont as chief financial officer. Spitler brings to the position experience in real estate investment and banking, and most recently served as executive vice president of Merchants Bank in Vermont.

ANITA FLOREK

The First Central Savings Bank in Glen Cove hired Anita Florek as executive vice president, chief financial officer. Her responsibilities include regulatory and public reporting, creating executive and director benefit plans and preparing the Board of Director report. She was previously vice president, controller at First National Bank of New York in Melville.

PATRICIA KELLY

SHOWCASING WOMEN

TCF National Bank, Wayzata, has named Patricia Kelly executive vice president and managing director of TCF Commercial Banking. Kelly will be responsible for the bank’s commercial lending and has extensive experience working for The Chicago Corporation, GRG Group, RBS Citizens/Charter One Bank and LaSalle Bank.

PANZINA HILL

CARRIE BJORGE

Bell State Bank and Trust has hired Carrie Bjorge as vice president and assistant controller. Bjorge has 15 years of experience in the banking sector and previously worked as controller for BlackRidge BANK.

BrightStar Credit Union has named Panzina Hill vice president of human resources. Hill was previously vice president of human resources for Nationwide Laboratory Services in Fort Lauderdale. She has a business management degree from the University of South Florida and an MBA from the University of Florida.

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‘ON THE MOVE’ IN THE

SANDRA SHIRAI JENNY BEDELL

PIPER NEAL

MARIE DEBOR

Gusto, an innovative human resources company, has named Lexi Reese chief of customer experience. Reese has extensive experience in sales and strategic planning and most recently held the position of vice president of global programmatic platforms at Google.

JACQUELINE MODIA

HOUSING ECONOMY

Deloitte has appointed Sandra Shirai national managing principal for its U.S. technology, media and telecommunications practice. Shirai brings over 20 years of experience in technology with a focus on post-merger integration and divestitures.

LEXI REESE

SHE SHOWCASE

Bridge Housing, a company focused on building affordable homes for families and seniors, has appointed Marie Debor vice president of development. As VP, she will be responsible for the development process with everything from financial analysis and acquisition to financing. She previously worked at The Related Companies for 13 years.

Piper Neal Beveridge has joined Ellie Mae as vice president of government and strategic relations. Beveridge was previously a director at Fannie Mae and will focus on strategic initiatives to increase transparency and streamline the origination and delivery process.

Jenny Bedell has been hired as chief financial officer of Four Seasons Sothebyâ&#x20AC;&#x2122;s International Realty. For the past six years, Bedell worked for Keurig Green Mountain, Inc. as plant controller for Vermont operations and senior manager of corporate shared services.

Apollo Bank in Kendall has appointed Jacqueline Modia vice president and branch manager. She was most recently a sales director at TotalBank. Modia will provide clients with lending products, banking services and treasury management products. NAWRB MAGAZINE |

NAWRB TESTIMONIAL

NAWRB Pushes in the Right Direction

ver the past several months, an ongoing issue had been greatly affecting my business. I openly discussed my dilemma with the amazing women at NAWRB. NAWRB cares about its members and they put me in a position to help me turn my business around. The organization is truly about empowering women in business. Through my connection with NAWRB, I was able to express my setbacks. They were there to push me in the right direction and get me in front of the right people.

â&#x20AC;&#x153;NAWRB cares about us & wants to ensure that we will continue to thrive.â&#x20AC;? Knowing that we are strong women who will work tirelessly for our companies, NAWRB will not undertake our responsibilities for us, but will provide us with the information to help us get to where we need to be to achieve our goals. NAWRB cares about us and wants to ensure that we will continue to thrive. In the end, I was able to meet with the right people (thanks to the pushes I received from NAWRB), showing that it is not always what you know, but who you know.

Irma Delgado-Trikas, Founder, President and Chief Executive Officer of Arista National Title Company, www.Aristant.com

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BANK INCLUSION

Women’s Inclusion at the Top Six U.S. Banks Women’s inclusion refers to the fair participation of women in the workplace. The predominant lack of female representation in executive roles throughout the American workforce has given rise to important organizations, initiatives and studies that advocate the equal appointment of women to C-suite positions. With the incredible amount of money and power it possesses, the American banking system houses some of the most imperative boardrooms and C-suites in the country. Diversity and Inclusion (D&I) is crucial in all workplaces, especially in high-profile companies like financial institutions. According to the Federal Reserve Statistical Release from March 2015, based on consolidated assets the top six banks in the nation are JPMorgan Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank and PNC Bank. With our infographic (located on the following pages), we present the most recent data on women’s inclusion characteristics of the top U.S. banks.

Gender averages of top 20 executive officers at the top six U.S. banks

27.94% Women

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BANK INCLUSION

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BANK INCLUSION

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FHFA PERFORMANCE & ACCOUNTABILITY

FHFA Performance & Accountability

The Housing and Economic Recovery Act of 2008 (HERA) established the Federal Housing Finance Agency (FHFA) to supervise and regulate the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan (FHL) Bank System. The FHFA is an independent government agency that employs examiners, analysts, attorneys and industry experts. Congress provided the Director of the FHFA the authority to appoint the FHFA as the conservator of Fannie Mae and Freddie Mac and this authority was utilized in 2008. By overseeing the functioning of Fannie Mae and Freddie Mac, the FHFA plays an important role in empowering the nation’s housing economy. According to the FHFA, the Agency’s main functions are to:

• Ensure a reliable source of liquidity and funding for housing finance and community investment • Protect taxpayers and manage conservatorships • Increase transparency in the housing finance markets • Preserve homeownership • Oversee building a shared single-family securitization infrastructure

The Agency’s three main strategic goals and nine performance goals are listed in their 2015-19 Strategic Plan. In their Performance and Accountability Report for fiscal year 2015, the FHFA reports successfully completing 22 of its 24 goals this year.

The Agency’s Strategic and Performance Goals and Results:

Strategic Goal 1: Ensure Safe and Sound Regulated Entities Assess the safety & soundness of regulated entity operations Ensure that written risk-based supervisory strategies and examination plans are in place prior to commencement of the examination cycle Provide Reports of Examination to regulated entities within 90 days of completing examination work

The FHLBanks maintain a quarterly Market Value of Equity-to-par ratio greater than or equal to one

Determine the quarterly capital classification for each FHLBank and communicate the results to the FHLBanks by the end of the following quarter

Identify risks to the regulated entities & set expectations for strong risk management Issue written standards and criteria to the regulated entities for fraud reporting and fraud risk management Issue guidance to the Enterprises on seller/servicer risk management

Require timely remediation of risk management weaknesses Regulated entities complete remedial action for Matters Requiring Attention within agreed upon timeframes

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FHFA PERFORMANCE & ACCOUNTABILITY Strategic Goal 2: Ensure Liquidity, Stability, and Access in Housing Finance Ensure liquidity in mortgage markets Review and communicate to the public results of request for input on Fannie Mae and Freddie Mac guarantee fees Publish proposed Duty to Serve rule in the Federal Register

Promote stability in the nation’s housing finance markets Publish private mortgage insurer eligibility requirements Publish updated minimum servicer eligibility standards

Complete research projects as specified on FHFA’s approved research agenda

Continue publication of the monthly and quarterly FHFA House Price Index

Expand access to housing finance for qualified financial institutions of all sizes and in all geographic locations and for qualified borrowers Require the Enterprises to work to increase access to mortgage credit for creditworthy borrowers

Require the Enterprises to continue to encourage greater participation by small lenders, rural lenders, and state and local housing finance agencies Develop operational guidance to ensure that the regulated entities and the Office of Finance comply with statutory and regulatory requirements regarding their Office of Minority and Women Inclusion roles and responsibilities

Strategic Goal 3: Manage the Enterprises’ Ongoing Conservatorships Preserve and conserve assets Maintain a qualified board of directors and Chief Executive Officers to oversee the implementation of Conservator objectives 2015 Conservatorship Scorecard provided to the Enterprises

Reduce taxpayer risk from Enterprise operations Oversee reduction in retained portfolios consistent with the Preferred Stock Purchase Agreement

Oversee the implementation of two or more different types of single-family mortgage credit risk-sharing transactions

Build a new single-family securitization infrastructure Oversee release by Common Securitization Solutions of a new version of the Common Securitization Platform software (with updated interfaces and capabilities) for the Enterprises to test

Issue a progress report on the status of the Single Security initiative, including updated information on the features, disclosure standards, and related requirements

Resource Management

Supporting the Eﬀective Operations of the Agency

FHFA’s financial statements and Federal Information Security Management Act audits receive unqualified opinions with no material weaknesses or unacceptable risks Number of awards that are obligated with minority- and women-owned businesses

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FHFA PERFORMANCE & ACCOUNTABILITY Forecast for 2016: For the financial year of 2015, the FHFA employed 554 individuals and functioned with a budget of $199.7 million. The Agency’s budget for 2016 is $199.1 million. The FHFA’s Main Priorities for 2016: For the New Year, the FHFA will continue the Regulation and Conservatorship of Freddie Mac and Fannie Mae. This will involve ensuring the proper management of the conservatorships, supervision of information security and cyber risk management. The Agency will also be involved in the supervision of non-bank counterparty risk management, maintenance of foreclosure prevention activities, and will provide expanded access to mortgage credit for creditworthy borrowers. It will also extend support to more affordable rental housing, monitor credit risk transfers, implement the Common Securitization Platform and Single Security and supervise Common Securitization Solutions (CSS). Apart from Freddie Mac and Fannie Mae, the FHFA is also responsible for the Federal Home Loan Banks. In 2016, it will continue to focus on the core mission activities of FHL Banks, monitor the expansion of various mortgage programs and evaluate their member requirements. Another important FHFA goal for FY 2016 is the promotion of Diversity and Inclusion (D&I) with the help of its Office of Minority and Women Inclusion (OMWI). The FHFA bestows special priority upon D&I and has a fresh plan for its OMWI, aiming to create a work environment that is conducive to “diverse perspectives and encourages collaborative approaches to achieve business success.”

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Special performance metrics and plans are in place to achieve the Agency’s D&I goals. The FHFA OMWI takes all responsibility for the effective application of matters of “diversity in employment, management, and business activities at FHFA as well as programs to monitor the inclusion of minorities, women, and individuals with disabilities at the regulated entities.” It will also ensure compliance with Equal Employment Opportunity laws and regulations. The FHFA has proposed three key measures for implementing the principles of Diversity and Inclusion and Equal Employment Opportunity (EEO) in 2016. They plan to “issue and seek comment on a proposed rule that would require all regulated entities to include diversity and inclusion in their strategic planning process.” The Agency will work on creating a Diversity and Inclusion examination program and module to review the D&I programs of Freddie Mac and Fannie Mae, and will also compose and present EEO standards that will help build a structure favorable for establishing equality in the workplace. NAWRB believes diversity and inclusion should be a business cornerstone of the American workplace, a parallel among the core values of companies not an exception. Just as the FHFA promotes D&I throughout the entities it regulates, it is crucial for the housing continuum to embrace D&I at the core of their business. Together we can change our workforce to provide equal opportunities for all.

CONFERENCE RECAPS

MBA’s Annual Convention & Expo 2015 took place from October 18-21 in San Diego, CA. Inspirational, informative and entertaining: three words to describe some of the panels and speakers that addressed attendees at the beautiful San Diego Convention Center. As a leader in the real estate finance industry, the MBA utilized their conference to prepare attendees for the future. From the implications of the political landscape and upcoming presidential election on the real estate industry to profitably navigating the entrance of millennials and their purchasing power to the housing market, valuable information and progressive thinking was in abundance. Seminars concerning Government-Sponsored Enter-

At the other end of the San Diego Convention Center, during the same time as the MBA Conference, the National Minority Supplier Development Council (NMSDC) Conference and Business Opportunity Exchange brought together over 6,000 CEOs, procurement specialists and supplier diversity professionals. Several leading Asian, African-American, Hispanic and Native American business owners gathered for four days of learning, networking, and a unique business opportunity exchange with over 700 exhibits. “The NMSDC conference provided a great opportunity to see how different businesses collaborate with one

prise (GSE) leadership to capital markets took place alongside a captivating session with Colin Powell being interviewed by Jay Leno. The entertainment won out on Tuesday night, with an exclusive concert featuring Sheryl Crow. The dance floor saw some of the conference’s most meaningful conversations, and provided the perfect opportunity for attendees to truly connect and mingle in a casual, entertaining setting. With a well-recognized record of bringing together committed and exceptional leaders during fundamental industry times, the MBA Conference discussed change and addressed core business concerns in an open, informative environment.

another to practice and promote diversity and inclusion (D&I). It was great to see how financial institutions are actually engaging in the D&I space, that they are interested in understanding how other businesses have implemented D&I so successfully,” stated Irma Delgado-Trikas, president and CEO of Arista National Title. In a professional arena where the old ways of doing business grow increasingly archaic, the NMSDC conference showed attendees the value of diversity and helped them understand the most effective ways of utilizing it in the interest of business growth. NAWRB MAGAZINE |

CONFERENCE RECAPS

Just down the street from NAWRB headquarters, the

University of California, Irvine partnered with Diane L. Harkey, Board Member of the California State Board of Equalization’s Fourth District, to host the inaugural Connecting Women to Power Business Conference on November 4, 2015. Armed with seminars on topics such as creating a small business, thinking like a negotiator and the top 10 reasons startups fail, this conference took place with the goal of educating women to become the next generation of business leaders. “Most of the attendees had new startups and were looking

The U.S. Commercial Service and the District Export Council of Southern California hosted the DISCOVER GLOBAL MARKETS: Pacific Rim Consumers October 29-30, 2015 in Orange County, CA with the goal of helping business owners identify new export markets. With country specialists providing valuable market data, this conference was the event to attend for companies focused on advancing their international business. “What an incredible opportunity to be able to meet consulates from several different countries who were interested in helping you no matter how experienced or

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for direction and ideas on proceeding with their business plans,” stated NAWRB CEO Desiree Patno. “There was a multitude of government officials who came from other districts to offer their support and best practices. Women senior executives from the LA Sparks and Panda Express were the keynote speakers who shared their proven leadership skills with the women entrepreneurs. The event focused on women empowering other women, a philosophy that needs to be nurtured in order to strengthen the women’s movement and culture.

inexperienced you were,” described NAWRB CEO Desiree Patno. “They are truly passionate about connecting countries with the United States and were more than willing to go out of their way to speak and introduce you to the right people.” To be able to speak to major players in the global market doing billions of dollars in business was a great perk for attendees. The consulates stayed for the entire conference; if you were interrupted by a session, you could reconnect and finish your conversation. The opportunities for indepth networking and learning were significant.

CONFERENCE RECAPS

The DISCOVER GLOBAL MARKETS: Pacific Rim Consumers conference addressed everything from Trans-Pacific Partnership to food export issues, and walked attendees through the intricate details of con-

COLLEEN CALNAN Stepping Stone Real Estate Services, Inc. dba Calnan Real Estate CCalnan75@earthlink.com www.CalnanRealEstate.com 781.983.4852

ducting business in foreign countries. The support and information offered by trade.gov is a must for international businesses.

CONGRATULATIONS to new and renewed NAWRB CertiďŹ ed Women-Owned Businesses Specializing in the Housing Economy

LINDA MITTON Avatar Property Services, Inc. lmitton@avatargreen.net www.avatargreen.net 949.510.1753

The number of women rearing children by them-

financially underprivileged states makes the search for affordable and safe housing difficult for these mothers and becomes a strain on their children’s education and economic well-being.

selves in America has nearly tripled in the last 45 years, reaching a current estimate of 10 million single mothers in this country. The U.S. Census Bureau reports more than 1 in 4 families with children under the age of 18 are headed by a single parent and more than 3 out of 4 To help break this cycle of poverty, single mothers single parent families are headed by a female. Although need access to housing programs and education, budwomen have made great economic strides in the last de- get and credit counseling, financial advice and guidance to increase their opportunity for economcade, studies show that they continue “The U.S. Census Bureau reports ic development and wealth through to be disproportionately impacted by more than 1 in 4 families with homeownership. Through the propoverty. Single mothers face serious economic challenges; they generally children under 18 are headed by cess of home purchase preparation, women can increase savings, dehave lower incomes and higher living a single parent and more than 3 crease debt, improve their credit expenses for child care, healthcare out of 4 single parent families and develop a sustainable finanand housing. cial plan in order to build a stable are headed by a female.” future for themselves and their chilAccording to the U.S. Census Bureau’s Selected Economic Characteristics, based on 2010-2014 dren. When low-income women are empowered through American Community Survey 5-Year Estimates, 30.9 per- comprehensive education, training and counseling, many cent of American families headed by women with no barriers to homeownership can be overcome. husband present are below the poverty level. The information also affirms that 40.5 percent of these households Tarrant County Housing Partnership (TCHP), a housing have children below 18 years and 47 percent have chil- nonprofit organization, created their Women’s Homedren under five. California depicts slightly lower rates ownership Initiative in 2011 with the goal of increasing with a total of 27.9 percent single female households wealth accumulation for low-income, single mothers, living in poverty, 37.8 percent with children under 18 particularly those residing primarily in underserved comand 40.6 with children under five. Living indefinitely in munities. This objective was accomplished by building

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WOMEN’S HOMEOWNERSHIP upon the traditional homeownership programs for lowand moderate-income families. By applying a gender lens to existing programs and services, the Women’s Homeownership Initiative better reached and served the target population through collaborations with social service agencies and other women’s groups that shared similar goals. The program addressed not only housing, but other supportive service needs to deliver a holistic approach to homeownership preparation. Free educational workshops and seminars were provided on a wide range of topics such as job training, resume writing, computer skills, positive parenting, life skills and more. Program advisors fostered credit-challenged women with financial literacy and budget management training while building friendships and providing emotional support.

After helping families achieve the dream of owning a home, unfortunately, the TCHP Women’s Homeownership Initiative was shelved indefinitely within a year. As a leader in the women’s diversity and inclusion (D&I) movement, NAWRB is launching our own Women’s Homeownership Initiative with the purpose of making owning a home possible for a greater number of women. As women grow in the American workforce, it is important to protect their progress with tangible assets. By helping make the dream of homeownership a reality for women, NAWRB will cement their economic footprint. Through this new initiative, we are happy to be able to collaborate with TCHP to resurrect their initiative and expand women’s homeownership to a national level. NAWRB contends that it is important for influencers in the women’s movement to work together for the benefit of women, and we practice what we preach.

Another key strategy of the Initiative was combining grass-roots marketing to reach low-income “As a leader in the women’s movement, single mothers while increasing NAWRB recently introduced our own awareness of the issue and its eco- Women’s Homeownership Initiative with The NAWRB Women’s Homenomic impact on the community ownership Initiative will advocate to higher-income, profession- the purpose of making owning a home for better data collection concernal women in an effort to engage possible for a greater number of women.” ing women’s homeownership to community leadership and garner better understand and address the support and funding for program resolutions. Although obstacles facing potential women homeowners; champion the direct beneficiaries of the Initiative were the wom- women’s homeownership throughout our organization and en and children served, entire communities benefitted from networks in an effort to raise awareness and garner supincreased homeownership. The upsides of increased home- port for our initiative; host regional meetings for training ownership include: increased property values; decreased on topics such as financial literacy to prepare women for neighborhood crime; improved neighborhood commu- homeownership; and call upon banks to create special nity; decreased generational dependency on welfare and lending programs for potential female homebuyers to ensupportive service; lessened burden on taxpayers; tax sure that hardworking women are not unjustly right-sized revenue generation which increases the quality of schools out of homeownership. and infrastructure; and increased economic impact of businesses as households purchase local goods and ser- Many of us can say that our mothers were a guiding vices in the community. force in our lives and made our house a home. They

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WOMEN’S HOMEOWNERSHIP better future for their families which ultimately leads to stronger neighborhoods and communities. By investing in women’s homeownership, we can create a ripple effect that will produce a profound societal change, which is the fastest, surest way to positively affect the future of our communities. Donna VanNess is President of Tarrant County Housing Partnership, Inc., www.tchp.net

“ NAWRB contends that it is important for influencers in the women’s movement to work together for the benefit of women, and we practice what we preach.” not only showed us that dreams are possible, but what dreams to shoot for—a home, college, a good job—to ensure a safe and secure future. Programs like the Women’s Homeownership Initiative help women create a

NAWRB Staﬀ introducing our Women’s Homeownership Initiative through NAWRB, www.NAWRB.com

LUXURY HOMES

International Luxury Real Estate Beckons Ultra High Net Worth Buyers L

uxury real estate defines the housing market that caters viduals globally; 79 percent of whom own an average to the ultra-wealthy strata of society. Typically owning mul- of 2.7 homes around the world, while over 50 percent tiple homes, many on international soil; from penthouses own three or more homes. The study also shows $2.9 in New York City to castles in trillion of global UHNW “...there are 211,000 Ultra High money is locked in owner-ocIreland, Ultra High Net Worth (UHNW) individuals have the Net Worth Buyers globally; 79% of cupied residential properties. means to buy any home in virInterestingly, more than seven whom own an average of 2.7 homes tually any place. percent of these individuals around the world, while over 50% made their money in the real Exclusive properties come with estate industry; up from five own three or more homes.” several additional responsibilipercent just two years ago. ties for real estate agents, from working with attorneys and anonymity issues to dealing with in-depth construction • Women place 15.8 percent of their net worth in experts and extensive marketing including internationreal estate assets, compared to men who place 8.8 al platforms. On the other hand, your more mainstream percent of theirs properties are typically much simpler to manage. • Properties owned by women are 10 percent more valuable than those owned by men The Ultra High Net Worth Buyers • Women tend to buy in less risky markets UHNWs are people who have a minimum of $30 • Women buy at a considerably lower price than what million in investable assets. This number is exclusive they sell their properties of their personal assets, primary residence, collectibles • Women hold on to the properties almost twice as and other consumer durables. UHNWs are the richest long as men individuals in the world who control a large share of the global money. The report’s 2015 UHNW Residential Real Estate Index also shows an eight percent increase in value of these According to The Global Luxury Residential Real Es- homes in the past year. Within the latest luxury housing tate Report 2015 published by Wealth-X and Sotheby’s trend of secondary home purchases in New York, LonInternational Realty, there are 211,000 UHNW indi- don, Switzerland and Hong Kong, the U.S. is the most

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LUXURY HOMES popular destination for this UHNW money. New York is the city with the highest number of UHNW-owned homes in the world; with 83 percent, and Monaco has the maximum density of UHNW residences. The west coast makes its mark with Los Angeles and San Francisco. Los Angeles is special with Hollywood, extravagant lifestyles and amenities and good schools, while San Francisco affords the ever-evolving tech in-

â&#x20AC;&#x153;Women place 15.8% of their net worth in real estate assets, compared to men who place 8.8% of theirs.â&#x20AC;?

Top Five Cities for UHNW Residences: 1. New York 2. London 3. Hong Kong 4. Los Angeles 5. San Francisco Top Five Countries for UHNW Secondary Homes: 1. United States 2. United Kingdom 3. Switzerland 4. France 5. China

dustry in Silicon Valley. Washington, D.C. joins the American list with its unique blend of politics and international business. Even though international properties are attractive, American UHNW individuals prefer to buy their secondary homes within the U.S. in places like the Hamptons, Aspen, Palm Beach and Naples. Along with investing in multiple homes comes a search for specialized products and services for which most UHNW individuals are looking; from smart homes with technologically-advanced packages complete with remote systems to environment-friendly green homes including solar power and clean energy generation, geothermal heating, rainwater conservation systems and maximum use of renewable materials.

Location of Investments

Due to the globalization of business and increased wealth in the west, there is an increase of UHNW western investors in Asian markets and reciprocally, a flow of UHNW Asian investors in America. Currently there are twice as many Asian investors in the U.S. than the combined total from Latin America, the Caribbean, the Middle East, the Pacific and Africa altogether. Another notable fact is that 12 percent of second homes bought by ultra-rich residents of the BRICS nations (Brazil, Russia, India, China and South Africa) are not in their native countries.At the helm of the international real estate incentive list is the lifestyle offered in the proposed location and the value of the investment.

In recent years, the interest in international real estate has spiked with opportunities to diversify investments, tax advantages, access to better education and business opportunities and in some cases a return to their cultural roots. Still one of the most significant reasons is the chance to obtain residency or citizenship in another country. Six percent of the UHNW population lives in another country while maintaining a native country home. Many European and Caribbean nations offer residencies and citizenships to people who make a sizeable contribution to the local economy. The contribution can range from 200,000 to more than one million American dollars in the form of either real estate or local business investments, with real estate investment being the preferred method for most nations.

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LUXURY HOMES

Popular Residency and Citizenship by Investment Programs:

Malta Malta: The Malta Individual Investor Programme (IIP) provides citizenships to approved UHNW individuals and their families. The Maltese IIP is the very first program of its kind to be recognized by the European Commission. Malta is part of the European Union (EU) and the program provides EU citizenship with access to all 28 EU nations and Switzerland. Applicants are allowed to establish businesses in Malta and obtain a passport which gives them visa-free access to over 160 countries across the globe, including the U.S. The eligibility criteria for the Maltese IIP includes a Fit and Proper Test that thoroughly checks a personâ&#x20AC;&#x2122;s background, health, financial contributions, real estate purchase or rental, bonds and a residence requirement. As a bonus, the Maltese government allows investors to keep their original citizenships and children born to these individuals automatically become EU citizens.

Portugal Portugal: Golden Residency Permit calls for an investment of approximately $533,500 in real estate, transferring over $1 million to a bank account in Portugal or investing in research, cultural activities or a business or company or creating at least 10 permanent jobs. The applicant needs to stay in the country for seven days a year and is eligible for a Portugal EU passport after six years. The program also provides European residency to the family. Permanent

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residency is offered after five years and the individuals can apply for citizenship too, with visa-free travel to the EU Schengen zone.

Antigua & Barbuda Antigua and Barbuda: As of August 2015, the Citizenship by Investment Program (CIP) has provided around 150 citizenships to investors. An applicant can make a minimum investment of $200,000 and get a passport with five years validity within two to four months of application, EU citizenship for their family and visa-free travel to more than 100 countries. The investment options include a minimum contribution of $200,000 to the National Development Fund (NDF), minimum investment of $400,000 in an approved real estate project to be held for at least five years, a minimum investment of $1.5 million in an approved business as a sole investor or a joint investment of $5 million with at least one other person. The Antigua and Barbuda government has partnered with Ajman Uptown project in the United Arab Emirates (UAE) to champion the program and offer citizenships to eligible investors who buy a home in the UAE.

Cyprus Cyprus: Cyprus offers citizenship by investment to individuals who buy real estate worth at least $2.7 million. This gives the person visa-free travel to more than 100 nations including EU nations, the U.K. and Canada, a Cyprus passport within three to four months of applying and the option to sell the property after three years. It also offers Cyprus citizenship to the spouse, children

LUXURY HOMES under 18 and adult dependents aged 18 to 28. There is no requirement to stay in the country before filing or after becoming a citizen. According to a study conducted by ValuePenguin, Cyprus ranked fifth in the list of safest countries in the world and first among smaller countries.

United States of America Belgium Belgium: The Belgium Residence Program provides citizenship to eligible candidates after three years of applying. The applicant should establish a new company in Belgium and offer employment. Based on the business, the country provides a temporary residence permit that is renewed annually. This permit allows travel to all Schengen countries and a stay of 90 days within a six-month period .The applicant can get a passport and citizenship within two years of application. The nation allows dual citizenships.

United Kingdom United Kingdom: The U.K. Tier 1 (Investor) Visa requires a minimum investment of £2,000,000 (approximately $3 million). The applicant should not belong to the European Economic Area (EEA) or Switzerland, and must meet other eligibility requirements. The applicant can apply for this visa up to three months before the trip to the U.K. The Tier 1 visa allows investors to stay in the country for three years and four months with an option to extend the period to two years. Applicants can apply for citizenship after two years, provided they have invested £10 million or after three years for an investment of £5 million. Immediate family members are eligible to apply for a visa if they are not from the EEA or Switzerland.

United States of America: Congress introduced the EB-5 program in 1990 to support the nation’s economy by attracting wealthy foreign investors. The program allows foreign investors to apply for a green card with an investment of $500,000 to $1 million, maintenance of the investment for four years and job creation for at least 10 permanent employees. As a bonus, the EB-5 offers the leniency to live anywhere in the U.S. and an opportunity to apply for citizenship after five years. The investor’s family, including the spouse and unmarried children under 21 are also eligible for green cards. According to EB-5 Investors, the Chinese topped the 2015 list of EB-5 applicants making up 85.4 percent of the total quota. This year has seen a rise in applications with over 14,000 receipts, most of which include more than one applicant. Only about 10,000 EB-5 visas are issued annually and with that number being met, there are close to 17,000 pending petitions as of September 2015. The EB-5 investor program has seen a dramatic increase over the past years with 1,953 petitions in 2010, 3,805 in 2011, 6,346 in 2013 and 14,373 in 2015. With so many interesting citizenship and residency by investment programs that cater to UHNW individuals around the world, there is a surge in international investments, be it in real estate or business. To an average person, the requirements of these investment programs are inaccessible, but to UHNWs they are modest.

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President and CEO of Douglas Elliman Real Estate

DOTTIE HERMAN A self-described Cinderella story, Dottie Herman’s path to creating the fourth largest real estate company in the country is replete with hard work and determination. The President and CEO of Douglas Elliman chronicles her journey to success in one of America’s most ruthless cities.

NAWRB: How did you get to where you are today, head of one of the largest real-estate companies in America? Dottie Herman: About 15 years ago, I was running a 40-office company on Long Island and the Hamptons. I saw the evolution of public companies and thought, “I’m not going to be able to compete with that without a partner.” My attorney then introduced me to Howard M. Lorber, who became my partner. Within a year, we were offered a substantial amount of money for the company.

deal is. I don’t believe in getting respect because you have a title, I believe in earning respect. All I ask is that you give me an opportunity to earn it.” I liked the competitiveness of the City and I got good media coverage. I don’t believe anything ever happens alone. It was a joint effort and, together with Howard, we really built a wonderful company and connected the dots from Manhattan to Montauk. I could not have done that without everyone’s help. They stuck with me and we built a family. I believe strongly in company culture. Everybody was important. It didn’t matter what your job was, everybody contributed something.

“My story is like a Cinderella story in that I worked hard & beat a lot of odds..”

I told Howard I didn’t want to sell. He asked me, “Are you crazy?” I said, “No, I really feel we should expand into the City because there are no companies from Manhattan to Montauk and I feel strongly about creating that.” He looked at me and said, “Well, I think that’s nuts, but if you really want to do this, and you really want to put it all on the table and open up in the City, then I’ll go along with you.” So we turned down the offer, and pursued finding companies in the City. We ended up buying the number one firm in Manhattan, Douglas Elliman, from Insignia a year after 9/11. My banker said to me, “Are you crazy and am I crazy to lend you this money?” I said, “Let’s just go with it.” And, of course, that’s what we did. I made the announcement about our company the day President Bush announced the war in the Middle East. I stood in front of 1,600 brokers from New York City who asked what my credentials were. I said to them, “I’m a broker so I know what it’s like to wake up and not know where your next

When we went into the recession, it was really tough for us, everything stopped and our expenses were high. Every night after work, I sat with our CFO and a couple of my managers who were good with finances, and we made a million cuts. Then I said to everyone that we could either let people go, which I preferred not to do, or we could all take a cut in salary. Everyone pulled together and unanimously agreed to take cuts in salary. We didn’t have to let anyone go and at the end of the day we got through a very tough time together. NAWRB: Why did you get involved in ownership in the real estate industry?   Dottie Herman: Before I met Howard, I worked for Merrill Lynch back in the ’80s, and I loved that company. I learned a lot from them and had a pretty big position

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for somebody my age. I was probably about 30. Merrill announced they were selling the real estate division and my job was to keep my area together until they found a new buyer. A year later they found Prudential. However, Prudential didn’t want to have a national company like Merrill Lynch. Instead, they wanted to franchise it and that’s when I decided to buy it. I said to my colleagues, “I’m buying this company, so let’s stick together because together we’re strong.” They knew I didn’t have the money but they wanted to stay together. Their spouses came in and helped me write business plans and I started making calls to banks who said, “What are you crazy? We wouldn’t lend you money for one office, let alone a company like that.” And then they hung up on me. So, I basically wrote a letter to Prudential telling them I had the money as well as venture capital money, which I didn’t, and they ending up lending me the money.

a young age not to be afraid of failing and I think that’s a big part of what holds people back. They listen to others tell them they’re not going to make it. I can’t tell you how many people told me I’d never be where I am today. NAWRB: You host a weekly radio show every Saturday. Is this something you have always been interested in or was your involvement in radio serendipitous? What is your favorite aspect of or the most interesting thing you have learned being a radio host?

Crain’s Most Powerful Women 2013: MaryAnne Gilmartin, Chief Executive of Forest City Ratner on the left and Dorian Hansen, General Partner, Edward Jones on the right

A few weeks ago, I spoke to 35 of the wealthiest Japanese bankers and entrepreneurs and they asked, “Okay, what’s the real story? Nobody lends money to someone who doesn’t have any way of paying it back.” I said the real story is that I asked and I was just lucky that they believed in me. That’s how I started. At that time if I had $1,000 in the bank it would have been a lot. That doesn’t normally happen and people say it sounds like fiction, but it isn’t. I have a sign in my office that says, “Success is failure turned inside out.” If you’re afraid to fail, you’ll never succeed.

“People who never fail have never tried anything, but the people that are successful failed many times.”

The worst that can happen is someone says no. But I think a lot of people are afraid to fail, or can’t handle rejection, so they don’t even try. People who never fail have never tried anything, but the people that are successful failed many times. Successful people pick themselves up, maybe have a good cry, and then get back in the ring. I learned at

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Dottie Herman: About seven years ago, the manager of WOR radio called me up and said, “You should do a radio show!” I said, “You know, I work 24/7 and I don’t think I have time.” He thought it should be a two-hour call-in show and I thought, “Two hours? I can’t talk for two hours.” I told him I’d give it a whirl. I put together a team, including a finance guy and a real estate attorney. They were all my friends and I said, “You’ve got to do this with me.” We started and we just talked about different real estate things.

The show addresses anything that has to do with real estate. I’m still doing the show because it’s a service; we provide answers to very complex questions. There’s a lot that goes on in real estate. The internet is not always accurate and the advice can be very “cookie-cutter.” What we offer is a lot more personal. I’ve tried to really build an audience where attorneys and other professionals listen to the show. Sometimes a caller will have a problem and somebody else will call in with an answer. I write the show myself and really enjoy doing it. It’s been seven years now and the show is every Saturday from 10 a.m.-12 p.m. It’s become pretty big. I built the radio show like we built our company—it’s become a family and people thank me all of the time for what the show provides.

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NAWRB: What has been the meaning and importance of philanthropy to your life? Dottie Herman: I think it goes back to when I was a little girl. My mom died when I was 10, and I was the oldest of

NAWRB: One of the things we do in our magazine every issue is champion an article about women’s health from the City of Hope. We would love to feature an article from the women’s hospital in one of our upcoming issues. Dottie Herman: I’ll make that happen for you. I think the story of the hospital is a really beautiful story. Another organization I’m deeply involved with is the American Heart Association. It’s very important to make women aware of heart disease, which is the number one killer for women. NAWRB: What keeps you motivated? In an interview with The Real Deal, you stated you purchased Douglas Elliman because you weren’t done. Do you think there will ever come a point when you feel you are done?

Heart of the Hamptons 2008: Bob Eide, CEO & President of Aegis Capital Corp.

three. There were neighbors and my girlfriends’ mothers who would help. If I needed my hair fixed they would do it for me. Sometimes they would come and make breakfast for the three of us. I look at all the people in my life that have really helped me and they all did it because they were good people. When I started doing things for people they would ask, “How can I pay you back?” I would say, “The way to pay me back is to do something for somebody else.” That’s how the circle goes around. Charity is very personal to me. I had a call from Saul Katz, who was the CEO of Long Island Jewish Medical Center, and his wife, Iris, who is from the Wilpon family that owns the NY Mets. I’ll never forget it and couldn’t figure out why they wanted to speak to me. Iris said, “You know, Dottie, my husband’s the CEO of a hospital and I’m a Wilpon; I get the best medical care possible and I want all women to have that care. We are going to start a women’s hospital because women don’t take care of themselves, they’re always worrying about everybody else first.” And, that’s what we did. It was their vision 12 years ago and I’ve been a part of it ever since. Katz Women’s Hospital at Long Island Jewish Medical Center is not just a hospital that serves women in that area, it serves all women. They’ve hired doctors who specialize in women’s health because women have different issues from men.

Dottie Herman: I love doing what I do; it’s not a job for me but a passion. My story is like a Cinderella story in that I worked hard and beat a lot of odds. I think that when you hit a bump in the road you’re supposed to do something with it. So, becoming successful and running a huge real estate company to me is the vehicle. I have a lot of people write to me, especially women, who say, “You’re an inspiration.” That’s what keeps me motivated.

Lauder Foundation Hot Pink May 2014

NAWRB: You were recently recognized by Crain’s New York Business as one of the Most Powerful Women of 2015. Throughout your life and career, has there been a moment or achievement that is particularly special to you? Dottie Herman: Well, when I had my daughter, that was a big moment in my life! There have been so many other things, I can’t decide on one. My biggest achieve-

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ment is probably the company that we’ve built, and I say we because you can’t build a company alone, as well as the culture of the company. It’s like a family. I think that’s really special; to do what you love, to be passionate, and to work in a place and with people that you really love is rewarding. You know, we have our days, nothing’s perfect, but in the end, I think everyone is always there for each other. NAWRB: What advice do you have for entrepreneurs about not underestimating their potential?

NAWRB: What do you do on a day when work isn’t on your mind? Dottie Herman: I Soulcycle. I’m a Soulcycle freak and have actually been spinning for many years before Soulcycle started. I also go to the gym and spend time with my family. My family is very important to me. I have friends all the way back to high school but I don’t see them as much as I’d like. I also have a house in The Hamptons because I love the beach, I love the ocean. I try to be around things I love. Work is 24/7 so I’ve incorporated my work into my life.

“My biggest achievement is probably the company that we’ve built, and I say we because you can’t build a company alone, as well as the culture of the company. It’s like a family.”

Dottie Herman: I’m somebody who always has to go to the next level and it’s really been a journey. Although it’s cliché, my stationery says, “Life is a journey, not a final destination.” Most people are capable of more than they imagine—if you’re passionate and love something, go for it.

NAWRB: Can you tell us what Soulcycle is? Dottie Herman: Soulcycle is pretty big. It’s exercising on stationary bicycles while you spin to music. I love music

“I Soulcycle. I’m a Soulcycle freak and have actually been spinning for many years before Soulcycle started.”

Dottie Herman and her Soulcycle class at a charity ride in Los Angeles benefitting A Sense Of Home

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and I love to dance. Soulcycle has great music and makes for a 45-minute workout that burns 400 calories. If you love music it’s a great way to get fit. NAWRB: What person has inspired you most throughout your life?

Jack Welsh and Dottie Herman

“Another mentor of mine is Jack Welsh. From the moment I started reading his books, I was so inspired and thought I could do the same thing with my own company”

Dottie Herman: I’ve been inspired by a lot of people and I’ve had some great mentors. Early on it was some of the people at Merrill Lynch. Howard Lorber certainly believed in me. Another mentor of mine is Jack Welsh. From the moment I started reading his books, I was so inspired and thought I could do the same thing with my own company. I still carry around a photocopy of Jack’s golden rules in my wallet. NAWRB: If we could ask 14-year-old Dottie what she wants to be when she grows up, what would she say? Dottie Herman: I probably would have said two things. I would have said a teacher and then an actress, or maybe the other way around.

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GSA RENOVATION

Women of GSA Transform Historic Federal Building into 21st Century Workplace The U.S. General Services Administration (GSA) manages over 370 million square feet of workspace across the nation. In the Pacific Rim Region, headquartered in San Francisco, GSA is responsible for overseeing 36 million square feet of space in California, Arizona, Nevada, Hawaii, Guam and Saipan. These regional headquarters, located at 50 United Nations Plaza (referred to as “50 UNP”) recently underwent a major renovation project to provide critical repairs and seismic upgrades to the building. It also brought the 1936 building up to 21st century office space standards and incorporated sustainable design strategies. GSA’s project team was led by female employees who filled critical roles as architects, contracting officers and project managers.

ment and refurbishment of existing historic wood-framed windows; restoration of the historically significant interiors and central courtyard; as well as redesign of office interiors to foster a collaborative open office environment. All of this work was done while maintaining the building’s historic features. The building described by past tenants as heavy and dark is now home to more than 500 GSA employees and has the capacity to house up to 800 more.

The Women of 50 UNP

The federal building was completely renovated and retrofitted by a female-led project team— unofficially dubbed the “women of 50 UNP.”

Maria Ciprazo, GSA’s Regional Chief Architect, led the team in the design and execution of the The building hadn’t been reno- The building’s original architect, Arthur Brown Jr., project. Ciprazo described her was a prominent San Franciscan & also the role as twofold. vated in 74 years. However, as a designer of San Francisco City Hall & many other result of more than $122 million Bay Area landmarks. “At an infrastructure level, my received through the American Recovery and Reinvestment Act of 2009 (Recovery Act), role was to guide the overall design of the histor50 UNP rose from its proverbial ashes. The renovations ic structure as we brought the building into the 21st included environmental remediation; new mechanical, century in terms of sustainable design. At the interior electrical, lighting and plumbing systems; roof replace- design level, I guided the transformation of our work-

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GSA RENOVATION space from private offices to an open and collaborative workplace environment.” Monsy Agleham, GSA’s project manager, was responsible for directing, monitoring, controlling and integrating all aspects of the project, tracking overall project performance and staying within the project’s budget and planned schedule. She also served as the construction

Project funding for the renovation of the federal building at 50 United Nations Plaza was made possible through the American Recovery and Reinvestment Act of 2009.

engineer, leading both GSA’s internal and external teams through all phases of the project from planning, design, construction, building commissioning, furniture installation, tenant move-in and occupancy. “I’ve worked with a number of project teams over the years and this is the first time women have led all of the critical functions,” Agleham said. “It was a very unique and exciting experience and I’m extremely proud of all that we accomplished.” Joining Ciprazo and Agleham on the project team were Shelita Harper, Contracting Officer, and Jane Lehman, Regional Historic Preservation Officer. Together, they successfully contracted and managed the design team of architects, construction team, construction management teams and the Art in Architecture Program artist and commissioning agent to deliver the project on time and on budget. “I felt like I was personally responsible for breathing life back into the corridors of this historic building while also employing thousands of local laborers and small businesses during a time when the economy needed it the most,” Harper said. The project faced many challenges, according to Harper. The largest was working within a finite and stringent budget, the need to buy American, schedule constraints

and the laborious monthly reporting requirements in addition to ensuring the project was “shovel ready” when the call for funding was received. If the latter requirement hadn’t been met, the project wouldn’t have been funded. Once funding was allocated, Budget and Finance Program Analyst Cecilia Tracz joined the team to manage all financial aspects of the project, which included contracts, vendor payments and project closeout. Ana Lau, an architect and project manager for furniture procurement and installation, was challenged with how best to transform what was once separate office spaces into open space floor plans referred to as project-based “neighborhoods.” While a dynamic mix of open spaces encourages dialogue and collaboration, workstations and other private zones allow employees to perform focused tasks. GSA’s use of telework, alternative work schedules and digital-era mobility facilitates more efficient workspace use through desk sharing and hoteling arrangements. Bonnie Macaraig, Organizational Program Expert, led the agency’s change management efforts and developed a strategy to change the agency’s perspective on office space utilization. She noted that acclimating to this new open workspace environment required deliberate team effort and education in proper use of the facility. “The change in workspace was dramatic and we needed to ensure that our work culture transformed to maximize the benefits this dynamic workplace offered,” Macaraig said.

The Nimitz Suite was preserved during renovation. Formally known as the former Naval Commandant’s Suite at The Federal Office Building in San Francisco, this collection of twelve rooms was home to Fleet Admiral Chester Nimitz beginning in January 1948 until his death in 1966.

Pamela Collins, a real estate professional, worked closely with future tenants to identify unique functional requirements that would mandate design accommodations. Collins worked closely with Stacey Fong, the project Transaction Manager charged with the consolidating NAWRB MAGAZINE |

GSA RENOVATION and relocating of 500-plus regional employees from four locations in San Francisco. Paulina Sheung, a Facilities Management and Services Program Division Branch Chief, led a team of building management specialists who ensured sustainable service contracts were in place prior to the move. These contracts were integral to the operation of the building and included such services as operations and maintenance, elevators, janitorial, ground maintenance, food service and composting prior to the move. No project is successful without the support of legal counsel. Emma Cocks, Assistant Regional Counsel, handled all the legal aspects of the project. Cocks worked diligently with the contracting team to draft acquisition and solicitation and source selection plans. Together, they secured a waiver from the Cost Accounting Standards, and addressed compliance issues related to the Buy America Act, Section 106 of the Historic Preservation Act and the National Environmental Policy Act. They also reviewed Project Labor Agreements to ensure compliance.

“These women are incredible,” Cocks said. “I am proud to have been a part of this team. One of the major benefits is that we get to enjoy the fruits of our labor each and every day as tenants of this beautiful building.” Other team members included: Mitchelle Butler, Patricia Chang-Lynn, Christi Chidester Votisek, Brenda Dang, Rebecca Karberg and Jacqueline Sullo.

Project Successes

Since the project’s completion, 50 UNP has achieved the following results: LEED® Platinum certification from the U.S. Green Building Council, Energy Star Rating: 99, 30 percent estimated energy reduction, 55 percent estimated fossil fuel reduction, 30 percent estimated indoor water reduction, 80 percent estimated water reduction from updated toilet fixtures, 50 percent estimated outdoor water reduction, Site Energy Use Intensity: 22 kBTU/gsf, CO2 reduction: 675 and CO2 savings: 1,409 Metric Tons CO2/year. As a catalyst in helping underrepresented groups, the project labor goals for the 50 UNP project were all ex-

Left to Right: Emma Cocks, Maria Ciprazo, Cecilia Tracz, Monsy Agleham, Shelita Harper, Stacey Fong, Rebecca Karberg, Mitchelle Butler, Bonnie Macaraig and Pamela Collins.

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GSA RENOVATION ceeded. The minority participation rate was 60.3 percent—far surpassing the goal of 25.6 percent. The female participation rate was 7.6 percent exceeding the 6.9 percent goal. Jobs created amounted to 800,000 onsite construction hours, putting more than 1,000 people to work supporting the project. This exceptional team of women successfully renovated a historic building with the additional challenge of its location adjacent to the Tenderloin, an underserved community. The arrival of hundreds of new workers in the area has had a positive impact on safety and security issues around the neighborhood and breathed new life into the community, with new restaurants, stores and the farmers’ markets.

The “Women of 50 UNP” transformed a dark and gloomy structure into a bright and airy building that meets the needs of our 21st century workforce. The renovation combined an ambitious agenda for the treatment of historical facilities, a strong expression of sustainability and modern space planning. For GSA, the building is a proving ground, a demonstration to its employees, consultants and clients of the approaches and technologies that can make any facility more comfortable and reduce its carbon footprint. It answers basic questions about how to approach historic buildings and outfit them to function in the 21st century without losing the essential character that gives them value and 50 United Nations Plaza is the new home of the connects us to our heritage. U.S. General Services Administration’s regional headquarters offices for the Pacific Rim Region.

“It proved pivotal to the improvement of the area, and because of our federal investment, private owners were able to secure construction loans to improve their respective properties to transform the Mid-Market Civic Center area,” said Regional Chief Architect Maria Ciprazo about the federal dollars invested in 50 UNP.

Authored by Linda N. Allen, Regional Commissioner/ Pacific Rim Region, GSA Federal Acquisition Services

Leslie Yamagata, Deputy Regional Commissioner/ Pacific Rim Region, GSA Federal Acquisition Services

PHOTO CREDIT: Blake Marvin/HKS, Inc.

With its sustainable design, the 14,000-square-foot green roof will help to reduce storm water runoﬀ by 75 percent & lower heating & cooling costs. The green roof & 96-panel photovoltaic solar array contributed to a total of four LEED® credits for this project. NAWRB MAGAZINE |

WOMEN’S HOTEL

Women Finance Hotel for Professional Women The idea of a business that is available exclusively to a select group of people connotes discrimination and injustice; the story of the Figueroa Hotel (Fig) is interesting, because it practiced exclusivity for a progressive and meaningful purpose. For the past half century, it has been common to see women expanding into and thriving in all career avenues; but have you considered the beginnings of this progress? Were women a part of the workforce 100 years ago? They were. Some of them even held important positions. Women had entered the workforce in large numbers by the early 1900s, however, unlike today, it was uncommon to see a woman traveling alone and it was looked upon unfavorably. The Young Women’s Christian Association (YWCA) identified a demand that needed to be filled and decided to build a hotel catering to professional women. The Fig opened its doors in Los Angeles in 1926 with the mission of providing a safe space for traveling businesswomen.

History

The YWCA was founded in England in 1855 by Mary Jane Kinnaird and Emma Robarts as a support system for young women. The first American chapter of the YWCA was founded in Boston in 1866, from where it slowly spread across the nation. In 1893, Mrs. Z.D. Mathuss was elected president and Miss Clara Yale, the

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secretary of the Los Angeles chapter of YWCA. What started with 11 members quickly grew to over 200. In the early 1920s, then chapter president Mrs. Chester C. Ashley initiated the purchase of a lot located at 939 South Figueroa Street. Being a fairly new organization, the women of the YWCA had to work hard to raise money for the purchase; the funds came from patrons and two mortgage bonds. The result of their efforts was a concrete and steel building with 409 rooms. The construction began in 1925 and August 14, 1926 saw a grand inauguration gala of the Figueroa Hotel; the over 300 attendees included members of nearly every women’s group in Los Angeles who toured the hotel and danced the night away in the beautiful Fountain Ballroom. Since the hotel was built with women travelers in mind, the top nine floors were reserved for professional women and the first three floors were made accessible to men and families. The hotel’s first managing director was Maude N. Boldin and its coffee shop was run by Florence Gaskell and Ruth E. Allen. With women finding it difficult to procure equal opportunities as men in the 21st century, it is only imaginable how difficult it was for them in the early 20th century. The Fig, with its mission of serving professional women, was ground-breaking. The Fig boasted all the amenities modern businesswom-

WOMEN’S HOTEL of its kind available exclusively to women—owned, managed and financed entirely by women. At the time it was built, Hotel Figueroa was one of the largest women-owned real estate investments in the United States.

en needed, including a beauty salon where they could unwind as they had their hair styled. To make their stay more enjoyable, guests were offered golf courtesy cards, swimming lessons, bridge tables and weekly musical performances. While the women of the late 1920s enjoyed all this, the Figueroa had no intention of losing business from male guests; men had a smoking room and a shoe shine parlor to call their own. In an age when most women were still extremely confined to their homes and not afforded equal participation in society, the Figueroa Hotel became a melting pot for professional women from all over the world and the coffee shop and salons became social hubs. A few months after its opening, the hotel hosted a high tea in honor of the Women’s Christian Temperance Union’s annual convention. Besides the YWCA’s own gatherings, Hotel Figueroa hosted events by the California Federation of Business and Professional Women’s Clubs, Chicago Women’s Club, the Girl Scouts, the California League of Women Voters, the Presidents Association and the Southern California Women’s Press Club.

Changes

After a couple of successful years, the Fig started facing losses and in 1928, the president of the YWCA had to start a special fundraising campaign to pay off the accumulated debt. The hotel management changed their hiring and accommodation policies by hiring a male manager and opening all floors to men. The new policy proved profitable as within a year, the hotel was able to cover all of its expenses. With the stock market crash, this success was short-lived, and the Fig had to be sold; yet the YWCA was able to maintain its headquarters until 1951. The Fig was a revolutionary establishment; the first space

During the Second World War, the once women’s hotel became a meeting place for politicians and international leaders. It went through a phase of becoming a residence hotel, where people paid on a weekly or monthly basis but after the building was sold to a Swedish national, it returned to its old glory of hosting tourists. The new owner redecorated the original Spanish themed hotel to feature rich Moroccan flavors. With the inauguration of the Staples Center in 1999, the Figueroa Hotel bounced back into business. It became a meeting place for sports teams, hosted several Grammy after-parties and even had famous regulars like Jack Nicholson, who celebrated many a night on the hotel’s roof.

Today, the YWCA continues its noble work by providing support and encouragement to women; their mission is to “eliminate racism, empower women and promote peace, justice, freedom and dignity for all.” The early history of Hotel Figueroa remains largely unknown, and it is the sad truth that most people who patronize the hotel or are simply familiar with it, remain oblivious to its important role in the women’s movement for equality. The Figueroa Hotel is currently closed to the public as it undergoes a $30 million renovation; this time with the hopes of returning with an updated version of its original Spanish Mediterranean flair.

Photos from Dick Whittington Studio Collection, USC Digital Library

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WOMEN’S HOTEL

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NAWRB EVENT

The U.S. Small Business Administration (SBA) and NAWRB partnered to co-host the Orange County Chapter of the InnovateHER 2016 Challenge at the Lutron Electronics Training Center in Irvine, CA. Earlier this year, the SBA joined Microsoft to launch this nationwide competition of innovative products and services that help improve and empower women’s lives. As a leading advocate for women and women-owned businesses, NAWRB was honored to be part of such an enterprising event.

The inspiration for this challenge is the demand for inventive products that help working women and their families cope with their ever-changing lifestyles. The InnovateHER 2016 Challenge gave entrepreneurs the opportunity to showcase their business ideas to the world and it was amazing to see enthusiastic innovators brimming with brilliant ideas. After reviewing the diverse pool of applications, including online submissions, pre-selected contestants presented at the final event.

The Challengers

• Tulani Watkins presenting Gift N’ Go

Gift N’ Go is designed for technologically savvy women and men who expect to hear “there’s an app for that” for everything they want to do. With the Gift N’ Go app, you can schedule pickups, easily calculate the value of your donations and get rewards that can be redeemed in local stores. It is a win-win situation for all: you get rid of your unused clothes, shoes etc., a person in need gets what they have been wishing for, and a local business gets recognized.

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• Ryan Rodriguez presenting FaceTutor

FaceTutor is an interesting concept of on-demand online tutoring sessions. Traditional tutoring focuses more on homework and review tests and may not be available when a child has a specific doubt or needs last-minute help while preparing for an exam. FaceTutor gives you the liberty to pick a qualified tutor with rates that match your budget. The student and tutor are connected via FaceTime or Skype and the program allows students to opt for “Request not to pay” if the tutor was unsuccessful in helping them.

• Deja Castro with RDC Systems presenting Turbo Trash

Everybody hates taking the trash out but Turbo Trash is here to change that mentality. Turbo Trash from RDC Systems can revolutionize the whole concept of trash collection; the system features a receptacle with a pre-loaded set of liners. Once you pull out a filled bag, it gets instantly replaced by a fresh one that is ready to go.

• Jonabel Ho and her partners presenting Kulea

If you are one of the thousands of parents who find it difficult to take time off from work to drive your children to various after-school sessions, you will appreciate Kulea. It is a technology that connects parents with trusted drivers.

NAWRB EVENT Kulea strives to provide an extra income to stay-at-home parents who can pick up and drop other children who go to the same classes as their own.

The Verdict

After careful consideration from the judges, Deja Castro and RDC Systems won the InnovateHER 2016 Challenge with Turbo Trash. We were extremely impressed with the concept behind Turbo Trash and were surprised that such a product is not already available. The revolutionary product from RDC Systems will simplify the tedious process of changing the liners in trash cans by attaching one trash bag to another. With Turbo Trash, when you remove a used bag, a fresh one replaces it instantly; the bag gets pulled off the receptacle and does not involve bending and lifting like traditional trash cans. The product is easy to use and requires very little effort and time, features that successful marketable products share. Deja Castro is now in the running to qualify for the competitionâ&#x20AC;&#x2122;s grand finale in Washington, D.C. where she could win up to $40,000. NAWRB wishes her all the best in the rest of the competition and encourages all hopeful entrepreneurs to pursue their visions and participate in entrepreneurial events like the InnovateHER 2016 Challenge.

Photo of Jonabel Ho, Kelly Johnston, Patricia Ong, Deja Castro and Tulani Watkins, not pictured Ryan Rodriguez.

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MENTORSHIP

Who comes to your mind when you think of the word mentor? Someone older, who has a lot of experience, a favorite teacher from high school, maybe. After all, the word mentor refers to a knowledgeable advisor who can play a key role in your life and career. Our first mentors are usually our parents, grandparents and other family members. A good support system within the family can build a strong foundation, to help shape your character and outlook on life. The next set of mentors includes teachers, who play an essential role in our intellectual and psychological development. Good teachers are not only experts in their subjects but they have a knack for incorporating life lessons into everyday interactions. Mentors are qualified professionals who advise, encourage and guide you through various phases of your career and life. Their work involves a lot more than cheering; they provide useful critique that can help you understand your strengths and work on your weak points. Be assured that your mentor will be behind your every success and pitfall. So once you find the right mentor, enjoy the time spent with this person, absorb the information they have to offer and move forward positively. Remember behind most successful people, are one or more influential mentors guiding and supporting them even after they reach great heights. Mentoring is common in the corporate world, but there is a vast disparity between the number of men and women who have mentors. This disproportion is directly related to the gender inequality in executive positions. The typical trend in mentorship is that a mentee picks a mentor either from the company where he or she works or finds someone from the same field. When it comes to women, itâ&#x20AC;&#x2122;s difficult to find experienced, top-tier professional female mentors and this is where the problem starts. Echoing this troubling thought is Women and Mentoring in the U.S., a 2011 study conducted by LinkedIn,

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which shows that 82 percent of 1000 professional women from around the country consider mentorship important but only 19 percent have had a mentor in their lives. This percentage varies between women of different age groups with 51 percent of millennials having been mentored, 43 percent of Generation X and 34 percent of baby boomers. One of the major reasons for this gap is the fact that the baby boomer generation did not have as many women in top level positions as the other generations. Even though the situation is better now, the number of women with executive designations is still not where it should be.

MENTORSHIP

nizational elites, participation in semiformal foci, enhanced social skills, and legitimacy-enhancing signals.” Sameer Srivastava, an assistant professor at the Haas School of Business, University of California, Berkeley and lead researcher on the report, states that “formal mentoring can expand professional networks in a variety of ways for women, by building social skills and providing access to the elite members of an organization.” The study found that women who went through formal mentoring programs saw a marked increase in visibility and validity, making them more eligible networking partners for their colleagues. “Mentoring is essential to gaining the support, encouragement and commitment to achieve. The mentee receives advice and counsel as well as a support system and it is actually a two-way street - the mentors benefit as much as the mentees. The opportunity to build careers through mentoring, sponsorship and internships really increase the likelihood of pure success and happiness,” states Edie Fraser, CEO of STEMconnector/ Million Women Mentors.

A study, Network Intervention: Assessing the Effects of Formal Mentoring on Workplace Networks, published in February 2015 depicts the results of research done with 139 aspiring employees at an American software company based in China. The study reveals that “women gained more social capital from affiliation with a high-status mentor than their male counterparts.” The researchers also interviewed past participants from a formal mentoring program in Beijing to learn how mentorship programs helped bring about “access to orga-

• Give a mentee a new outlook towards his/her career, especially if they are from the same field. • Help their protégées set life and career goals. • Provide recommendations, suggest new projects, internships or even new positions. • Identify the mentee’s strengths and weaknesses. Because it is difficult to find women mentors, the best place to start looking is the company where you work. If you are an entrepreneur planning to start a business,

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MENTORSHIP

youâ&#x20AC;&#x2122;ll have to start at company events. Keep an eye out for special women-only conferences too as these could get you closer to a possible candidate. Once you find someone you feel a connection with, do not hesitate to make an introduction and exchange contact information. Take some time to get to know the person, and if they seem like the right fit ask them boldly if they would like to mentor you. If you are unable to find potential mentors at events, the next best bet would be professional networking sites like LinkedIn. Should a woman look only for a woman mentor? It isnâ&#x20AC;&#x2122;t essential but there are advantages to finding a woman mentor. A woman with years of experience will have a clear idea of what woman have to navigate when working in a male-dominant field and can advise you accordingly. It is encouraging to see women in leading positions, successfully balancing their personal and professional lives; this gives up and coming women the belief that they can do it all too. Male mentors, on the other hand, can help you understand nuances of the business world that they have seen over the years. Multiple inputs, from men and women, will give you an overall picture of what to expect and help you prepare for the best and worst situations.

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1. Have a clear idea of what you want from the rela-

tionship and work on having the goals addressed.

2. Set small, achievable goals so that there are lesser chances of failure and disappointment.

3. Be organized and systematic, so that the meetings occur regularly and the pair can consistently keep track of developments.

January is National Mentoring Month; endorsed by former President George W. Bush, this campaign was inaugurated in 2002 and is propelled by the Harvard School of Public Health, MENTOR and the Corporation for National and Community Service. Numerous governors and mayors participate in this campaign and designated nonprofits and government organizations take responsibility for local activities. National Mentoring Month features a Thank Your Mentor Day when people thank their mentors or make donations to mentorship programs. Some people also post anecdotes and tributes to WhoMentoredYou.org.

MENTORSHIP The California Institute of Technology (Caltech) has a Graduate Women Mentoring Women program aimed at supporting women graduate students as they tackle academics, career and life. The highlights of this program are the “academic and professional development workshops, discussions and social and networking opportunities.” A coffee stipend and other materials are provided to make it more interesting for both parties. Million Women Mentors (MWM) supports “one million men and women of science, technology, engineering and math (STEM) to help engage more girls and women and to peak their interest in STEM programs and careers. MWM is a collaboration of more than 60 partners (reaching over 30 million girls and women), 45 sponsors, and 34 state leadership teams.” NAWRB is doing our part for female entrepreneurs and champions the idea that effective mentoring can help women break barriers and make proud strides towards success. 1. Ralph Waldo Emerson mentored Henry David Thoreau

2. Socrates mentored Plato

3. Mahatma Gandhi mentored Nelson Mandela 4. Ingmar Bergman mentored Woody Allen 5. Robert Friedland mentored Steve jobs

6. Mrs. Duncan (4th grade teacher) mentored Oprah Winfrey

7. Rev. Donald James mentored Sen. Hillary Rodham Clinton

8. Alice L. White (headmistress) mentored Rosa Parks

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Women-Owned Business Certiﬁcation Specializing in the Housing Economy

NAWRB

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

1. Beneﬁts of being certiﬁed:

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

2. Requirements for Certiﬁcation:

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

3. Process of Certiﬁcation:

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

4. Why Certify with NAWRB:

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

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

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

SNAPSHOT INTERVIEW Our Snapshot Interview features NAWRB members answering brief, entertaining questions. In an eﬀort to showcase the personal side of our professional community of women, we’ve replaced topics such as work habits and career successes with movies and hobbies. Read on to discover what NAWRB women enjoy doing when they are not busy making strides in the business world.

Snapshot Interview with Claudia Contreras

Snapshot Interview with Mashell Stith

1. What’s your favorite dish? Lasagna

1. What’s your favorite dish? All things pasta!

2. What’s your favorite movie? The Notebook

3. Do you have a hobby? Dancing, when I have time. 4. Favorite place you’ve travelled? New York 5. Person who inspires you most? I have two people. My kids inspire me the most. 6. If you weren’t in the housing industry, what career would you like to have? Journalist 7. What’s your favorite thing about your house? Where my family and friends congregate. 8. What’s your favorite time of the year and why? Thanksgiving, because people express their gratitude more so than ever. 9. What’s something you could talk about for hours? Real estate. Every time we are in a group meeting, luncheon or dinner it’s always about real estate and escrow. 10. Describe yourself in one word. TENACIOUS

3. Do you have a hobby? Making anything creative and remodeling my house.

Snapshot Interview with Gloria Baker 1. What’s your favorite dish? I don’t have a favorite dish. I just love to eat! I am planning to attend a Culinary arts school pretty soon. 2. What’s your favorite movie? Gone With The Wind

4. Favorite place you’ve travelled? St. Martin and Rome.

3. Do you have a hobby? No, but I enjoy reading and bowling.

5. Person who inspires you most? My dad.

4. Favorite place you’ve travelled? Nassau in the Bahamas.

6. If you weren’t in the housing industry, what career would you like to have? A career in accounting or financial planning.

5. Person who inspires you most? My three grandchildren. They are truly a blessing, a joy, and definitely inspirational!

7. What’s your favorite thing about your house? Outside spaces. 8. What’s your favorite time of the year and why? Fall, because of the weather and family traditions. 9. What’s something you could talk about for hours? My kids, of course. 10. Describe yourself in one word. DRIVEN

6. If you weren’t in the housing industry, what career would you like to have? I would be an educator. I love learning, sharing knowledge and seeing others benefit from the knowledge they not only receive, but also act on. 7. What’s your favorite thing about your house? It sits up high enough for me to see if zombies start coming up the hill. 8. What’s your favorite time of the year and why? The Thanksgiving and Christmas seasons are my favorite times of year. 9. What’s something you could talk about for hours? Life 10. Describe yourself in one word. DRIVEN

NAWRB MAGAZINE |

SPEAK WRITE ATTEND

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NETWORK

upcoming

EVENTS Mike Ferry’s Action Workshop December 1-4 (Miami, FL)

This workshop will teach you how to build your business, grow profits and increase your company’s overall performance. You will be able to learn from expert speakers in the morning and meet with influential industry professionals in the afternoon. Attendees will learn how to deliver results by generating leads, listings and transactions. These four days will help you transform your business for life.

IMN’s 4th Annual Single Family Rental Investment Forum (West) December 2-4 (Scottsdale, AZ)

The annual conference brings together leaders of the industry, who will speak on topics like Getting to 50 or 100 Flips a Year, Crowdfunding 101 and New Funds. With 88 exhibitors and sponsors and 47 sessions, professionals from all sectors of the industry can benefit from this huge networking event.

IMN’s 11th Annual Western Non-Traded REIT & Retail Alternative Investment Symposium December 2-3 (Dana Point, CA)

Join industry specialists at the two-day symposium that starts with a pre-conference workshop on the pros and cons of traded and non-traded investment products. Providing a more in-depth approach than IMN’s June symposium, this conference will address hot topics from new product structures to diverse management systems, all from the perspectives of leading industry professionals.

MBA’s Independent Mortgage Bankers Conference December 2-4 (Nashville, TN)

Attend the largest annual event dedicated to non-bank mortgage lenders. This conference will give you an opportunity to network with peers, discuss specific issues and possible solutions and learn from industry leaders. The main topics to be discussed this year include Preparations for the new HMDA rule, Strategies for successful servicing and Lingering challenges of TILA/RESPA.

California MBA Annual Western States Legal Issues Conference 2015 December 7 (Costa Mesa, CA)

With 2016 looming, this conference will provide a Federal and State Legislative/Regulatory Update, host a Quality Assurance Strategies Panel, and feature a panel discussion on Fair Lending/HMDA. This is bound to be an informative and educational affair for all who are interested in industry-specific data essential for the New Year.

NMP Holiday Networking Party December 8 (Irvine, CA)

Ring in the holidays with a fun and educational networking event hosted by National Mortgage Professional Magazine with Mortgage News Network. The program includes a Next Gen Mortgage Professionals Rally and presentations including 10 Tactics that Will Double your Business in 90 Days and Secrets to Make 2016 your Best Year Ever. Don’t forget to donate toys to the Toys for Tots program at the event.

NAF Latino Homeownership on the Rise: The Hispanic Market January 21 (Los Angeles, CA)

New American Funding’s Latino Focus Committee is hosting an educational event that will focus on topics relating to Hispanic millennials. Special guest speakers and New American Funding President, Patricia Arvielo, will be there to provide enriching information. The event is being held in collaboration with Freddie Mac and Radian so you can expect to hear from industry leaders.

IMN’s 13th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing January 20-22 (Laguna Beach, CA)

The 2015 conference had over 900 veteran real estate executives and you can expect to meet and mingle with numerous leaders this time around too. The forum features discussions such as Macro-Economic Viewpoint: Key Factors Impacting CRE Investment in 2016, State of Industry and Fund Update 2016 and Office: How Long can the Ride Last? Catering to Evolving Tenant Demands. The forum will take a look back at 2015 and forward to 2016. This is an event asset managers, developers and service providers won’t want to miss.

NAWRB MAGAZINE |

WHAT WOMEN WANT REVIEWS

Have you read or watched something lately that impacted you? Share your thoughts with NAWRB Magazine’s editorial staff and readers. Send reviews to media@nawrb.com

BOOKS got social mediology? by Jay Izso

Utilizing his psychology expertise, Jay Izso, the Internet Doctor, teaches you to take command of social media for your business. This book gives in-depth focus to today’s prominent social media outlets and teaches you how to apply what you learn to drive real business growth. Delving further than simply explaining how to use social media, Izso explains why certain techniques work, why you should utilize one site over another depending on your needs, and truly helps you understand the nature of social media.

The Nightingale

by Kristin Hannah It is 1939 and Vianne Mauriac’s husband heads to the border in preparation for a possible Nazi invasion of France. As the Nazis overtake the village, Vianne is forced to live with one of the German captains and commit unthinkable acts to protect her family. Vianne’s sister, Isabelle, joins the Resistance after being betrayed by the man she loves. This is a narrative that encompasses the story of war, of sisters and of resilience of women during times of unending hardship.

Be A Person of Impact! 12 Strategies to be the CEO of Your Future by Drs. Jackie and Kevin Freiberg

In their latest book, the Freibergs help readers become persons of impact: memorable people who leave positive marks in the lives of others. Self-described as an “unapologetic kick in the butt,” the book demonstrates the process of managing your life in ways that will propel your success. These 12 strategies range from keeping good company to listing weekly goals and working together to reduce the distance between you and your dreams.

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FILMS Star Wars Episode VII: The Force Awakens

Starring Harrison Ford, Daisy Ridley, Oscar Isaac

The latest film in this legendary saga takes place 30 years after Return of the Jedi and follows new characters Finn, Rey and Poe. This is the first film in the Star Wars sequel trilogy, announced soon after Disney’s purchase of Lucasfilm in 2012. Little information has been released regarding the film’s plot, but as with all Star Wars films, this is one we cannot miss.

The Hateful Eight

Starring Kurt Russell, Samuel L. Jackson, Jennifer Jason Leigh Bounty hunter John Ruth is escorting his fugitive Daisy Domergue to the town of Red Rock for her execution. After taking shelter from a blizzard with fellow bounty hunter Major Marquis Warren and selfproclaimed sheriff Chris Mannix, the group encounters four mysterious strangers. It soon becomes apparent to Ruth that if these strangers have their way, he will never make it to Red Rock.

The Hunger Games: Mockingjay Part II Starring Jennifer Lawrence, Josh Hutcherson, Woody Harrelson

After being recognized as the “Mockingjay,” Katniss travels with Peeta, Gale and Finnick to war-torn Panem with the mission of freeing its citizens and assassinating President Snow. This dangerous pursuit of the greater good is fraught with enemies and decisions that make our characters question for what they are truly fighting. Will the group finally triumph and bring peace to the districts, or will Snow and evil prevail?

WHAT WOMEN WANT FASHION

NAWRB MAGAZINE |

WHAT WOMEN WANT RECIPE

Peppermint Hot Chocolate Ingredients: (Serves 4) 1/3 cup unsweetened cocoa powder 1 quart milk 1/2 cup semisweet chocolate chips (3 ounces) 7 peppermint sticks, crushed (¼ cup) and 4 left whole Pinch of salt

Directions:

* Recipe source www.MarthaStewart.com/336727/ peppermint-hot-chocolate

1. Place the cocoa in a medium saucepan 2. Gradually whisk in the milk until the cocoa has dissolved 3. Add chocolate chips and crushed peppermint 4. Simmer over medium heat while stirring occasionally, until the chocolate and peppermint have melted (about 8-10 minutes) 5. Bring to a boil and immediately remove from heat. 6. Add salt 7. Pour into mugs and serve each with a peppermint stick

Corn Chaat Ingredients: (Serves 2) 1 ¼ cups corn kernels 2 tablespoons finely chopped onions 1 to 2 tablespoons finely diced tomatoes (optional) 1 teaspoon Chaat masala* (or to taste) 1 teaspoon finely chopped green chili (optional) Salt to taste Lemon juice to taste Finely chopped cilantro and mint

Directions: 1. Use fresh corn for best results but if it is not in season, you can make do with frozen kernels. For fresh corn, cut the kernels off the cob. For frozen corn, simply thaw it completely before mixing the ingredients. 2. Mix together the corn, onions, tomatoes (if using), chaat masala, green chili (if using), salt and lemon juice. 3. Garnish with the herbs and serve.

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* Chaat masala is a spice mix popular in the Indian subcontinent and is available in all big Indian grocery stores. It can be a little salty and tangy, so taste the corn before you add extra salt and lemon juice.

* Recipe taken from SquareMeals.blogspot.com/2012/08/ corn-chat-in-memoriam.html

HEALTH WHAT WOMEN WANT

Yoga

is a practice that combines meditation, regulated breathing and specially formulated body postures (asanas) to harmonize the body, mind and spirit. The concept behind asanas is to stretch the body to create balance, strength and flexibility. Originating in India, yoga—a Sanskrit word translating to union—has become incredibly popular within the U.S. in the last few decades. With thousands of studios around the country, specialized designer wear and even accompanying diets, the once niche practice has become a national phenomenon. Yoga is an excellent alternative for adults hoping to steer clear of high-impact activities such as running or playing sports. Don’t let the images of people doing strenuous poses deter you; yoga is a gradual learning process that is beneficial to the mind, body and soul. Did you know that the world observed the first ever International Day of Yoga on June 21st, 2015? In India, the Indian Prime Minister, politicians, celebrities and the general public performed 21 yoga postures for 35 minutes in New Delhi. The celebration gained two entries into the Guinness Records: the largest yoga class with 35,985 attendees, and the record for the most nationalities participating in one event with 84.

Benefits:

• Reduction of stress and muscle tension • Better sleep • Lower heart rate and blood pressure • Improved strength and flexibility • Slower aging • Overall sense of well being • Strengthens bones • Helps maintain weight • Relieves menopausal discomfort • Helps keep the mind sharp

NAWRB MAGAZINE |

WHAT WOMEN WANT HEALTH

Use Beauty to Help Patients Transform and Heal

Photo credit: Lipstick Angels

How’s this for unfair — the chemotherapy and radiation that can save a cancer patient’s life are the very things that wreak havoc on appearance. Enter Renata Helfman, a Hollywood makeup artist and the founder of the nonprofit group, Lipstick Angels. Staffed by volunteer makeup artists and aestheticians who offer their services for free, the mission of Lipstick Angels is to show patients how a regular beauty routine can help them look and feel better. “A lot of times women being treated for cancer are hesitant to focus on beauty,” said Helfman, whose group regularly visits City of Hope. “Our job is to let them know it’s not only OK, it’s going to make a difference in their confidence and emotional well-being.” After four years of working with cancer patients, Helfman and her staff have amassed a range of tips for how patients can reclaim the sense of self that the rigors of cancer treatment so often strips away.

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Here, Helfman offers some beauty and safety tips for cancer patients, as well as a bit of advice for caregivers. First, throw away your makeup. Yes, a tough one, but cancer treatment leaves you vulnerable to infection and starting fresh with brand new products lets you proceed with confidence. Consider going all-natural. Product lines of lotions and cosmetics such as Burt’s Bees or Physician’s Formula eschew complicated chemicals in favor of more skin-friendly formulas. Get a hand massage. Closing your eyes while someone gently rubs a rich and fragrant lotion onto your fingers, palms and wrists eases dry skin and erases stress. (Ditto for a foot massage. Do it often.) Is your skin very dry? Adding a few drops of lotion or body oil to your hands and body can make a big difference. Aromatherapy lifts the spirits. Try a dab of essential oil

HEALTH WHAT WOMEN WANT on a cotton ball to carry with you and sniff as needed. Scents such as lavender, rosemary or lemongrass can relieve anxiety and help with nausea. Use this time for a fresh start. Chemotherapy changes your skin and its color, so experiment with new colors for foundation, blush and eye shadows. Learn to fill in your eyebrows. YouTube is a great source of videos with information specifically for cancer patients. Before you start chemotherapy, take photos of your eyebrows. When the time comes, you’ll then have a template to copy. (And if you’re adventurous, experiment with new shapes or colors.) Skip the manicures and pedicures during cancer treatment. The risk of infection is too great. Try a bit of essential oil massaged into your nail bed to keep cuticles soft and supple. Use disposable makeup brushes. Infection is a risk and disposables are readily available at your local drug or big box store.

Using liner can help. It’ll define eyes when lashes are lost to chemotherapy. While the glue for false eyelashes is probably too harsh for daily use, applying false lashes for a special night can give a glamorous boost. Go pink and peachy with foundation colors. Chemotherapy can make your skin sallow and the warmer curve of the color wheel will be your friend. Not a fan of foundation? Try a tinted moisturizer for a bit of color. Get a dewy glow. Just skim a few drops of body oil over your completed makeup.

Tips for caretakers

Make it easy for the patient to say “yes.” Cancer patients can often feel they are taking too much of your time. Couching offers of help in terms of yourself – “It would be so much fun if…” or “I’d love it if you would let me…” makes it easier for the person to accept your help. Be patient. Be encouraging. Don’t give up. Cancer is an isolating experience and sometimes it takes a bit of coaxing for a friend or loved one to accept help.

Article by Veronique de Turenne. Reprinted with permission from City of Hope

NAWRB MAGAZINE |

INDEX ADVERTISERS D Desiree Patno Enterprises...................................... 28 H Herbert H. Landy Insurance Agency Inc............... 55 M Million Women Mentors......................................... 3 N National Association of Hispanic Real Estate Professionals ................................... 51 National Association of Women in Real Estate Businesses, The....................2, 26, 27, 49, 58 P Prospect Mortgage................................................. 31 R RIS Media.............................................................. 56

COMPANIES A All Vegas Valley Realty........................................... 57 American Heart Association.................................. 39 Apollo Bank........................................................... 17 Arista National Title Company................... 18, 25, 57 AREAA............................................................60, 61 ATM Invest Realty................................................. 57 B Avatar Property Services, Inc.................................. 26 Bank of America......................................... 19, 20, 60 Bell State Bank & Trust......................................... 16 Bridge Housing...................................................... 17 Black Ridge Bank................................................... 16 BrightStar Credit Union........................................ 16 Burt’s Bees.............................................................. 66 C California Federation of Business and Professional Women’s Clubs............................... 47 California Institute of Technology......................... 55 California League of Women Voters...................... 47 California State Diatec’s Association..................... 47 Chicago Women’s Club.......................................... 47 Citibank............................................................19, 21 City of Hope........................................... 7, 39, 66, 72 Consumer Financial Protection Bureau.................. 14 Corporation for National and Community Service............................................ 54 D Deloitte.................................................................. 17 Douglas Elliman............................................ 7, 36, 39 E Eagle Bank............................................................. 14 East West Bank........................................................ 8 Ellie Mae................................................................ 17 European Union..................................................... 34 F Fannie Mae......................................13, 17, 22, 23, 24 Federal Deposit Insurance Corporation, The.......... 14 Federal Housing Finance Agency, The........ 22, 23, 24 Figueroa Hotel............................................ 46, 47, 48 First Central Savings Bank, The............................. 16 First National Bank................................................ 16 Freddie Mac.......................................... 13, 22, 23, 24 G Genesis Capital........................................................ 8 Girls Scouts............................................................ 47 Google.................................................................... 17 Gusto...................................................................... 17 GRG Group........................................................... 16 GSA Federal Acquisition Services......................... 45 H Harmony Escrow.................................................... 57 Harvard School of Public Health........................... 54 HKS, Inc................................................................. 45

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Housing Vermont................................................... 16 Hudson & Marshall................................................. 8 I IMN....................................................................... 61 Inwest Title Services, Inc........................................ 57 J JPMorgan Chase...............................................19, 20 Journal of Real Estate and Finance Economics...... 12 K Keurig Green Mountain, Inc.................................. 17 L LeanIn.org.............................................................. 12 LinkedIn................................................................. 52 Lipstick Angels.............................................. 7, 66, 67 Long Island Jewish Medical Center....................... 39

U.S. Department of Housing and Urban Development........................................... 13 U.S. General Services Administration.................... 42 U.S. Small Business Administration....................... 50 V Veterans Preference, Inc.......................................... 57 VRM Mortgage Services.......................................... 8 W Wealth-X....................................................... 7, 32, 33 Wells Fargo................................................... 8, 19, 20 WhoMentoredYou.org........................................... 54 Women’s Christian Temperance Union................. 47 Y Young Women’s Christian Association..............46, 47

PEOPLE

M McKinsey & Company.......................................... 12 Merchants Bank..................................................... 16 Merrill Lynch.............................................. 37, 38, 41 Mi Casita Escrow................................................... 57 Microsoft................................................................ 50 Million Women Mentors....................................... 55 MBA........................................................... 25, 60, 61

A Allen, Linda N................................................. 4, 6, 45 Allen, Ruth E......................................................... 46 Allen, Sharon L...................................................... 20 Allen, Woody.......................................................... 55 Aristeguieta, Francisco............................................ 21 Ashley, Chester C................................................... 46 Athanasia, Dean..................................................... 20

N National Association of Real Estate Brokers, The....60 National Association of Hispanic Real Estate Professionals, The.......................... 12, 13, 60 National Association of Realtors, The................12, 60 National Association of Women in Real Estate Businesses, The................... 4, 6, 7, 8, 13, 18, 24, 26, 30, 31, 37, 38, 39, 40, 41, 48, 50, 51, 55, 57, 59, 60, 62, 63, 64, 70, 71 National Development Fund.................................. 34 National Minority Supplier Development Council.......................................25, 26 National Mortgage Professional Magazine.......61, 70 Nationwide Laboratory Services............................ 16 New American Funding....................................13, 61 Nielsen & Selig Center for Economic Growth...... 12 NY Mets................................................................. 39 NY Times............................................................... 14

B Bacon, Ashley......................................................... 20 Baker, Gloria.....................................................57, 59 Bammann, Linda B................................................. 20 Barajas, Lisa............................................................ 60 Battles, Cerita........................................................... 8 Bautista, Jessica Ann............................................... 60 Bedell, Jenny........................................................... 17 Bergman, Ingmar.................................................... 55 Bessant, Catherine P............................................... 20 Beveridge, Piper Neal............................................. 17 Bies, Susan S........................................................... 20 Bird, Stephen.......................................................... 21 Bjorge, Carrie......................................................... 16 Brandt Schumacher, Amy......................................... 8 Bronstein, Sheri B................................................... 20 Bojorquez, Liliana.................................................. 60 Boldin, Maude N.................................................... 46 Bowles, Crandall C................................................. 20 Bush, George W..................................................... 54 Butler, Mitchelle..................................................... 44

O Offices of Minority & Women Inclusion............... 24 Owners.com............................................................. 8 P Physicians Formula................................................. 66 PNC Bank.........................................................19, 21 Presidents Association............................................ 47 Prospect Mortgage..............................................8, 31 Prudential............................................................... 38 R RBS Citizens/Charter One Bank........................... 16 Realty World Westcamp Realty............................. 57 REMAX................................................................. 57 Related Companies, The......................................... 17 RIS Media.............................................................. 56 Ryan Hill Realty..................................................... 57 S ServiceLink.............................................................. 8 Sotheby’s International Realty................. 7, 17, 32, 33 Steele Advisory and Services, LLC.......................... 8 Stepping Stone Real Estate Services, Inc................ 26 Southern California Women’s Press Club.............. 47 South Florida Home Sales..................................... 57 T Tarrant County Housing Partnership.......... 29, 30, 31 The Chicago Corporation....................................... 16 Total Bank.............................................................. 17 TCF National Bank............................................... 16 U United Arab Emirates............................................ 34 U.S. Bank...........................................................19, 21 U.S. Census Bureau...........................................12, 29 U.S. Commercial Service........................................ 27

C Callahan, Don........................................................ 21 Callihan, William H............................................... 21 Calnan, Colleen...................................................... 27 Cantu, Ernesto Torres............................................ 21 Carlson, Jennie P..................................................... 21 Carnell, David........................................................ 20 Carroll, David M.................................................... 20 Castro, Deja.......................................................50, 51 Cecere, Andrew...................................................... 21 Chao, Elaine L........................................................ 20 Chang-Lynn, Patricia............................................. 44 Cheshire, Marjorie Rodgers.................................... 21 Chosy, James L....................................................... 21 Chubak, David....................................................... 21 Ciprazo, Maria...................................... 42, 43, 44, 45 Clinton, Sen. Hillary Rodham................................ 55 Cocks, Emma......................................................... 43 Collins, Pamela....................................................... 43 Contreras, Claudia.............................................57, 59 Cope, Sandra.......................................................... 58 Corbat, Michael L.................................................. 21 Cowles, James C..................................................... 21 Crow, Sheryl......................................................25, 60 Cutler, Stephen M.................................................. 20 D Dang, Brenda.......................................................... 44 Davidson III, John P............................................... 21 Davis, Christi.......................................................... 21 Davis, Richard K..................................................... 21 Debor, Marie.......................................................... 17 Delgado-Trikas, Irma...................... 4, 6, 18, 25, 57, 60 Demchak, William S.............................................. 21 Desoer, Barbara J.................................................... 21

INDEX Diaz, Carlotta......................................................... 57 Dimon, Jamie......................................................... 20 Dolan, Terrance R................................................... 21 Donnelly, John L..................................................... 20 Donofrio, Paul M.................................................... 20 Duke, Elizabeth A.................................................. 20 E Elmore, John R....................................................... 21 Emerson, Ralph Waldo.......................................... 55 Engel, Susan E........................................................ 20 Erdoes, Mary Callahan........................................... 20 Esposito, Orlando C............................................... 21 Evangelisti, Josepth M............................................ 20 F Fimbres, Lorena....................................................... 3 Finucane, Anne M.................................................. 20 Florek, Anita.......................................................... 16 Fong, Stacey.......................................................43, 44 Ford, Harrison........................................................ 62 Forbes, Malcolm................................................12, 14 Forese, James A....................................................... 21 Fraser, Edie........................................................53, 54 Fraser, Jane.............................................................. 21 Freiberg, Kevin....................................................... 62 Friedland, Robert................................................... 55 G Gandhi, Mahatma.................................................. 55 Gaskell, Florence.................................................... 46 Gerspach, John C.................................................... 21 Greener, Geoffrey S................................................ 20 Gregorio, Marcia.................................................... 60 Gutierrez, Melisa.................................................... 60 Guyaux, Joseph C................................................... 21 H Hall, Neil F............................................................. 21 Hannah, Kristin...................................................... 62 Hannon, Michael J.................................................. 21 Hanson, Christine.................................................. 57 Hansen, Erica........................................................... 3 Hardison, Hope A.................................................. 20 Harkey, Diane L..................................................... 26 Harper, Shelita...................................................43, 44 Harrelson, Woody................................................... 62 Harris, Kimberly J................................................... 21 Henn, Vicki............................................................ 21 Helfman, Renata.................................................... 66 Herman, Dottie............. 1, 4, 5, 6, 7, 37, 38, 39, 40, 41 Ho, Doreen Woo.................................................... 21 Ho, Jonabel........................................................50, 51 Hoeffer, Lizy.......................................................... 31 Horan, Anthony J................................................... 20 Hu, Bradford.......................................................... 21 Hudson, Linda P..................................................... 20 Hutcherson, Josh.................................................... 62 Hill, Panzina........................................................... 16 I Issac, Oscar............................................................. 62 Izso, Jay................................................................... 62 J Jackson, Samuel L................................................... 62 James, Kay Coles.................................................... 21 James, Rev. Donald................................................. 55 Jobs, Steve............................................................... 55 Johnsen, Terry......................................................... 57 Johnston, Kelly....................................................... 51 Jordan, Gregory B................................................... 21 Juchno, Stacy.......................................................... 21 K Karberg, Rebecca.................................................... 44 Katz, Iris................................................................. 39 Katz, Saul............................................................... 39 Katziff, Christine P................................................. 20 Kelly, Patricia.......................................................... 16 Kennedy, Valarie..................................................... 57 Kilaru, Risha........................................................... 31 Kinnaird, Mary Jane............................................... 46 Kirtley, Olivia F....................................................... 21 Kotwal, Shailesh M................................................ 21 Kozich, Gregory..................................................... 21

L Lake, Marianne...................................................... 20 Larrimer, Karen L................................................... 21 Laughlin, Terry....................................................... 20 Lawrence, Jennifer.................................................. 62 Lehman, Jane.......................................................... 43 Leigh, Jennifer Jason.............................................. 62 Leno, Jay................................................................. 25 Levy, Richard D...................................................... 20 Linville, Jud............................................................ 21 Longo, Christina.................................................... 31 Lorber, Howard M............................................37, 41 Loughlin, Michael J................................................ 20 Low, Juliette Gordon.............................................. 71 Lozano, Monica C.................................................. 20 Lynch, Gary G........................................................ 20 Lynch, Karen S....................................................... 21 Lyons, Michael P..................................................... 21 M Manderla, Nelson................................................... 55 Marvin, Blake......................................................... 45 Mathoda, Rayman.................................................... 8 Mathuss, Z.D......................................................... 46 Macaraig, Bonnie..............................................43, 44 Meeker, Molly........................................................ 31 Milligan, Cynthia H............................................... 20 Mills, William J...................................................... 21 Mitton, Linda......................................................... 27 Modia, Jacqueline................................................... 17 Modjtabai, Avid...................................................... 20 Montag, Thomas K................................................. 20 Montanez, Vanessa................................................... 8 Moynihan, Brian.................................................... 20 Moore, Miriam......................................................... 8 Mualem, Sharon....................................................... 8 Murray, Michael..................................................... 21 N Nguyen, Thong....................................................... 20 O Ong, Patricia........................................................... 51 Orimoloye, Philippa............................................... 60 P Parker, P.W............................................................. 21 Parks, Rosa............................................................. 55 Parsley, E. William................................................. 21 Patno, Desiree.......................................6, 7, 26, 27, 60 Payne Jr., Richard B................................................ 21 Petno, Douglas B.................................................... 20 Pepper, Jane G........................................................ 21 Pinto, Daniel E....................................................... 20 Powell, Colin.......................................................... 25 Q Quinn, Katherine B................................................ 21 Ramos, Rose Ann................................................... 60 R Reese, Lexi............................................................. 17 Reilly, Robert Q...................................................... 21 Rhein, Kevin A....................................................... 20 Ridley, Daisy........................................................... 62 Robarts, Emma....................................................... 46 Rodin, Judith.......................................................... 21 Rockey, Joseph E.................................................... 21 Rodriguez, Ryan................................................50, 51 Rogers, Kathleen A................................................. 21 Runkel, Mark G...................................................... 21 Runstad, Judith M.................................................. 20 Russell, Kurt........................................................... 62 Ryan, Teresa............................................................ 57 S Santaella, Wendy.................................................... 60 Selig, Stefan M....................................................... 60 Sheung, Paulina...................................................... 44 Shirai, Sandra......................................................... 17 Shrewsberry, John R............................................... 20 Simon, Robin......................................................... 60 Skyler, Edward........................................................ 21 Sloan, Timothy J..................................................... 20

Smith, Andrea B..................................................... 20 Smith, Gordon A.................................................... 20 Smith, Teresa Palacios............................................ 60 Spitler, Janet........................................................... 16 Spero, Joan E.......................................................... 21 Srivastava, Sameer.................................................. 53 Stanisch, Michele................................................... 31 Stith, Mashell......................................................... 59 Steele, Rebecca......................................................... 8 Steffes, Lorene K.................................................... 21 Stevens, Ann Huff.................................................. 10 Strother, James M................................................... 20 Stone, Kent V.......................................................... 21 Stumpf, John G....................................................... 20 Sullo, Jacqueline...................................................... 44 Swenson, Susan G.................................................. 20 T Taylor, Diana L....................................................... 21 Thoreau, Henry David............................................ 55 Thompson, Bruce R................................................ 20 Thornton, Grant..................................................9, 10 Tolstedt, Carrie....................................................... 20 Tracz, Cecilia.......................................................... 43 Travis-Johnson, Cheryl............................................. 8 Tsay, Margaret........................................................ 57 Turenne, Veronique de.........................................6, 67 V Valenciano, Pamela................................................. 60 Vallone, James R..................................................... 20 VanNess, Donna.............................................. 4, 6, 31 Van Wyk, Steven.................................................... 21 Vanni dâ&#x20AC;&#x2122;Archirafi, Francesco................................... 21 Vautrinot, Suzanne M............................................. 20 Von Gillern, Jeffry H.............................................. 21 Votisek, Christi Chidester...................................... 44 W Watkins, Tulani..................................................50, 51 White, Alice L........................................................ 55 Weerasinghe, Rohan............................................... 21 Welsh, Jack............................................................. 41 Winfrey, Oprah...................................................... 55 Y Yale, Clara............................................................... 46 Yamagata, Leslie ............................................. 4, 6, 45 Yates-Deangelo, Cameron...................................... 57 Ybarra, Paco............................................................ 21 Youngwood, Sarah M............................................. 20 Z Zames, Matthew E................................................. 20

INFOGRAPHIC: Top banks: http://www.federalreserve.gov/releases/ lbr/current/default.htm Chase: http://www.jpmorganchase.com/corporate/ About-JPMC/workforce-diversity.htm and http:// www.jpmorganchase.com/corporate/About-JPMC/ board-of-directors.htm Bank of America: http://investor.bankofamerica. com/phoenix.zhtml?c=71595&p=irol-govboard#fbid=xOuvWf4fZe9 Wells Fargo: https://www.wellsfargo.com/about/ corporate/governance/ Citibank: http://www.citigroup.com/citi/about/ our_leaders.html?group=boardofdirectors US Bank: http://phx.corporate-ir.net/phoenix. zhtml?c=117565&p=irol-govboard and http://phx. corporate-ir.net/phoenix.zhtml?c=117565&p=irol-govmanage PNC Bank: https://www.pnc.com/en/about-pnc/ company-profile/leadership-team.html

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National Mortgage Professional Magazine has become “The source for top originators—that connects the mortgage professional community under various media formats. While electronic media has become a vital part of our information platform, there is nothing like the feeling of holding a magazine in your hands. In the business world, knowledge and expertise rank high in the qualities of successful professionals. A subscription to our print edition allows you to share the informative articles in our publication with your colleagues and business partners - it is literally right there, at your fingertips. Our exceptional team of industry-seasoned monthly contributors, all with meaningful expertise in their related disciplines, provides the most up-to-date news, insight and advice for today’s mortgage professional. Stay on top of mortgage industry news and trends. The NMP Daily Email Newsletter is your source for breaking news, insights and tips. Gets free access to full articles including the hottest industry headlines, featured articles and other mission critical mortgage industry stories delivered to your inbox each day. The NMP Mortgage News Ticker is a daily news feed that gives you a snapshot of the hottest mortgage news stories from around the web. Stay informed of the most recent headlines and blogs, all compiled into one convenient daily email. Mortgage News Network (MNN) features regularly scheduled and special event video programming with industry experts sharing insights that impact your business today and in the future. MNN provides market forecasts, proven sales and marketing strategies, interviews with industry leaders and more.

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