Vol 5, Issue 1

Helen Hanna Casey sheCENTER(FOLD) Page 30

Women’s Homeownership VOL. 5 / ISSUE 1

Women's Homeownership Initiative (WHI) Page 9

How Can We Mint One Million More Million Dollar Women?

Page 24

Hispanic Women are the Key to Hispanic Buying Power

Page 12

The Buying Power of Asian Americans

Page 15

Survival Period for Esophageal Cancer is Tied to Race and Income

Page 52

Having launched our National Women’s Homeownership Initiative (WHI) last year, NAWRB begins 2016 with our Women’s Homeownership issue. The achievements of professional women will poise them to become homeowners in increasing numbers and as women homeowners grow, they will cement their successes and pave the way for future generations of women. By positively impacting women's homeownership and decreasing women's poverty levels, the NAWRB WHI is helping situate professional women for success.

Our profiles of Hispanic and Asian American homebuyers illustrate the potential these groups have to bring change and revitalization to the housing market, as well as the crucial role women play in this purchasing activity. We also address the current rental market, with it’s continually elevating rent that at times rivals mortgage payments; as Americans continue battling high rents and remain incapable of homeownership due to low affordability, where will they find relief ?

As a strong voice for women in the housing continuum, NAWRB voices women’s concerns in our responses to the Department of Labor’s (DOL) Research and Evaluation Plan for 2016 Request for Information (RFI) and the U.S. Small Business Administration’s (SBA) Request for Comment (RFC) on the certification requirements of Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs).

engaging article concerning the effects of socioeconomic disparities on a person’s health, specifically in relation to the treatment and survival rates among patients with esophageal cancer. By helping women succeed in the professional sector, from climbing company hierarchies and accomplishing higher revenues, NAWRB is assisting in diminishing these socioeconomic differences.

This year has started with a bang for professional women, with the recent announcement by the SBA of their historic achievement in awarding 5.05 percent of federal small business contracts to women-owned small businesses. The workplace is changing for working women, not always at the speed we’d like but it is changing for the better. NAWRB will continue contributing to this progress through our advocacy and industry relationships, and will ensure our community remains aware of important developments for women in housing through our international magazine.

Desirée Patno Publisher/CEO

Desirée.Patno@NAWRB.com

Our sheCENTER(FOLD), Helen Hanna Casey, is a woman with decades of experience in executive decision-making roles. As President of Howard Hanna Real Estate Services, she encapsulates the experience of being a C-suite woman, and shares what it takes to become a successful one. Discussing the process of running a family-owned business and divulging her interests when she is not in the workplace, Helen affirms the importance of enjoying the fruits of your labor and NAWRB is proud to bring you her story.

Just as important as maintaining your business’s health is tending to yours, and the City of Hope provides an NAWRB MAGAZINE |

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GLOBAL BUSINESS

Is part of your 2016 business plan to attract a more global, affluent clientele? The world is getting smaller and smaller, particularly for those with means who are even more world-wise than previous generations. Therefore, growing your business to target, attract and retain this appealing demographic makes sense. However, it’s not for everyone. Attracting affluent patrons outside of your market can be expensive and difficult, yet extremely lucrative. According to the National Association of Realtors (NAR), foreigners pay on average nearly $500,000 for a house, compared to the national average of $256,000.

As you think about expanding your business, knowing how to navigate this world and heeding a few key pieces of advice can make all the difference between notable success and spectacular failure.

Understand your Audience

Ensuring you have a product or service that has global appeal is the first step before deciding to target this market. Review your existing clientele. Are you currently surveying your clients, formally or informally, to understand how they found you and where they are from? If not, that is the perfect place to start. You can also study the analytics of your website. A basic Google Analytics package can easily reveal if you have traffic visiting your site from other countries. If you have at least 10 percent of your traffic coming from outside the U.S., it

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probably makes sense to focus on building that part of your business.

Educate yourself on the shared values of the global affluent to truly understand their wants and desires. In a recent white paper released by Luxury Portfolio International, The Emerging Class of Global Affluent: Buyers, Sellers and the Real Estate Community That Serves Them, we look closely at how today’s worldwide class of affluence transcends geographic and cultural barriers, as the new global elite are united by common values for themselves, their children, their businesses and their futures. The research, based on data collected for The Survey of Affluence and Wealth by YouGov, shows that wealthy consumers today are more alike than dissimilar and, in fact, exhibit great cross-ownership in business interests, club memberships, destination property ownership, shared flight itineraries, preferred hotels and favorite pastimes. The good news is that if your product or service is applicable and desirable to this audience, word-of-mouth is a powerful marketing technique.

Leverage Technology to Make Their Lives Easier

If your goal is to attract an international client it’s important that you prioritize making it easier for them. For example, be sure your website is translated into multiple languages and includes a currency conversion. Wherever

GLOBAL BUSINESS

and whenever possible, provide manual translations done as a first class service provider, not simply a transaction by a human being who understands your business not facilitator, and will lead to long-term relationship buildjust any translation company, versus an automated ser- ing, referrals and repeat business. vice such as Google Translate or Babblefish. Depending on the scope of your business or the number of countries Don’t Overlook Clients and languages you are hoping to target, manual trans- Who May Be Right in Front of You lations can be prohibitively expensive. Simply making Global buyers have definitely descended on the U.S. and an effort with some manually translated content, such are making a significant impact on our economy. In the as “static” content that doesn’t change frequently, will U.S. in 2015, the total foreign sales dollar volume was go a long way in attracting an international audience. estimated at $104 billion, approximately eight percent Today, great resources for communicating with clients of total existing home sales dollar volume, according around the world make facilitating complicated busi- to NAR. It’s important to note, however, that it is not ness transactions from afar much easier. Consider using about just targeting, say, Chinese buyers who are coming Skype or Facetime rather than over from China. In fact, many a typical call or even texting. major metropolitan areas like “Working with clients from Video communication makes San Francisco Bay area other parts of the world means the a transaction much more intiare known for attracting sigunderstanding and catering mate and personal. And be sure nificant numbers of Chinese to set up times for calls that are buyers. Many of these buyers to dissimilarities...” convenient based on their busiare actually U.S. citizens and ness hours or availability, rather than yours (yes, it means technically local. While they may have been born in Chisometimes taking calls at 7:00 in the morning and 10:00 na, many already live in the U.S. but remain influenced by at night). their cultural heritage.

Tell your Story Through Video

Non-native speakers can often understand spoken word better than they can read a foreign language, so be sure to tell your “story” via video. This is a nice, warm way to make an introduction to your product or service, particularly when a potential buyer is far away.

Remember that Global Mindset Extends Far Beyond Language

Working with clients from other parts of the world means understanding and catering to dissimilarities, such as providing a translator if necessary, but it extends far beyond the obvious differences of language barriers.

Ensure you are familiar with the culture and customs of those with whom you are working. And be sure you are providing them with full service assistance, beyond simply your product or service. If you put yourself in their shoes you’ll quickly realize, for example, if your client is from the UK and buying a condo in Boston, they may or may not be familiar with requirements for visas, homeowners insurance or real estate taxes. Assisting them with the full spectrum of their needs will position you

Understanding the distinction between place of origin and its impact on personal and cultural preferences is imperative for serving today’s global consumer. The bottom line? Often, “global” buyers are right in your back yard. Don’t forget to cast your net locally too.

Last but not least, a critical way in which you can effectively grow your business outside of your market is by partnering with a national or global affiliation. In today’s world there is no reason you need to go at it alone. Most industries have networks, affiliations and business associations with which you can partner to leverage their reach.

Stephanie Pfeffer Anton is the Executive Vice President for Luxury Portfolio International® where she oversees day-to-day operations of this global, multi-faceted program which represents residential real estate brokers in over 50 countries.

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Contents:

Features 3 Letter from the Publisher 4 Growing Your Business to Include an Affluent Global Clientele by Stephanie Pfeffer Anton

9 Women's Homeownership Initiative (WHI) 12 Hispanic Women are the Key to Hispanic Buying Power 15 The Buying Power of Asian Americans 19 The American Rental Market:

Will there be a Change in Affordability?

24 How Can We Mint One Million More Million Dollar Women? by Julia Pimsleur

30 sheCENTER(FOLD) Helen Hanna Casey 39 Department of Labor Research and Evaluation Plan for 2016 Request for Information

42 Women-Owned Small Business and Economically Disadvantaged Women-Owned Small Business Certification Advanced Notice of Proposed Rulemaking (ANPR)

52 Survival Period for Esophageal Cancer is

Tied to Race and Income by City of Hope

Departments 27 Remodels: Making Your Dream Home (Infographic) 36 Showcasing Women ‘On the Move’ in the Housing Economy 46 What Women Want

-Fashion -Health -Reviews -Recipes

54 SWAN

-Speak -Write

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-Attend -Network

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19

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12 sheCENTER(FOLD)

Helen Hanna Casey

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4 52 Vol 5. Issue 1: Women’s Homeownership NAWRB MAGAZINE |

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NAWRB STAFF & CONTRIBUTORS Proud Winner of the 2015 APEX Award!

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno CONTENT WRITER Belester Benitez Aparna Mankada Covilakam

Order your Digital or Print Subscription Today!

SENIOR GRAPHIC DESIGNER Kendall Roderick PRODUCTION ASSISTANT Shideh Balali Lauren Iglehart Jay Jones CONTRIBUTORS Julia Pimsleur Stephanie Pfeffer Anton Helen Hanna Casey City of Hope

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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WOMEN'S HOMEOWNERSHIP INITIATIVE

Homeownership

is a central part of the American dream, for most people, it is the American Dream.

Owning a home connotes success and achievement.

would significantly increase their access to homeownership, female buyers are poised to have a formidable effect on the housing industry.

As women progress in the workforce and receive the consideration and participation they have earned, it is essential to fortify their growth with strong economic foundations. Why is it important for women to become homeowners? Homeownership provides the financial security to safeguard women’s progress, and paves the way for future generations.

Home Affordability and Potential Homebuyers

According to the U.S. Census Bureau, 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 single parent families are headed by a female. In the U.S., 30.9 percent of families headed by women with no husband present live below the poverty level. Of these, 40.5 percent households Women continue to face obstacles in have children below 18 years of age and their career paths, with a pervasive 27 47 percent have children under five percent gender wage gap and lack of years of age. The economic challenge advancement in hierarchy. This disparity significantly impacts women's ability “In the U.S., 30.9 percent of of living in financially underprivileged states has profound negative effects on to incur savings and secure a home to families headed by women these children and plays a major role in call their own, as their paychecks don’t with no husband present live preventing their mothers from living travel nearly as far as men’s. below the poverty level.” above the poverty line and ultimately There are encouraging facts, however. According to 2014 transitioning into homeownership.

Census Bureau data, there are 18,057,000 female homeowners in the United States. Ten million live alone, 6.7 Apart from these women living in poverty, inability to million live with relatives without a husband present and purchase homes has given rise to a new trend of women living with their families rather than living alone. Accord1.3 million live in two-or-more person households. ing to the Pew Research Center, in 1940, 36.2 percent of The desire for homeownership is present and firm among women aged between 18 and 34 lived with their famiwomen. With the prevalence placed on pay parity which ly, parents or other relatives excluding their spouse. In NAWRB MAGAZINE |

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WOMEN'S HOMEOWNERSHIP INITIATIVE 2014, 36.4 percent of women in this age group were still living with their families. One of the focal reasons for this is affordability; not many women have sufficient incomes to afford a home and in some cases even rent.

• The number of women living at home dropped to 24 percent in the late 1950s and early 1960s and slowly rose between 1960 and 2000; the Great Recession caused the sharp increase after 2008 • In 2014, young adults enrolled in college were more likely to live with their families than those not enrolled in college: 45 percent versus 33 percent • Married women leave their family homes to live with their husbands, but now women are delaying marriage. Only 30 percent of young women were likely to be married in 2014 compared to 62 percent in 1940 • Census Bureau data proves that now , on average, women enter marriage at age 27, compared to 21.5 years in 1940 • Age break-up for women living with family as of 2014: - 56.1 percent women aged 18-24 - 28.4 percent aged 25-29 - 16.2 percent aged 30-34

Facts on Women’s Homeownership

According to NAR’s Recent Home Buyer Profiles, a survey conducted among homebuyers who purchased homes between July 2014 and June 2015, more single women purchased homes than single men.

• Household composition of recent buyers - 67 percent married couples - 15 percent single females - 9 percent single males - 7 percent unmarried couples • 15 percent of all respondents were single female buyers

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"...between July 2014 & June 2015, more single women purchased homes than single men.”

- 37 percent bought a home because of the desire to own a home - Median age – 50 - Median income – $57,300 - 39 percent first-time buyers - 87 percent bought previously owned homes - Median home price – $169,100 - 72 percent bought a detached singlefamily home - Convenience to friends and family was a major factor, with 43 percent considering it • 32 percent of all respondents were first-time buyers - 18 percent were single females • 13 percent of the total respondents bought multi-generational homes - 13 percent were single females • Eight percent of all respondents were buyers of senior housing - 24 percent were single females • 22 percent of all respondents downsized their homes or desired to buy a smaller home - Median age – 60 - 18 percent were single females

WOMEN'S HOMEOWNERSHIP INITIATIVE

• 21 percent of respondents were in active military duty or veterans - Six percent were single females • Four percent of all respondents were LGBT Buyers - 25 percent were single females

Conclusion

Negatively impacted by the Great Recession, the percentage of single women homebuyers decreased from 20 percent in 2010 to 15 percent by 2015. However, women’s homeownership is growing, driven namely by professional progress leading to increasing purchasing power and the willingness to sacrifice other necessities in order to afford a home.

The NAWRB Women’s Homeownership Initiative (WHI), calls for improved data collection regarding women’s homeownership, special lending services for

“By increasing women’s homeownership throughout the nation, NAWRB will help decrease women’s poverty and cement women’s personal and professional strides.” women home buyers, and hosts regional meetings for real estate professionals. By increasing women’s homeownership throughout the nation, NAWRB will help decrease women’s poverty and cement women’s personal and professional strides.

HISPANIC WOMEN BUYING POWER

Hispanic Women are the

Key to Hispanic Buying Power As Hispanics continue to thrive—in education, career,

245,000, 69 percent of total U.S. household growth. The resources, representation—their access to capital and study articulates, “For the first time in 10 years the Hisbuying power will increase accordingly and their pur- panic homeownership rate spiked upward while overall homeownership rates in the chases will have a significant “In their 2014 population country continued a downimpact on the economy, not the least of which will be the predictions, the Census Bureau ward trend.” The report goes on to reveal that between purchase of a home. It is cruestimates that the Hispanic 2000 and 2015, Hispanics cial to learn the best ways to population will more than double were responsible for 66 perserve Hispanic homebuyers, cent of American labor force not only to help them make by 2060 to 119 million.” growth; in February 2016, the the best purchases, but to ensure their growth is encouraged and safeguarded rather rate of Hispanic unemployment was 5.4 percent, down 7.7 percentage points since August 2009; in 2014 the than delayed or prevented altogether. poverty rate for Hispanics fell to 23.7 percent; and in the According to the Pew Research Center, as of 2015 same year, the median Hispanic household income rose there were 57 million Hispanics in the United States, 7.3 percent to $42,492. accounting for 18 percent of the entire U.S. population; this is a grand increase from 1980 when this group When coupled with a purchasing power of $1.5 trillion, comprised 6.5 percent of the population. In their 2014 projected to increase and account for 10.6 percent of topopulation predictions, the Census Bureau estimates tal U.S. buying power by 2019, according to the Selig that the Hispanic population will more than double by Center for Economic Growth, the potential impact of Hispanics on the housing sector is tremendous.

2060 to 119 million.

NAHREP’s 2015 State of Hispanic Homeownership report shows that in 2015, Hispanic households grew by

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Education

Education has always been a critical tool to successfully

HISPANIC WOMEN BUYING POWER navigate the American workforce and amass the means to become a homeowner; it has only grown in importance, as it is often no longer a question of getting an education, but of what level degree to achieve.

The National Center for Educational Statistics (NCES) reports that the rate of Hispanic high school graduation reached 76.3 percent in 2014, the highest in 31 years.

NCES also confirms that the number of Hispanics ages 18 to 24 attending two- or four-year colleges has more

Capitalizing

With the potential they possess, the Hispanic population is of great importance to the real estate industry; Hispanic buying activity means millions of dollars in business, millions of homes being sold and an abundant client base. In order to ensure their growth is reinforced through homeownership, and their business is capitalized on, it is important to learn how to best serve Hispanics.

A recent report, the Better Homes and Gardens Real Estate & NAHREP Hispanic Women Survey, sheds light on the secret to unlocking the Hispanics’ purchasing power: women.

The study found:

“Hispanic buying activity means millions of dollars in business, millions of homes being sold and an abundant client base.” than tripled since 1993. Additionally, according to the Pew Research Center, Hispanics who attained less than a ninth grade education decreased from 40.2 to 21 percent between 1980 and 2013.

The Pew Research Center also confirms that Asian Americans are the population with the highest percentage of bachelor degree-educated or higher people with 51.5 percent, a figure that was 34.2 in 1980 and has improved steadily since. This upward trajectory is mirrored in the homeownership rates of Asian Americans, which rose from 52.3 percent in 1980 to 59 in 2014, according to AREAA’S State of Asia America 2015 study. Receiving an education doesn’t guarantee homeownership, we cannot establish a cause-and-effect relationship, but it is very valuable. As Hispanics achieve higher levels of education they will situate themselves in increasingly favorable positions to accumulate the necessary means and resources to become homeowners, and homeownership in the Hispanic community will increase.

• 91 percent of women surveyed believe that buying a home is the soundest investment they can make • 66 percent of women surveyed, and 84 percent of non-homeowner millennials surveyed, believe they will be capable of purchasing a home in their lifetime • 61 percent think they will make most of the decisions in their next home buying process • Half of survey participants expect to remain in their current homes for five years or less before buying their next home • On average, the women surveyed stated that they are responsible for 69 percent of household purchases over $100, and one-third of them reported being responsible for all of these purchases • 61 percent of respondents don’t think it’s important for their real estate agent to speak Spanish, but, of the participants currently searching for a home, 48 percent prefer a Spanish-speaking agent • 73 percent of women surveyed prefer working with a female real estate agent over a male

Providing utmost service to your client is the top priority, and agents must take into account what clients prefer from the start. Great service is crucial, sometimes receiving it from the right person makes a world of difference for consumers. As Hispanics progress in education and in the workforce, they will become equipped to purchase homes, and just as important as being able to buy a home is their desire to do so. The business, buying activity and opportunity is there, and as population estimates predict, it’s here to stay. For professionals hoping to do business with these potential homebuyers, learning the best ways of serving Hispanic women is the key.

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ASIAN AMERICAN BUYING POWER

The housing market has been turbulent for the past

decade, but 2016 has started with a positive trend. According to the Nationwide Economics’ Health of Housing Markets (HoHM) Report, the Leading Index of Healthy Housing Markets (LIHHM) for the third quarter of 2015 was higher than 100, their neutral number, and this typically designates a healthy market. The report also confirms that the Metropolitan Statistical Areas’ (MSA) LIHHM performance has been improving since 2012.

Did you know that since 2000, the Asian American community represents the fastest growing section of immigrant population in the country? China and India account for the maximum number of immigrants coming to the U.S. and have exhibited an equally rapid growth in buying power. This trend is expected to continue as minority homebuyers play an important role in the revival and sustenance of the housing economy.

The Asian Real Estate Association of America’s (AREAA) State of Asia America 2015 report provides an in-depth look into this group’s buying capabilities, interests and patterns. As with other immigrant groups, the Asian American community has undergone a long acculturation process and while some have succeeded, others continue to struggle. On a broad basis, this community has transformed from being low-wage workers to one of the most educated and highly-paid groups of the American workforce. It is notable that more Asian buyers are investing their earnings in residential proper-

ties in the U.S., and Chinese homebuyers make up the biggest group of foreign investors.

Profile of the Asian American Community

Asian Americans and Pacific Islanders (AAPIs) make up the Asian American population that has grown by more than 45 percent between 2000 and 2010. The southern and western parts of the U.S. have seen significant increases and the AAPI population is projected to grow by 128 percent by 2060, according to U.S. Census Bureau’s population projections for 2014-2060.

AAPI Composition:

• 22 percent Chinese • 19 percent Filipino • 16 percent Indian • 10 percent Vietnamese • 9 percent Korean • 6 percent Japanese • Pakistanis, Sri Lankans, Nepalese, Bhutanese, Burmese, Cambodian, Hmong, Thai, Taiwanese, Bangladeshi, Laotians, Indonesians and Malaysians comprise the remaining 18 percent

Higher Homeownership Rates among Asian Americans

The average age of the AAPI population is 36, versus 42.3 for non-Hispanic whites; of these AAPI individuals, 32 percent are between 25 and 44, which is the most likely age group to buy a home.

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ASIAN AMERICAN BUYING POWER There is an adage that a house becomes a home when a family makes it their own. Like other cultures, the Asian community values family bonds and statistics show 80 percent of Asian American children grow up with both parents compared to the U.S. average of 63

“The State of Asia America 2015 states that 59% of Asian Americans are homeowners, compare this with 46% Hispanics & 44% African Americans.” percent. This provides a more stable household that can accumulate the capital to achieve homeownership. Multi-generational homes are popular too, as 28 percent of Asian American families comprise two or more adult generations; hence, the demand for bigger homes to accommodate the occupants.

Education is a supporting factor when it comes to homeownership. AREAA’s report shows that 49 percent of AAPIs have a Bachelor’s degree and 21.2 percent have advanced degrees like a Master’s or a PhD. The general U.S. population holds Bachelor’s and advanced degrees at rates of 28 and 10 percent, respectively.

Another factor that promotes AAPI buying power is their strong employment rate; 55 percent of Asian American households have at least two employed adults compared to the 45 percent U.S. average. AAPIs have the lowest unemployment rate among all minority groups in the nation and also earn the highest per capita and highest average household incomes. Harboring a median household income of $72,472, AAPIs have high prospects for buying homes. Indian Americans have the highest median income of $100,547 and Bangladeshi Americans earn the least with $51,331. The report also affirms that AAPIs have a higher median personal income: compare $66,000 to the U.S. average of $49,800.

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Apart from the corporate workforce, Asian Americans thrive in the small business realm and own more than 1.6 million businesses that employ almost 3 million Americans.

Interesting Facts About the AAPI Community:

• Number of home purchase loans extended to AAPIs increased by 15 percent between 2000 and 2010, putting them almost on par with non-Hispanic whites.

• Many AAPIs tend to have o High credit scores o Low debt-to-income ratio o Low loan-to value ratios o Low APRs • At highest income levels, AAPI loan denial rates are similar to non-Hispanic whites.

• In 2013, Asian American households spent 19 percent more on consumer goods and housing than the general population.

• At least 80 percent of Chinese homebuyers are particular about Feng shui principles and are willing to invest up to 16 percent more in a house that is Feng shui compatible.

“Homeownership among minorities is not always dependent solely on acquiring the means to pay for a home, in many cases, minorities have additional hurdles to clear.”

Discrimination in the Housing Continuum

Cases of redlining occur across the nation and according to the Federal Reserve Bank, only 5.2 percent African Americans received home loans in 2014. Hispanics accounted for 7.9 percent for the same year and even though redlining has reduced, discrimination is still prevalent. Discrimination does not stop with mortgage lenders and banks; the AREAA report states that Asian renters get informed

ASIAN AMERICAN BUYING POWER about 10 percent fewer rental units and are shown almost seven percent fewer units than their white counterparts.

AAPI homebuyers learn about 15 percent fewer available homes and are shown almost 19 percent fewer homes that white homebuyers.

Exclusionary practices such as these combine with lack of education and low-income jobs, hinder minority communities from advancing to homeownership. Several Asian Americans, though, have overcome these obstacles and impacted the housing market. Homeownership among minorities is not always dependent solely on acquiring the means to pay for a home, in many cases, minorities have additional hurdles to clear.

Homeownership Rates

The State of Asia America 2015 states that as of 2014, 59 percent of Asian Americans are homeowners, compared with 46 percent Hispanics and 44 percent African Americans. We have seen compelling data accounting for the buying power of the Asian Americans, do you think lack of education and good employment are keeping other minority groups from achieving homeownership at better rates?

to 22 percent between 1990 and 2014. A similar positive trend is seen among Hispanics, with an increase from eight to 15 percent in the same time frame. There has been an increase in the number of 25 to 29-year-olds with Master’s degrees or higher achievements too, with African Americans moving from two to four percent and Hispanics from two to three percent.

Although we may not be able to establish a direct connection between higher education and homeownership, it is a significant factor to consider. Education provides better career and growth opportunities, leading to economic stability and greater chances of becoming a homeowner. For Asian Americans, their educational and career achievements have proven extremely rewarding in making homeownership a reality.

According to data from the National Center for Education Services, the number of 25 to 29-year-old African Americans with Bachelor’s degrees has increased from 13 percent

“Multi-generational homes are popular too, as 28% of Asian American families comprise two or more adult generations...”

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The American Rental Market: Exponential Growth in Rental Housing Demand As of mid-2015, 43 million Americans lived in rental housing; representing an increase of almost 9 million since 2005. This raised the number of all American renter households from 31 to 37 percent, the highest it has been since 1960.

The Great Recession brought with it almost 8 million foreclosures, a drop in average household incomes, hiked rents and stringent access to mortgage credit deeming homeownership exceedingly challenging. Even though rents are soaring, people still choose to rent as it affords them more flexibility in financial commitments and does not involve the extra burden of property maintenance which can make a big dent on paychecks.

According to America’s Rental Housing: Expanding Options for Diverse and Growing Demand by the Joint Center for Housing Studies of Harvard University, renting is rampant among different age groups, household types and income groups and has grown uniformly due to a newfound increase in higher-income rental households.

An increase in population among the youngest and oldest groups of renters and a decline in homebuyers are a few reasons behind this increase. Renters aged 50 or older have mounted from 10 to 15 million in the past decade. Similarly, 30 to 49-year-old renters increased from 15 to 18 million and account for one third of the growth in renter households. Millennial renters are up from 10 to 11 million, accounting for 11 percent of the growth

Will there be a Change in Affordability? in renter households. Of all households, singletons and couples without dependent children account for a fair share, 33 and 18 percent, respectively. Families with dependent children, married couples and single parents together make up 25 percent of the growth.

Until the early 2000s, immigrants and minority communities fostered rental market growth, but within the past decade, native-born white households have accounted for 34 percent of the increase.

Affordability Challenges Based on the 2015 Poverty Guidelines for the 48 Contiguous States and the District of Columbia, a household of six members with an income of $32,570 or lower is considered under the poverty level; but do you think that even a smaller family with a similar income could afford to rent a house in the current market? U.S. Census Bureau data shows that 49 percent of all renter households earn under $35,000 annually, 15 percent earn between $35,000 and $49,999, 11 percent earn $50,000 to $64,999, nine percent between $65,000 and $89,999 and 15 percent earn $90,000 or more.

For renters earning less than $15,000 a year, rents would have to be lower than $400 a month for one in five of them to be able to afford a unit. Unfortunately, between 2003 and 2013, only five percent of new rental properties were available at this price. Another two percent were added from owner-occupied units that were conNAWRB MAGAZINE |

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RENTAL MARKET verted to rentals. Despite not living in poverty by definition, renters in the U.S. continually struggle with the necessity to rent and the inability to do so comfortably.

The Harvard report informs that the average asking rent for new multifamily housing units ranges between $850 and $1,249. These homes make up 31 percent of new units, the rest are comprised by26 percent of units that cost $1,250-$1,649, 17 percent costing $1,650-2,249 and $2,250 and over and only 10 percent costing under $850. With almost half of all renter households earning less than $35,000, there aren’t many units these families can afford. The report reveals the average asking rent for new market-rate apartments at $1,372 in 2014, showing a 26 percent hike since 2012.

While most renters have been impacted by the appalling rental market, the numbers remain consistently high for burdened Hispanic and African-American renter households at 56 to 57 percent. Forty-eight percent of Asians and other minorities and 44 percent of white renters were cost burdened in 2014. These burdens were more widespread among renters under 25 and older than 65.

Housing Assistance Programs The government offers housing assistance programs, especially for low income groups that earn up to 50 percent of the median household income for a specific area; typically only about one in four qualify for these programs.

According to the U.S. Department of Housing and Urban Development (HUD), currently 56 percent of eligible households pay over 50 percent of their income towards rent and might live in dilapidated homes.

Along with a sharp increase in rents, there has been a drop in vacancies which in turn have “While rents have been steadicontributed to rent hikes. At the ly escalating, income has not The Low Income Housing Tax onset of the Great Recession in followed a similar trend; the Credit (LIHTC) is an important 2007, vacancy rates were at an resource established by the Tax average income is up from all-time high but now they have Reform Act of 1986. Aimed at dropped to the lowest they have $31,600 in 2011 to $34,000 in supporting low-income housing, been since 1985. The steady inprovides annual funds 2014 but is still 9% lower than LIHTC crease in rents is a nationwide of almost $8 billion “to issue tax 2001 levels.” phenomenon, with a minimum credits for the acquisition, rehaincrease of 3.5 percent annually and 21 out of 50 metros bilitation, or new construction of rental housing targeted showing an increase of 5 percent or more. Cities like to lower-income households.” The program supports an San Francisco, Portland and Denver posted 10 percent average of 76,000 affordable units a year, which caters to a or greater rent hikes for 2015. section of burdened households in the country.

While rents have been steadily escalating, income has not followed a similar trend; the average income is up from $31,600 in 2011 to $34,000 in 2014 but is still 9 percent lower than 2001 levels. The median household income for renters who make minimum wages dropped by 9.9 percent between 2001 and 2014, and their housing costs rose by 6.2 percent. The median income for households with the top incomes increased by 3.1 percent, while their monthly housing costs spiked by 19.8 percent.

There were 14.8 million cost-burdened renter households in 2001 and in 2014 the number rose to 21.3 million. Of these, 11.4 million have severe burdens, paying more than 50 percent of their incomes towards rent.

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The HOME Investment Partnerships Program also provides funds to state and local housing programs and non-profit organizations to help with “building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people.” These funds can be used as loans or loan guarantees, security deposits and even rental assistance. Under this program, states get either their allotted amount or $3 million, whichever is higher. To be eligible for both rental housing and assistance, a minimum of 90 percent of the families in the area should earn only up to 60 percent of the HUD-adjusted median family incomes for the region. When five or more assisted rental units are involved, a minimum of 20 percent of

RENTAL MARKET the units should be occupied by households with incomes no more than 50 percent of the HUD-adjusted median. Other rental assistance programs available to low-income groups include public housing that provides affordable units to low-income families, senior citizens and the disabled. The Housing Choice Voucher Program allows eligible applicants to choose a unit and use the voucher to pay the rent in its entirety or a portion of it.

Also available is Privately Owned Subsidized Housing, where HUD helps building owners provide certain units at below-market rents to low-income families.

The Forecast According to Zillow’s December Market Report, the demand for rental housing is here to stay. Even though there has been a spike in the construction of single-family homes, home affordability is still low and it will keep many households in rental homes. Until December 2015, rents were increasing at an average annual pace of 3.3 percent, a rate expected to drop to 1.1 percent by December 2016. According to the report, this may weigh easy on renters in some major markets like Oklahoma

City, Indianapolis and Las Vegas, while others along the West Coast may not see a big change in affordability.

Unfortunately, rents might increase by 2.8 and 5.9 percent respectively in Los Angeles and San Francisco and cities like San Jose where rental appreciation is currently at 8.9 percent may see a mild drop to 7.8, which is still much higher than the national level.

As long as rents remain unattainable, lower- and medium-income households will require rental assistance programs.With an increasing amount of rental households being priced out of buying a home, the prospect of these renters becoming homeowners remains dismal and obscure at best. When will the change that once again allows hard work to lead to homeownership occur?

Prospect Mortgage Dedicated to Homeownership and Advancement Prospect Mortgage is one of the largest independent residential mortgage lenders in the nation. We specialize in home financing programs, including FHA and VA, Conventional, Renovation and New Construction. Our business has helped many families achieve their dream of homeownership and advanced the careers of the many women Loan Officers, Branch Managers and Executives at Prospect.

Robyn Trinci (760) 839-3477

Risha Kilaru (510) 209-7374

Christina Longo (978) 886-9359

Molly Meeker (559) 490-2701

Michele Stanisch (818) 728-3701

Senior Loan Officer, NMLS #334136 333 South Juniper Street, Suite 210 Escondido, CA 92025 Branch NMLS #1098063

Loan Officer, NMLS #249676 41111 Mission Boulevard Fremont, CA 94539 Branch NMLS #297484

Senior Loan Officer, NMLS #79510 420 Boylston Street Boston, MA 02116 Branch NMLS #118144

Area Manager, NMLS #256212 7480 N. Palm Ave., #103 Fresno, CA 93711 Branch NMLS #382062

Vice President, NMLS #256367 15301 Ventura Blvd., #D300 Sherman Oaks, CA 91403 Branch NMLS #3296

We are a purchase-oriented lender with a reputation for outstanding relationships in the real estate community. Check out our real estate agent educational platform, www.LearnWithProspect.com, for more information and a list of upcoming webinars.

Experienced.

Reliable.

On Time.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403, 800-464-2484. Prospect Mortgage, LLC, NMLS ID #3296, (www.nmlsconsumeraccess.org) is a Delaware limited liability company, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and operates pursuant to the AZ Mortgage Banker License #BK0903027; operates pursuant to the MA Mortgage Lender/Broker License #MC3296; and licensed by the NH Banking Dept. This is not an offer for extension of credit or a commitment to lend. Rev 2.1.16 (0615-2174A) LR 2015-361

Only three percent of women entrepreneurs currently make $1 million in revenue, while six percent of men make over $1 million. It’s time for that to change, and fast.

Running a business is exhilarating and hair-raising, regardless of your gender. We know that half of all businesses fail in the first five years. But picture this: if you invite 100 women entrepreneurs into a room, 97 of them will be “solopreneurs” running businesses with revenues that hover around $100,000 and who have zero employees, according to a recent National Women’s Business Council (NWBC) study. This staying small phenomenon has to change if we are going to build businesses that are sustainable, successful, and provide us with the kinds of lives we imagined when we began our ventures in the first place. To get one million more women to $1 million in revenue by 2020, we have to start addressing what I call the “elephants in the room” for women entrepreneurs. These elephants include fear of failure, thinking small and reluctance to seek funding.

What is at stake in getting this right? One in 10 women in the

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U.S. is now starting or running her own business; and a report from Babson College affirms that women have started twice as many businesses as men have over the last decade. Yet there is a risk in not encouraging each other to address the root causes of why women don’t go big: many of these women-led businesses will stay small, stagnate or sink. In fact, studies like the Global Entrepreneurship Monitor 2012 Women’s Report confirm that women are twice as likely as men to shut down their businesses because they run out of cash. Women are not shutting down because they are less capable; but they are less capitalized. Most women-run companies are self-funded and do not seek private investors or bank loans.

A recent five-year study of women-run businesses, Women Owned Businesses in the 21st Century from the U.S Department of Commerce Economics and Statistics Administration, reveals that women in high growth industries start their businesses with six times less capital than their male counterparts, and women in all industries start with half the capital men do. Women also make merely 26 percent of the revenue men make in the same industries. You don’t have be an economist to connect the dots

MILLION DOLLAR WOMEN

between these statistics. While raising capital does not guarantee a woman’s success with her business, what often does is having enough runway to spend strategically, scale up and afford to make a few mistakes along the way.

How can we work with investors, entrepreneurs, corporations, and government and advocacy groups to close the funding gender gap? One of the most powerful things we can do to create change is teach women what I call the “fundraising dance.” I have raised $26 million in nonprofit and private investment dollars over the last 15 years and I can assure you there are well-choreographed steps to securing funding. It will take less time for us to learn the steps than to wait for the old boys clubs—think venture capital and private equity firms—to go coed, though of course we must push both of these efforts forward in parallel. Some good news for women seeking funding is that the number of women angel investors in the U.S. rose to an all-time high of 26 percent of angels in 2015, up from 18 percent in 2013. There are over 80,000 women angel investors in the U.S. actively investing in startups and established businesses, and research shows they are twice as likely to invest in a woman-run business.

In teaching women to raise capital through specialized programs, we can help them access millions of dollars in funding. I learned from speaking with entrepreneurial women and through personal experience building my company that women need just three things to “go big:”

The Right: - Mindset - Skill set - Network The hardest of these is mindset. We struggle with fear of failure in different ways than men do and the barriers to raising capital have been so high that many women don’t even consider

attempting to overcome them. It doesn’t help that we are often socialized to avoid talking about finances, and most women have a hard time doing what they perceive as asking for money.

We are offering investment opportunities not asking for money.

Once women get into the right mindset, the fundraising skills can be learned. The fundraising dance is no harder than anything else we’ve faced as entrepreneurs, from launching our businesses from scratch to staying ahead of competition. The dance includes learning how to pitch, how to talk about the “business of your business” and how to prepare investor-ready financials.

The last crucial piece is getting into the right rooms, so we can meet our investors. At the end of the day, investors care about returns, and women who can deliver them will get funded.

As more women learn the fundraising dance, raise capital, and are able to grow their businesses into multi-million dollars in revenues, we will see over two million new jobs in the U.S. and another $1.2 trillion in revenues, according to the NWBC. On top of that, when women amass personal wealth, research shows we invest in three things: our communities, children’s education and other women entrepreneurs. The ripple effect is tremendous. Investing time and capital into training and supporting women entrepreneurs to go big produces exponential economic growth.

Ensuring that women entrepreneurs have equal access to capital and can scale up their businesses may be the fastest and fairest way to close the earning and funding gender gaps in our lifetimes.Think about this: in 1974, just 40 years ago, a woman could not get a bank loan or credit card without having her husband or father co-sign. Let’s work toward making the fact that so few women-run businesses generate over $1 million in revenues one of the things our daughters consider shocking and outdated 40 years from now.

Julia Pimsleur, Founder of Little Pim,

entrepreneur, mom, coach, feminist, fundraiser, Francophile, scuba diver, author of Million Dollar Women, not always in that order. My mission: Help 1 million women get to $1M in revenues by 2020.

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ROI OF REMODELS

Remodels: Making Your Dream Home

This means buyers can have a hard time finding their dream home and worse, in many cases they won’t find it at all. In the past, building your home was a viable course of action and buyers also enjoyed the luxury of having several properties from which to pick. This is not today’s reality.

Buyers must weigh their options. With our infographic we present two courses of action, of which remodeling is a key element. The first is utilizing money saved for a new home and renovating your house into a property with which you are happier. The second is purchasing a home that doesn’t satisfy all of the items on your checklist, but has the right skeleton on which you can build the home of your dreams.

The National Association of Realtors (NAR) recently released their 2015 Remodeling Impact Report which “takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed.”

NAR reports that Americans spent $326.1 billion on remodeling in 2015. Of these remodelers, 38 percent cited their reason as upgrading exhausted surfaces, finishes and materials, 17 percent as adding fixtures and improving livability and 13 percent simply felt it was time for a change. But what effect did these remodels have on homeowners?

Interior

Upgrade/Renovation/Replaced

Exterior

Buying a house is a complicated process, from finding the right home for you to deciding when to put in an offer. In this competitive housing market it is necessary to be unwaveringly decisive as a homebuyer; an already low inventory drives up home prices while simultaneously increasing competition for available properties on the market.

% higher desire to be home

% higher enjoyment at home

Kitchen upgrade

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75

Complete kitchen renovation

90

86

Bathroom renovation

62

58

New wood flooring

77

65

New roofing

61

34

New vinyl windows

61

51

New garage door

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New vinyl siding

63

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One of these projects may be the deciding factor to increasing your happiness at home and changing the way you view your house. When deciding to make an upgrade on your property, making informed decisions is crucial to ensuring you are happy with the end result. If you are a person who enjoys being outdoors, an exterior project might be the right choice. Alternately, an interior renovation could refresh previously ordinary tasks such as cooking dinner or watching television. The following infographic highlights the cost of the remodeling project that might help you love where you live.

Besides addressing return of investment the home’s increased appeal to prospective buyers, the study found that "the desire to be home" and "sense of enjoyment from being home" for homeowners who undertook a remodeling project increased significantly.

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ROI OF REMODELS

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ROI OF REMODELS

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sheCENTER(FOLD)

President & Chief Executive Officer of Real Estate Brokerage Howard Hanna Real Estate Services

HELEN HANNA CASEY Helen Hanna Casey details her life as a leading woman in business, from her dedication to her family, agents and employees to producing Broadway plays. She chronicles the process of growing a business and delineates what to do, and what not to do, as the member of a family business and a woman entrepreneur.

NAWRB: What does family mean to you and what is your advice to entrepreneurs thinking of going into business with their families?

that can take over. If I were going into a family business today, I’d be very careful to note what my role was going to be, what the expectations for me were, and what the long-term plan for me was going to be. If I have ownership, what does that mean to me? If the plan is that I’m going to start at one level in the company, how quickly do I rise or not? Do I have to succeed on my own? I think these all need to be defined clearly beforehand. And in many cases, they’re not.

Helen Hanna Casey: Well, in my case, family means everything. I don’t know anything else except family businesses. It’s been an incredible opportunity as a family to grow together, but also to grow as an individual. So family means everything, first of all. In business, I think why so many families struggle—even though People decide they’re going into there are all these courses and a family business with the exbooks for it—is that they fail in pectation that they’ll be a senior some of the key aspects. Those person. That may work in that key elements are integration and family business if everybody is in separation. What I mean is this: agreement, but it may not work in you have to separate yourself many others and you may begin from the business, but you also seeing squabbling between genalways have to be integrated into erations. I’ve always felt that my it. You cannot be outside of your sister and I had a great advantage Helen and Steve with daughter Annie’s family and business talking to others about in the family business, and that is 95-year-old father, Howard W. Hanna, Jr. the inside of your business withbecause we are two women with out your family being involved. It’s not like having a one brother and we have an incredible balance that not job where somebody else is your boss. When you’re in all businesses have. In the real estate industry, most of a business with your family, everything always has to be the second- and third-generation businesses with sisters relayed from the inside with your family in mind. that we know have already been bought out.

The next part of it is communication, which is a huge reason I think so many entrepreneurs fail in the second and third generations of family businesses; they don’t communicate their expectations to each other. Either the original owner is so powerful that they can’t give up power, or they’re not developing the people around them to create new entities within that same business model

I think you have to have growth for individuals. If you want money to come in, it is really tough to keep the business the same. One of your goals has to be that you want your company and employees to expand and grow.

In our case, it has been to go to other states and enable people to move there. But you can’t just bring four people in to do the job you’ve done yourself. You have to NAWRB MAGAZINE |

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SHECENTER(FOLD) look at the talents of your people and decide how they can help expand the business. That goes back to communication—being able to sit at your dinner table and discuss these things without arguing, but also sit in a boardroom or in an office and do the same thing.

as the most powerful woman in real estate by Swanepoel Power 200! Throughout your life and career, what has been your most memorable achievement?

Helen Hanna Casey: We all answer that our family and our children are our most memorable achievements— NAWRB: Do you have a preferand certainly those are mine. ence between discussing executive But if I were looking at a work decisions within a boardroom and accomplishment, I would say at the dining table? it was when we broke into the ranks of the top 10 largest real Helen Hanna Casey: I think estate companies in the United I like a little bit of both. And States. When we became the I would never say to anybody eighth largest and my mother that we never disagree or never said, “You could be the fourth.” fight; we’ve never had to take a I think each of those milestones vote, which is pretty amazing. In has been incredible for us. We the history of our business, we don’t look back and say that this have never had to vote on anywas our plan all along. We did thing. We’re all salespeople, so have a master plan in 1983 of Helen Hanna Casey at HannaCon15 we should be selling each other being a regional company, and on what we believe should be that’s the master plan we have done. It’s a conversation, and lived by. But I don’t think we that is why I think communicaever had the perspective that a tion is so important; it’s not just regional company would be this somebody coming in and saying, large or this powerful. I would “We’re going to do this.” say those are important accomplishments to me. Personally, I I think you have to have a little love the fact that we have enbit of both, but I do think you abled so many people that work have to be careful at the dining together with us to achieve goals room table with the additional that they’ve never even dreamed voices. Sometimes, additional of. It’s a wonderfully self-satisvoices—spouses, significant others, children who aren’t fying business for this reason. My husband’s an architect, in the business—are lending their voices without all of and I like to say that he gets the benefit of seeing the finthe knowledge and experience, so that’s why some of ished product because he sees a building that’s completed, these decisions need to be made at the office. It’s also and I don’t get that. But I do get to see people who have important not to disregard them because they may be accomplished goals and what it means to them. saying something very important that you haven’t addressed. So, you have to listen to them, but you don’t NAWRB: Who has inspired you most throughout make the decision there. I also have to add that they your life? may be in the business three years from now, so you can’t dismiss them. They may choose to come into the busi- Helen Hanna Casey: I mentioned her a moment ago – ness; they may have to come into the business. At the my mother, certainly. Both of my parents, but my mother end of the day, it’s handled on a case-by-case basis, but was a huge driving force. She never went to work, but the decision has to be made at the office. It can’t be made she ran the business, as we like to say, from her chair at sitting on the couch or sitting around a dinner table. home. We were raised in a household where, except for my brother always being served first at the dinner table, NAWRB: Congratulations on being recently recognized we were pretty equal. My parents expected us to play at

“I was raised with the expectation that you never know what’s going to happen in life, so you have to have your own career & your own life first.”

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SHECENTER(FOLD) provided a great way to learn by creating an environment where you could do things that you couldn’t have done at a school where the competition was still male-oriented.

For me, a woman’s education is incredibly important.

NAWRB: If you hadn’t entered the real estate industry, what career would you most like to have?

Helen and Steve honored as King and Queen of the Epilepsy Foundation’s Mardi Gras Gala.

“If you want money to come in, it is really tough to keep the business the same.” the same level and on the same team. It was never that my brother was to be educated and we weren’t. We were all to be educated according to our strengths.

It started with my dad, who hired women in the late 1950s when nobody else would. From there, I have also been blessed to have incredible mentors that I’ve come across – not necessarily in my own business, like the chairman of Westinghouse Electric when Westinghouse Electric was a Fortune 50 company. Just amazing people that I’ve come in contact with. The guy who became the chairman of TNC taught me to read balance sheets at a non-profit. It isn’t always women, by the way. I think you have to have that balance when you look at who was influential in your life. I couldn’t tell you that Gloria Steinem was ever influential in my life. She wasn’t somebody about whom I said, “I want to be like that.” And I went to all-girls schools, I should tell you, from sixth grade on.

I was raised with the expectation that you never know what’s going to happen in life, so you have to have your own career and your own life first. During that generation, I thought an all-girls school was an incredible asset to have because you were part of that change. A women’s school taught you to not only be a woman, but also to be an educated woman. To only be a wife and a mother? I never received that kind of advice from any of my teachers in high school or college, but there were girls who were driven solely by those goals. The all-girls schools

Helen Hanna Casey: I would have been a Broadway star or a big criminal attorney. My husband and I produce Broadway shows and have three shows on Broadway right now. We received an award for our commitment to musical theatre a couple of years ago, and during the ceremony we both said why we were producers. I talked about always getting small character parts when I thought I should have been a star, so I switched to directing—which pretty much sums up my career. My husband talked about being cast in Snow White and how he had to wear tights, but wasn’t good enough to be one of the seven dwarfs.

He was only a woodsman, so he knew that wasn’t his career either, but he started doing lighting and design and that inspired him to become an architect. Both of us are very much that way: we were inspired to go down another path. But there’s no question, I was born to be on stage.

At Howard Hanna, we just finished our 12th awards rally. We do these rallies annually to recognize everyone’s accomplishments and achievements from the previous year, but to also discuss our plans for the future and how to tackle them. It’s a company-wide event conducted in

Helen Hanna Casey with her grandchildren

each region and my entire family attends all of the rallies. It’s a pretty grueling five or six weeks. Every year, I come up with a topic to expound on for the remainder NAWRB MAGAZINE |

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SHECENTER(FOLD) of the year in monthly advice columns. This year, I talked about the company having a past, a present, and a future, and how our job is to see tomorrow, today. That’s what my job as a leader is: to see tomorrow happen today and to provide agents with guidance on how to accomplish their individual goals. The agents that go the extra mile, that do one more thing every day, I ensure then are recognized for their hard work and dedication. Then, I have to gather others to come with me to that future that I see.

We just took our executive team of 50 to 60 people on a fourday-long management review and team building trip. Our keynote speaker was a woman who is one of the top women in the automotive industry. She is the manager of an engine plant for Fiat Chrysler. She talked about how Fiat, when they took over Chrysler, was incredible at communicating their message and then carrying it out throughout the year. That is what our goal is: to take our message and get other people to believe in it.

NAWRB: Fifty-six percent of your executive team is comprised of women. What value do women bring to boardrooms and C-suites, and why is the American workforce having such a hard time implementing gender diversity in its executive offices?

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NAWRB: What aspect of your work as President of Howard Hanna do you enjoy the most?

Helen Hanna Casey: Speaking to people. Whether it’s one-on-one or on a stage with a thousand people, I’m incredibly blown away by conversations with individuals, conversations in a big group, and people’s reactions.

NAWRB: How does a day in your life look when work is not a concern? What are your passions outside of the workplace?

Annie Hanna Cestra, Hoddy Hanna, III and Helen Hanna Casey

“First of all, I think mentorship is more than just women mentoring women. More men have to be involved in mentoring women.”

Helen Hanna Casey: Obviously, women bring a lot to the table. We do think in a different language, and we sometimes speak a different language. I don’t know that from just this table by the way—I’m on a bank board where I’m the only woman. I’d say that we don’t think of each other any differently when we’re saying things, but we appreciate the differences that we bring to the table. I think that’s very important. Sometimes you can get into gender stereotyping by believing that what somebody is saying is based on the fact that they’re a 70-year-old man or a 40-year-old woman. You have to be very careful not to do this. I do think there is an essence that a woman

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brings that men don’t. We also make better executives because we don’t swear as much.

Helen Hanna Casey: I have a few. I have wonderful grandchildren. I love being part of their lives and they’re a big part of my life. I still garden, and I try to escape to Florida occasionally just to relax. We travel with our grandchildren. On a regular day, I go work out or go to church; I do my gardening or read a bit. I’m not very good at sitting down and relaxing!

NAWRB: What is the importance of mentorship to you?

What can companies do to encourage mentorship for women and the advancement of women in the workforce?

Helen Hanna Casey: First of all, I think mentorship is more than just women mentoring women. More men have to be involved in mentoring women. It can’t just be finding women to mentor women in a diversity program within your company; it has to start at every level.

Management has to want to build their future team, and if you’re in a company or environment where everybody believes women are a key component, then it’s everybody’s responsibility to build that. We have so many incredible women who work for us in all different capacities, everybody from our CFO to the mailroom person. We all have to mentor them in whatever their

SHECENTER(FOLD) Helen Hanna Casey: I have to tell you the best motivational speaker I’ve ever heard is Terry Bradshaw. Also, I don’t know if you’ve heard Madeleine Albright. She’s a member of a group called International Women’s Forum, as am I. She came here and had a private luncheon with the Forum of only about 85 people, and was a phenomenal speaker.

NAWRB: What is your advice for women entrepreneurs who are working to establish and grow businesses throughout the country?

Helen at The Residence’s in Downtown Pittsburgh – 28 luxury ‘sky homes’ marketed by Howard Hanna in new PNC tower.

“Personally, I love the fact that we have enabled so many people that work together with us to achieve goals that they’ve never even dreamed of.” responsibility is. In some cases employees and agents even mentor their daughters.

NAWRB: Howard Hanna is one of the top real estate brokerages in the nation. With all of this success, what would you like to see happen next for the company?

What is your most important goal as president?

Helen Hanna Casey: My most important goal as president is to create more jobs for more people. What I mean by that is that if we have successful people, then it is our responsibility to create more opportunities for them. We have to expand in order to help them have the ability to increase their success as well as ours. So I think that’s my most important goal: the individual success of the people who are with us, so that they have the opportunities to do the things that we’ve had the opportunities to do.

Helen Hanna Casey: Number one: don’t think of yourself as a woman entrepreneur, think of yourself as an entrepreneur. Take advantage of the opportunities for women, but don’t limit yourself by believing that’s all that you are. Always believe that you are equal to anybody you’re competing with. I think we as women sometimes diminish that, with all of the award platforms that are out there for women, because we don’t think we have equal opportunity. I believe entrepreneurs – women entrepreneurs especially – have the opportunity to prove to people that we are equal to everything because our destiny is in our hands.

Don’t ever use this as an excuse. Use it to your advantage, but also be prepared to compete as you are. Finally, if you want to compete across the country, you had better be prepared to be on a plane a lot. It is a business in which you cannot do everything with technology. You have got to reach out and meet those clients that you are trying to attract, no matter what your business is.

Even if you’re selling software that you’ve developed, you have to meet the clients you want. They have to see you and know you. I do think if you want to grow a business that is regional or national, you have to be in that region and on that platform a couple of times a year at least, if not a couple of times a month. You have to force your way to the table sometimes.

NAWRB: You’ve been a prolific speaker at important events throughout your career, are there any speakers that you admire? Is public speaking something you’ve always enjoyed and endeavored to do?

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Joann Massey

Joann Massey is now director of Minority and Women-Owned Business Development for the city of Memphis, Tennessee.

She will support the Mayor’s administration to increase the number of city contracts offered to minority- and women-owned businesses. She is a project manager and grants coordinator for Southwest Tennessee Community College.

Susan S. Pittman

Susan S. Pittman is now the chief lending officer at the Bank of Lancaster.

Pittman will manage all commercial lending in her new role and will serve as the chair of the bank’s management loan committee. She previously held the post of senior vice president.

Anne Lapointe

Anne Lapointe at The Provident Bank has been promoted to executive vice president and chief administrative officer. She has been with the bank for 10 years and has held several leadership roles. Lapointe will now supervise the bank’s activities including administrative functions and marketing.

Lisa Keysar

Lisa Keysar was promoted to executive vice president of Union Mutual where she most recently served as senior vice president of client services. Keysar will work to establish the company’s strategic direction and short term goals, and will work closely with the underwriting and marketing departments.

Maureen Mougios

First Central Savings Bank, Glen Cove hired Maureen Mougios as senior vice president and chief compliance officer.

She was previously first vice president and consumer compliance officer at Amalgamated Bank in Manhattan.

Ruth Smith

SHE SHOWCASE

National Life Group has named Ruth Smith executive vice president; she has held various critical leadership positions at National Life since 1999. In this new position, Smith will lead the company’s new customer innovation group which unites the life insurance and annuity operations.

| NAWRB MAGAZINE

Showcasing Women

‘On the Move’ in the

Maritza Jaime Karri Callahan

RE/MAX Holdings has appointed Karri Callahan as chief financial officer. She was previously the vice president and corporate controller and has more than 14 years of experience in accounting and auditing. She worked for Ernst & Young, LLP before joining RE/MAX.

Carmen Bell

Carmen Bell has been promoted to senior vice president of Wells Fargo Home Lending Default Servicing. In this role, she will lead teams that help customers prevent and resolve mortgage-related issues. She was previously responsible for servicing operations and service and risk management initiatives.

Martha Guerra-Kattou

Denise Ruggiero has been named senior vice president and real estate lending team leader at First Central Savings Bank, Glen Cove. She was previously senior vice president of commercial lending at Suffolk County National Bank.

Ruggiero and her team are responsible for a large portfolio of commercial real estate loans across the Tri-State area.

Maritza Jaime is now the executive vice president and chief credit officer at TotalBank. She has been with the bank since 2001 and was previously responsible for credit administration and credit underwriting.

U.S. Century Bank has named Martha Guerra-Kattou senior vice president, director of sales and marketing. She was previously the senior vice president at TotalBank. Guerra-Kattou is a graduate of Miami Dade College and she completed the Florida School of Banking program.

Jennifer Galfetti

Housing Economy

Denise Ruggiero

SHE SHOWCASE

Union Mutual in Montpelier has promoted Jennifer Galfetti to chief financial officer.

Galfetti brings 15 years of experience in accounting and finance positions and previously served as the company’s treasurer and on Community Mutual’s board of directors.

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DEPARTMENT OF LABOR RESPONSE

Department of Labor Research and Evaluation Plan for 2016 Request for Information

Dear Sharon I. Block, Thank you for the opportunity to provide comments on the Department of Labor’s (DOL) Research and Evaluation Plan for 2016 Request for Information (RFI).

Of the Statistical Analysis of Trends and Surveys, I believe Gender Patterns and Pay in Occupations and Industries along with Caregiving and Women’s Retirement Security are of great importance to the evaluation plan and its practitioners.

in companies throughout the U.S. Women are largely overlooked when it comes to executive positions, even though companies with gender diverse boardrooms and executive offices have been proven to outperform firms with male-dominated executive teams. Addressing these problems will prove extremely beneficial to the American workplace; they are worthy focuses of the DOL’s time and resources.

Recent reports affirm that women The U.S. Census Bureau reports fall short—much more than their that women’s median income is 79 male counterparts—of saving the percent of men’s median income. money they need for retirement.

This is blatant inequality that needs There are several contributing fac“If women earn less than to be addressed and rectified in tors to this disparity, from women men, have less means & order to encourage and secure the access to resources, how can living longer and having higher progress of women in the workforce they be expected to equally medical expenses than men to them and in our country. If women earn traverse the same profes- earning about 79 cents for every less than men, have less means and sional & personal arenas?” dollar a man earns. The gender pay access to resources, how can they be gap is significant and elusive; at first expected to equally traverse the same professional and glance, the gap seems to represent a difference of 21 personal arenas? cents in pay, but we must consider this figure in relation to the 79 cents women earn and not the dollar men earn, In order for women to continue to grow and progress, in which case it becomes clear that women earn 27 perthey need to earn what they deserve, and there needs to cent less than men. be a greater amount of women in C-suite executives roles

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DEPARTMENT OF LABOR RESPONSE Everyone should be able to retire with assurance; women’s retirement security is a prevalent issue that needs to be resolved.

Another topic the DOL should consider is maternity leave. The importance of established and accepted maternity leave cannot be overstated. Starting a family and having a rewarding career are achievements that can take place simultaneously. The struggle to make this a reality in the American workplace is common. The U.S. offers the least amount of paid leave in the world, and recent studies show women working at companies that offer paid leave often endure inter work environment scrutiny for taking time off.

When addressing maternity leave, it is also necessary to consider small businesses. Small businesses do not have the resources of large companies, and therefore may not be able to offer paid leave to employees, however necessary it may be. In these cases, the state or Federal government could provide financial assistance to allow small businesses to offer maternity leave as part of their company cultures. By helping institute maternity leave into the American workplace, the DOL could create a more inclusive work environment in which women are afforded the freedom—as are men—to work and live without needing to constantly consider whether their gender is placing their career at risk.

Sexual harassment in the workplace continues to be an issue, and even more alarming is that it is predominantly accepted and shrouded in the rare instances when it is exposed. There needs to be a better system for reporting instances of sexual harassment, and the work environments where employees are condemned for voicing these grievances need to be eliminated. We need to hold culprits accountable and protect employees being harassed.

From the gender pay gap to maternity leave, there are several issues facing working women. These setbacks need to be addressed to continue asserting equality in this country. By incorporating these issues into the Department of Labor’s (DOL) Research and Evaluation Plan for 2016, NAWRB believes they can be productively addressed and true headway can be achieved.

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

1. Benefits of being certified:

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

2. Requirements for Certification:

3. Process of Certification:

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

4. Why Certify with NAWRB:

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

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

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

NAWRB

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

Women-Owned Business Certification Specializing in the Housing Economy

NAWRB

WOSB & EDWOSB PROGRAM CERTIFICATION Ms. Brenda Fernandez U.S. Small Business Administration Office of Policy, Planning and Liaison 409 Third St., SW 8th Floor Washington, D.C. 20416 RE: Women-Owned Small Business and Economically Disadvantaged Women-Owned Small Business Certification Advanced Notice of Proposed Rulemaking (ANPR)

Dear Ms. Fernandez, Thank you for the opportunity to provide comments on the certification requirements of Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs) concerning the Women-Owned Small Business Federal Contract Program (WOSB Program).

The National Association of Women in Real Estate Businesses (NAWRB) is the most visible women’s trade association specializing in the housing economy.

NAWRB is dedicated to providing women the tools and opportunities for economic growth and expansion, while advocating and promoting women-owned businesses in housing. We are the only third-party industry-specific certifier of Women-Owned Businesses (WOB) and Minority Women-Owned Businesses (MWOB) in the housing economy.

NAWRB empowers women in our advocacy relationships with the Office(s) of Minority and Women Inclusion (OMWI), Government Sponsored Enterprises (GSE), the Small Business Administration (SBA), the National Women’s Business Council (NWBC) and other organizations. Since August of 2010, we have been championing the OMWIs, GSEs, SBA and NWBC to bring more diversity and inclusion to our industry with their awareness, opportunities and access.

Comprised of C-suite level women from several sectors of the housing continuum, our Diversity and Inclusion Leadership Council (NDILC) has the mission of bringing women to the forefront of the housing industry with accountability and results, by increasing the number of women in the boardrooms and executive offices of America. Our Women’s Homeownership Initiative (WHI) is dedicated to increasing female homeowners across the

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“Transparency is crucial for certification growth and effectiveness."

country and lowering the number of women living below the poverty level, from helping prepare women for homeownership though financial literacy workshops to calling upon banks to create lending programs for potential female buyers.

In regards to the certification of WOSBs and EDWOSBs in the WOSB Program, it is our belief that the interests and well-being of WOSBs and EDWOSBs come first.

Third Party Certification NAWRB asserts that if utilized, there should be three third party certifiers for every 2,000 EDWOSBs and WOSBs in each U.S. state. In the past, two-thousand certification applications are what the SBA has estimated it can process per year. Given the 90-day period associated with certification, three organizations for every 2,000 businesses would help prevent the certification process from exceeding the advertised 90 days, especially when coupled with State, Federal and SBA certifying entities.

Transparency is crucial for certification growth and effectiveness. It is necessary for the SBA to disseminate information concerning the certification methods of third party certifiers. This helps identify the ways in which processes differ and determine whether these differences should be addressed or eliminated.

The SBA should certainly provide information on becoming a third party certifier. This would help entities looking to become certifiers and designate the SBA as the central source of information about certification, thus contributing to uniformity and clarity among third party certifiers.

WOSB & EDWOSB PROGRAM CERTIFICATION Experience is a factor that is imperative to consider when approving third party certifiers. Inexperienced third party certifiers who aren’t familiar with the WOSB and EDWOSB space could lead to inefficient certification systems and false certifications. A minimum of three years of working in the WOSB and EDWOSB field, or similar professional arena and work experience, should be a requirement for entities seeking approval as a third party certifier. This would ensure that all certification entities have the preparation and knowledge to perform the certification process with ease and security.

The SBA should issue press releases on their website and in email form to announce third party certifiers, as well as provide SBA-approved filigrees for third party certifiers to place on their websites. This identification would help companies pursuing certification streamline their search for third party certifiers and create uniformity among all certifying agencies.

The SBA should definitely consider cost to EDWOSBs and WOSBs when approving third party certifiers.

Contracting opportunities from the WOSB Program have the potential of providing much needed business and funds for the businesses applying for them. Given that EDWOSBs and WOSBs are often subject to financial struggles, it is ill-advised to require them to spend significant amounts of capital to qualify for WOSB Program contracting opportunities.

It is our belief that the certification process, not including any services in addition to certification, should not exceed $350 for EDWOSBs and $495 for WOSBs. This is an accessible price for businesses from all sectors, es-

“A minimum of three years of working in the WOSB & EDWOSB field, or similar professional arena & work experience, should be a requirement for entities seeking approval as a third party certifier.”

pecially when considered in conjunction with the value of the contracting opportunities for which it qualifies them.

As mentioned above, cost is a serious factor to consider for EDWOSBs and WOSBs. Therefore, the ongoing cost of certification needs to be considered and preferably diminished for these businesses. Having already paid for the initial certification process, EDWOSBs and WOSBs should not have to endure continual costs of certification. At the very least, the SBA should ensure that the cost of certification does not increase over time.

If EDWOSBs have a contract awarded to them within a year, a coupon voucher should be given for next year’s certification to encourage business growth.

We contend the determination by the SBA of the valid period of time for third-party certification is necessary.

Again, we reinforce the idea that guidelines set by the SBA, such as one concerning the valid period of time for certification, would create uniformity and fairness among certifying agencies. Certification is something all EDWOSBs and WOSBs are entitled to attain; there should not be a difference in the quality of different certification processes.

When done safely and in a confidential manner, the process of directly uploading approved certification documents would streamline and accelerate the certification process. This would allow businesses seeking certification to return to normal business operations faster and not delay their company’s workings with unnecessarily tedious certification procedures which can lead to documents being lost or misplaced.

The SBA should ensure that denials by third party certifiers are uniformly justified. Providing guidelines to which all third party certifiers must adhere would accelerate the process of determining whether denials are warranted, rather than allowing third party certifiers to have their own processes and deny businesses due to different reasons. Having a committee to monitor denial appeals would create an efficient oversight mechanism and provide recourse for businesses to challenge their rejection.

Mentor-protégé agreements and joint venture agreements involving EDWOSB and WOSB participants should be determined and agreed upon by the businesses in question. Third party certifiers should only exert authority in matters regarding certification.

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WOSB & EDWOSB PROGRAM CERTIFICATION Among other entities that can certify WOSBs and EDWOSBs are the California Department of Business Oversight (DBO), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Because these agencies are involved with the public and dedicated to ensuring Americans receive fair and equal treatment, we believe they are equipped to offer WOSB and EDWOSB business certification.

“Crafting a certification program specifically for WOSBs & EDWOSBs would create an efficient process that would quickly & properly certify these firms.�

Certification by States and Other Federal Agencies NAWRB sees no reason why States should not be given authority to certify WOSBs and EDWOSBs. This would provide an additional resource for businesses undergoing the certification process. If approved, States should utilize the same certification process as the SBA, for uniformity, clarity and transparency.

We believe the SBA should accept Disadvantaged Business Enterprise (DBE) certifications for women-owned firms as conclusive. DBE certification is a time-consuming process and it would be a great help to these businesses to not have to undergo an additional procedure.

If a clear, uniform certification process is implemented by all certification entities, there should be no questions concerning the WOSB or EDWOSB status of certified firms. However, in the interest of preventing misrepresentation and the improper utilization of contracting funds, NAWRB believes a protest mechanism to be adequate.

Accountability is an important aspect that needs to be bolstered. In order to identify firms attempting to falsely certify, certifying agencies should publish reports exposing these companies. This would discourage additional firms from trying to falsely certify and it would prevent time from being misused on ineligible companies.

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SBA Certification Program The SBA should continue limiting WOSB and EDWOSB certifications made through the 8(a) BD program. NAWRB contends that this program is suited to continue processing certifications; eligibility for the 8(a) BD program is fairly and specifically crafted and stated in the programs description.

Specified regulations communicating the manner in which women-owned firms can simultaneously receive certification as a WOSB and EDWOSB would be greatly beneficial to companies pursuing both certifications.

This information would help streamline the certification process and help these businesses continue operating without unnecessary delay.

Crafting a certification program specifically for WOSBs and EDWOSBs would create an efficient process that would quickly and properly certify these firms. A specified program would also eliminate the possibility of businesses trying to falsely certify as WOSBs or EDWOSBs and thus prevent contracts from being incorrectly awarded to these fraudulent companies.

The most important aspect to consider when designing this certification program is detail, to ensure that firms applying for certification are actually eligible. The amount of time for the certification process becomes the second priority although it would hinder these businesses to undergo an overly lengthy certification. This is where authorizing State, Federal and third party certifiers would prove greatly beneficial; these additional certifiers would move along the certification process and help businesses receive their certification within a reasonable period of time. If designed properly, we see no reason why an online certification program should not be offered.

The SBA and third-party certifiers should employ the same processes when certifying firms. This is logical to

WOSB & EDWOSB PROGRAM CERTIFICATION ensure all companies receive certification in an accurate and timely manner. There is no reason why one certification process should not be equal in quality to any other, and a uniform process should be adopted by all entities offering certification. A specialized program would also help limit the possibility of businesses trying to falsely certify as WOSBs or EDWOSBs. NAWRB believes the certification process should consume no more than 90 days. This is a reasonable amount of time for a proper certification process that will make firms eligible for contracting opportunities. Given the workload that comes with certifying businesses however, it is also fitting to allow a 180-day grace period for certifying agencies to complete the certification process.

If firms feel they are unjustly denied certification, they should be granted the right to enter a request for reconsideration or an appeal. A limit should be placed on these requests or appeals however, as to prevent the SBA from being unfairly burdened by the time it takes to process these submittals. The SBA Office of Hearings and Appeals (OHA) is perfectly suited to continue processing these requests and appeals.

NAWRB contends that an annual recertification process is suited and beneficial. A year is an adequate period of time for firms to reestablish their WOSB and/or EDWOSB status, but not one that is so frequent as to unnecessarily disturb these companies; it accounts for time needed to adapt to changes in board members, management structure, company operations, new tax filings and various other events. If no changes have occurred, a firm should still be required to undergo the certification process for accuracy and transparency, thus preventing problems arising from confusion or lack of attention to detail.

If a uniform, equal process is adopted among all certifiers for certification, there is no reason why firms should not be able to certify with one entity and then another.

NAWRB is a steadfast supporter of the WOSB Program and an advocate for women and women-owned businesses in the housing continuum. With the invaluable benefit and opportunities certification affords these businesses, its importance and the need for an efficient, detailed certification process cannot be overstated.

We believe a year is a fit period of time for certifications to be valid.

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WHAT WOMEN WANT FASHION

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 In Other Words

by Jhumpa Lahiri

Pulitzer Prize-winning author Jhumpa Lahiri is masterful at depicting—with all of its nuances and personal tragedies—the struggle to belong; in a country, a culture, a generation and now, in a language. The focus of In Other Words is a love story between the author and Italian, and her dedication to mastering the language she fell in love with on a trip after college. Lahiri writes of her relationship with language, of her experience learning English and how Italian has transformed her person and her writing.

Innocents and Others

by Dana Spiotta

Spiotta follows her powerhouse Stone Arabia with Innocents and Others, a story that follows Meadow and Carrie, two best friends growing up in 1980s Los Angeles who are as different as fruit and cream pie. Their lives change when they meet the mysterious and intoxicating Jelly. Jelly is older and enjoys, simply by listening and talking, making men reveal themselves. An utterly honest account of existing and living as a member of modern American society, Spiotta’s latest endeavor is a must-read.

Good on Paper

by Rachel Cantor

Cantor introduces Shira Greene, a single mother living with her daughter and gay best friend, who wants a do-over on life.

Hope hits Greene on the head in the form of a translating job possibility from a Nobel Prize-winning poet. Things start looking up and a love interest even enters the picture; Shira delights at the thought of a rejuvenated career, recognition, excitement in her life. However, it all hinges on this translation which may very well be impossible to create.

FILMS Whiskey Tango Foxtrot

Starring Tina Fey, Billy Bob Thornton Based on a true story, Tina Fey stars as Kim Barker, a journalist who takes an assignment in war-torn Pakistan and Afghanistan because she can no longer endure the mundanity of her life. From the experience of encountering a new culture as an American woman to the sobering reality of a war zone, Fey brings Barker’s story to life. This is a striking film showcasing the need to try new things, the process of finding yourself & the curious coincidence that whether home or abroad love finds you.

My Big Fat Greek Wedding 2

Starring Nia Vardalos, John Corbett, Lainie Kazan We have the second part of one of the most iconic romantic comedies of the 2000s!

The sequel follows Toula and Ian who are experiencing marital problems and Paris, their rebellious teenage daughter. Their tumultuous lives are further complicated as the family once again has to throw a huge wedding. The celebration takes a turn when Toula and Ian drop a bombshell about their marriage their family might not be able to handle.

London Has Fallen

Starring Gerard Butler, Morgan Freeman, Aaron Eckhart

A British Prime Minister has died under suspicious circumstances and his funeral draws all Western leaders to the same location. The time of mourning is cut short when an assassination plot to eliminate these heads is uncovered. Amid the confusion, U.S. President Benjamin Asher, U.S. Secret Service agent Mike Banning and a British MI6 agent are tasked with preserving world order. Will they be successful in their efforts, or will chaos consume the Western world?

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NAWRB Member Benefit Alert National Association of Women in Real Estate Businesses has paid for your subscription to

National Mortgage Professional Magazine 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.

Start your complimentary subscription here:

Subscribe.NationalMortgageProfessional.com/NAWRB

HEALTH WHAT WOMEN WANT

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WHAT WOMEN WANT RECIPE

Creamy Bell Pepper Soup Ingredients: 2 Medium sized red or yellow bell peppers, stem removed 2 medium cucumbers, chopped ½ medium onion, chopped ¼ cup cold pressed olive oil from a dark bottle or coconut oil 1 teaspoon sea salt 1 teaspoon caraway seeds 2 medium garlic cloves 3 cups filtered water

Directions:

Garnish:

1. Combine all the ingredients in a high-speed blender and blend until creamy and smooth.

2. Serve chilled or at room temperature

Garnish with freshly cracked black pepper, crumbled feta and cilantro leaves

* Recipe from Juicing: The Secret to Anti-Aging, Longevity, Vitality & Weight Loss by Dr. Linda Marquez Goodine, D.C.

Shaved Brussels Sprouts Salad with Raisins & Walnuts Ingredients: 1 pound Brussels sprouts, trimmed and shaved 2 tablespoons olive oil ¼ teaspoon salt ¼ teaspoon ground black pepper ¼ cup chopped walnuts

½ cup raisins, soaked in warm water ¼ cup balsamic vinegar salad dressing ¼ cup shredded or shaved Parmesan cheese

Directions: 1. Heat oil in large saucepan, over medium-high heat.

2. Add shaved Brussels sprouts and cook for 3 to 5 minutes or until bright green in color.

3. Season with salt and pepper.

4. Remove the Brussels sprouts into a bowl and wipe the pan clean with a paper towel.

5. Re-heat the pan over medium-high heat.

6. Add walnuts and toast until golden, about 5 minutes.

7. Drain the raisins and toss together the Brussels sprouts, walnuts, raisins and balsamic dressing.

8. Sprinkle Parmesan cheese and refrigerate. Serve chilled.

Bon Appétit

* Recipe from ACE Fitness: https://www.acefitness.org/ blog/5742/add-these-3-healthy-creative-recipes-to-your

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WHAT WOMEN WANT HEALTH

Survival Period for Esophageal Cancer is Tied to Race and Income A person’s wealth can dramatically im-

pact racial disparities in esophageal surgery outcomes, according to a new study led by City of Hope’s Loretta Erhunmwunsee, M.D., assistant professor in the Division of Thoracic Surgery.

1. Why do poor patients have lower survival rates for esophageal cancer than more affluent patients?

Poor patients’ access to health care is different than patients with higher incomes. For one, they are less likely The study confirms previous findings of low survival to undergo curative surgery. Also, the hospitals they acrates for blacks after an esophageal cancer diagnosis, cess in their neighborhoods may be of poorer quality.

They are more likely working in low-wage with black patients surviving an average jobs that don’t provide them with the leeof 33 months after surgery compared to way to go for medical appointments that 46 months for whites. Those odds change professional-level jobs do. Or they may once income is considered, with survivhave several jobs to help support their al for both low-income groups slightly family and may worry that taking time off shorter – 26 months for blacks and 40 for their health will bring less money in months for whites. Those racial disparities, for the family. And poor patients smoke however, reverse at higher income levels. more, exercise less, have poor eating habits City of Hope’s Loretta The study – which Erhunmwunsee led Erhunmwunsee, M.D. and are exposed to more violence, which all have a negative health impact. The fact while in her previous position at Duke University Health System – analyzed data from the National is low-income people have poor health so our goal is to Cancer Data Base. Researchers studied 6,147 esophageal figure out why in upcoming studies. cancer patients who underwent surgery. Of those, 293 patients, or 5 percent, were black.

2. What did your study find about survivHere, Erhunmwunsee answers questions about the findings, which were recently released at The Society of Thoracic Surgeons’ annual conference.

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al rates among black and white patients in the two highest income brackets?

Median survival in the higher income groups was 61

HEALTH WHAT WOMEN WANT months for blacks and 52 months for whites. The fact that blacks in the highest income bracket did as well as whites in the same group suggests that socioeconomic status plays a big role in racial health disparities.

3. What do you hope the medical community takes away from this study?

Our study shows that in regard to esophageal cancer surgery, black patients are most vulnerable when they are poor and that they may actually be protected when they have higher socioeconomic status. These findings suggest that targeting socioeconomic differences will help combat these racial disparities. Being aware of the factors that are linked to higher death rates can empower patients to be more active with their own health and medical care. We hope that awareness of the problem among physicians and patients alike will lead to more public and professional focus on solving this disparity.

Strategies could focus on new health policies that take into account socioeconomic disparities and help eradicate any unfair practices by health systems.

“Poor patients’ access to health care is different than patients with higher incomes.”

Reprinted with permission from City of Hope

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SPEAK WRITE ATTEND

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NETWORK

upcoming February 16-19

MBA’s National Mortgage Servicing Conference & Expo (Orlando, Florida)

EVENTS

The MBA’s National Mortgage Servicing Conference & Expo is planned with residential mortgage loan servicers in mind and will focus on topics like compliance and enforcement, optimizing online services and default servicing issues. It will offer tools to help organizations improve efficiency and succeed in the residential mortgage loan business.

February 23

NAWRB’s National Women’s Homeownership Initiative (Pasadena, CA) NAWRB’s National Women’s Homeownership Initiative (WHI) workshop will feature Elaine Bolden, Data Dissemination Specialist from the U.S. Census Bureau and NAWRB’s CEO, Desirée Patno as speakers.

The Initiative is committed to increasing women’s homeownership throughout the country and will cover topics like financial literacy and loan qualifications for women. The event is free and open to real estate professionals and homebuyers.

February 23-24

RealShare Apartments East 2016 (Miami Beach, FL) Hear from over 250 leading professionals to discover the most pressing issues and advancements of the multifamily real estate market. Major industry players including owners, lenders, developers and brokers will provide you with vital information to take advantage of the opportunities of the new year. This forum will allow you to network with the professionals that will help you turn your endeavors into success stories.

February 25

5th Annual Real Estate Women’s Forum (New York, NY) Focused on real estate’s leading women who are making advancements and helping other do the same, this forum will discuss all industry sectors with the goal of providing women the knowledge and opportunities to lead and grow. If you are a woman in real estate, this is a must-attend event to learn from leaders as they discuss their unique challenges and the most effective ways to overcome them.

March 2

NAWRB’s National Women’s Homeownership Initiative (Miami, Florida) NAWRB’s National Women’s Homeownership Initiative (WHI) workshop will feature Marilyn Stephens, Data Dissemination Specialist at the U.S. Census Bureau. With compelling data from the Census Bureau, she will complement the Initiative’s commitment to help

increase women’s homeownership across the nation. Featuring important statistics on homeownership among women, financial literacy guidance, and special topics to help increase women’s homeownership, this free event will be beneficial for real estate professionals and homebuyers alike.

March 6-8

2016 REOMAC Annual Education Summit & Expo (Palm Desert, CA) The 2016 REOMAC Annual Education Summit & Expo is a threeday event that begins with Servicer Training Forums and features an Exposition Gallery that will be available throughout the event. Don’t miss the general sessions that cover topics like compliance and regulatory requirements that may impact loan servicing and title and escrow companies, renovation lending, hedge funds and utilizing REO agent skills.

March 8-9

Minority Business Opportunity Day (Universal City, CA) Set a reminder for The Minority Business Opportunity Day event organized by the Southern California Minority Supplier Development Council. With an expected attendance of over 1,200, the two-day event will feature exhibits, informative seminars, a construction hard hat pavilion and numerous networking opportunities. The event aims to increase supplier diversity and will help connect big corporations and diverse businesses through one-on-one matchmaking interview sessions.

March 10-11

The 2nd Annual Crowdfunding & Marketplace Lending Forum for Real Estate (East) (New York, NY) Real estate crowdfunding is expected to reach $3.5 billion this year and IMN’s conference is what you need to utilize this novel investment model. Expert panelists will speak on recently released regulations and their impact and will also expound on fee structures, failed platforms and best practices. This is a valuable event that will educate guests on the ways crowdfunding and the lending community can come together for success.

March 18 NAWRB’s 2016 Legislative Symposium (Washington, D.C.) NAWRB’s 2016 Legislative Symposium will have interactive pivotal discussions on central issues and developments within the housing industry by uniting C-suite executives with government officials from entities like the Consumer Financial Protection Bureau (CFPB), U.S. Census Bureau, Office(s) of Minority and Women Inclusion (OMWI), National Women’s Business Council (NWBC), Office of the Ombudsman, and the U.S. Small Business Administration.

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INDEX

ADVERTISERS C CRES insurance services �������������������53 City of Hope �������������������������������������60 D DPE �������������������������������������������������48 H Herbert H. Landy Insurance Agency, Inc.,The ��������������������������� 40 M Million Women Mentors ������������������26 Mortgage News Network (MNN) ����49 N NAWRB ��� 8, 11,14, 18, 22, 26,41,49,58 NAHREP �����������������������������������������58 National Mortgage Professional Magazine (NMP) ��������������������������49 P Prospect Mortgage ���������������������������21 R RISMedia’s Content Solutions ����������38 W Wells Fargo Home Mortgage ��������� 2,8

PEOPLE A Albright, Madeleine ��������������������������35 Anton, Stephanie Pfeffer ������������ 4, 5, 6 Andrew, Erin E ���������������������������������14 Arvielo, Patty ������������������������������������56 Asher, Benjamin ��������������������������������47 B Banning, Mike ����������������������������������47 Barker, Kim ���������������������������������������47 Barnes, Darnella ��������������������������������58 Bell, Carmen �������������������������������������37 Block, Sharon I. ��������������������������������39 Bolden, Elaine �����������������������������������55 Boyington, Sheila ������������������������������26

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Bradshaw, Terry ��������������������������������35 Brand, Heather ���������������������������������56 Butler, Gerard �����������������������������������47

Longo, Christina �������������������������������21 M Magnuson, Betsy �������������������������������40 Massey, Joann ������������������������������������36 McAuliffe, Terry �������������������������������26 Meeker, Molly �����������������������������������21 Mougios, Maureen ����������������������������36

C Callahan, Karri ����������������������������������37 Cantor, Rachel ����������������������������������47 Casey, Helen Hanna ���� 1,3, 6, 7, 8, 31, 32, 33,34, 35 Casey, Steve ������������������������������� 31, 33 P Cestra, Annie Hanna ������������������ 31,34 Patno, Desirée ���������������� 3, 8, 48, 54, 55 Corbett, John ������������������������������������47 Pimsleur, Julia ����������������������������6, 8, 25 Pittman, Susan S �������������������������������36 Pogue, David �������������������������������������54 D Davies, Marcia M. ����������������������������54 R Rosener, Ruby �����������������������������������54 E Eckhart, Aaron ���������������������������������47 Ruggiero, Denise �������������������������������37 Erhunmwunsee, Loretta M.D. ����������52 S Shepherd, Florica ������������������������������54 F Fernandez, Brenda ����������������������������42 Smith, Ruth ��������������������������������������36 Fey, Tina �������������������������������������������47 Spiotta, Dana ������������������������������������47 Freeman, Morgan ������������������������������47 Stanisch, Michele ������������������������������21 Steinem, Gloria ���������������������������������33 Stephens, Marilyn �����������������������������55 G Galan, Nely ���������������������������������������54 Stripay, Kara ��������������������������������������38 Galfetti, Jennifer �������������������������������37 Gastelum, Oscar �������������������������������54 T Goodine, Dr. Linda Marquez ������������51 Thornton, Billy Bob ��������������������������47 Greene, Shira ������������������������������������47 Trikas, Irma ���������������������������������������54 Guerra-Kattou, Martha ���������������������37 Trinci, Robyn �����������������������������������21 H Hanna, III Hoddy �����������������������������34 Hanna, Jr. Howard W. ����������������������� 31 J Jaime, Maritza �����������������������������������37 Jensen, Debi ��������������������������������������58 K Kazan, Lainie ������������������������������������47 Keysar, Lisa ���������������������������������������36 Kilaru, Risha �������������������������������������21 L Lahiri, Jhumpa ����������������������������������47 Lapointe, Anne ���������������������������������36

V Vardalos, Nia �������������������������������������47 W Wagner, Melva ����������������������������������54 Whitton, Charlotte ���������������������������59

COMPANIES A Ace Fitness ���������������������������������������51 Amalgamated Bank ���������������������������36 Asian Real Estate Association of America (AREAA) ����������������13, 15, 16

INDEX

B Babson College ���������������������������������24 Bank in Manhattan ���������������������������36 Bank of Lancaster �����������������������������36 Better Homes and Gardens Real Estate ����������������������13 C California Department of Business Oversight (DBO) ������������������������� 44 Census Bureau �����������9, 10, 12, 18, 19, 39, 55 Century 21 All Professional ��������������58 City of Hope ������������������ 3, 6, 52, 53, 60 Consumer Financial Protection Bureau (CFPB) �����������������������������55 CRES �����������������������������������������������53 D Darnella Barnes Real Estate Services ����������������������58 Desiree Patno Enterprises, Inc ����������48 Department of Labor �����������3, 6, 39, 40 Duke University ��������������������������������52 E Ernst & Young, LLP �������������������������37 F Federal Deposit Insurance Corporation (FDIC) �������������������������44 Federal Reserve Bank ������������������������16 FHA �������������������������������������������������21 Fiat Chrysler �������������������������������������34 First Central Savings Bank ��������� 36, 37 Florida School of Banking ��������������� 37 G Global Entrepreneurship Monitor ����������������������������������������24 Google �������������������������������������������� 4, 5 H Harvard University ��������������������� 19, 20 Herbert H. Landy Insurance Agency Inc. �����������������������������������40 Housing and Urban Development (HUD) �������������� 20, 21

Howard Hanna Real Estate Services ��������� 3, 31, 33, 34, 35 I International Women’s Forum �����������35 L Little Pim �����������������������������������������25 Luxury Portfolio International ��������4, 5 M Miami Dade College �������������������������37 Million Women Mentors ������������������26 N NAHREP ������������������������ 12, 13, 54, 58 NAR ������������������������������������ 4, 5, 10, 27 National Center for Education Services ������������������ 13, 17 National Life Group �������������������������36 National Mortgage Professional ��������49 National Women’s Business Council ��������������������� 24, 42 NAWRB ������������ 3, 8, 11, 18, 31, 32, 33, 34, 35, 40, 41, 42, 44, 45, 47, 53, 55, 57 New American Funding ��������������������54 NWBC ���������������������������� 24, 25, 42, 55 O Office of the Comptroller of the Currency (OCC) ���������������������������44 Office of the Ombudsman ����������������55 Office of Minority and Women Inclusion (OMWI) ����������������� 42, 55 P Pew Research Center �������������� 9, 12, 13 Provident Bank, The ��������������������������36 Prospect Mortgage ����������������������������21 R RealShare ������������������������������������������55 RE/MAX ������������������������������������������37 Remodeling Magazine ����������������������29 REOMAC ����������������������������������������55 RISMedia’s Content Solutions ����������38

Sierra Pacific Mortgage ���������������������54 Small Business Administration ����������3, 11, 14, 42, 43, 44, 45, 54 Society of Thoracic Surgeons’ annual conference, The ������������������52 Southwest Tennessee Community College ����������������������36 Suffolk County National Bank ����������37 T TNC �������������������������������������������������33 TotalBank �����������������������������������������37 U Union Mutual ���������������������������� 36, 37 U.S. Century Bank ����������������������������37 U.S. Department of Commerce ���������24 U.S. Small Business Administration �������������������� 3, 42, 55 V Veterans Administration (VA) ����������21 W Wells Fargo Home Mortgage ������2,8,37 Westinghouse Electric ����������������������33 Women’s Retirement Security �����������39 Y Yahoo Tech ���������������������������������������54 YouGov ���������������������������������������������� 4 Z Zillow �����������������������������������������������21

INFOGRAPHIC: http://www.remodeling.hw.net/costvs-value/2016/ http://www.remodeling.hw.net/cost-vs-value/2016/

S Selig Center for Economic Growth �����������������������������������������12

NAWRB MAGAZINE |

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NAWRB CERTIFICATION

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

DEBI JENSEN Century 21 All Professional Debi.jensen@century21.com www.Century21AllProfessional.com 772.370.9607

DARNELLA BARNES Darnella Barnes Real Estate Services darnellabarnes@comcast.net www.dbarnesrealestate.com 925.207.8211

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