Vol. 7 / Issue 2 by Women in the Housing & Real Estate Ecosystem

From the 30th anniversary of the H.R. 5050 Women’s Business Ownership Act, a pivotal legislation that paved the path for more women entrepreneurs by eliminating the requirement of a male signature on a loan, to the creative ways technology is improving alternative access to capital for women business owners, NAWRB Magazine Volume 7, Issue 2, The Strength of Business Ownership, provides you resources and knowledge for success. We are honored to have Dr. Chitra Dorai, an AI Visionary, Former IBM Fellow, Master Inventor, VP of CTO Cognitive Services, and Member of IBM Industry Academy & Academy of Technology, grace our cover as our sheCENTER(FOLD). She is an upcoming SheTalk speaker at our 2018 NAWRB Conference “Year of Women”, and the face of our latest trademark Technology Human BalanceTM. She will discuss how we can strike the perfect balance between technology and humanity. Today we share her journey from her childhood in India to her phenomenal success, including being awarded IBM’s highest honor and helping thousands of homeowners through the financial crisis. Dr. Chitra Dorai is a brilliant mind and innovator, but readers will also discover her youthful, infectious spirit. Along with highlighting legislation that has provided women the means for economic growth and independence, this issue provides extensive coverage of present policy that will affect women professionals, housing, and low-income communities, including California’s SB 826 Women on Boards bill, the Investing in Opportunity Act, and a response to the United States Forest Service’s NEPA Proposed Rulemaking. Our articles range from hard-hitting stories about elder financial abuse to light and fun reads, such as how you can incorporate the rules of Improv in your business, the secrets of success from women who don’t hold back and the challenges of selling a home in the world of Bitcoin. Thank you APEX for awarding NAWRB Magazine our fourth consecutive year of Publication Excellence! Desirée Patno Publisher & CEO Desirée.Patno@NAWRB.com

NAWRB MAGAZINE |

MBA Congratulates NAWRBâ&#x20AC;&#x2122;s 2018 Roaring Thirty Award Winner! The Revolutionary Marcia M. Davies Chief Operations Officer Mortgage Bankers Association Founder, mPower

Your dedication to the industry, passion to support women and revolutionary leadership are inspiring. Congratulations on this honor and your many accomplishments!

16543

TABLE of CONTENTS 6 8 11 13 15 19

SheShowcase You can Improve Your Life & Business with Improv! by Tiffani Sierra

7 Secrets of Success for Women Who Hold Back by Kris Martinez

Women on Boards: California Bill SB826 by Desirée Patno

21 25 29 32 40 43

| NAWRB MAGAZINE

Dr. Chitra Dorai

Founder & CEO Amicus Brain

Rebecca Steele Named as NFCC President & CEO

Historic Milestones for Women’s Independence: Fair Housing Act & H.R. 5050

32 sheCENTER(FOLD)

The Investing in Opportunity Act: Private-Public Partnerships Helping Low-Income Communities NAWRB Response to the United States Forest Service’s NEPA Proposed Rulemaking by Noemi Lujan Perez & Desirée Patno Innovative Ways Women Entrepreneurs Can Gain Access to Capital sheCENTER(FOLD) Dr. Chitra Dorai Current State of Women-Owned Businesses: Infographic Nobody Wants to Buy My House for Bitcoin by Crystal Stranger

55 56 57 58

Mars vs. Venus? Differing Views on Homeownership Between Genders Why Irvine? Sometimes the address says it all by Linda DiMario Life of a Female Veteran: U.S. Army Combat Veteran Erica Courtney (part 3 of 6) Fashion Read It/Watch It Field Archery Elder Financial Abuse is on the Rise: Why This Matters to You

Vol 7. Issue 2: The Strength of Business Ownership

UNLIMITED FREEDOM AND FLEXIBILITY.

EXPERIENCE EXIT. Money doesnâ&#x20AC;&#x2122;t buy happiness; money buys choice. Choice in how you spend your time, what you buy, how you contribute. Money is a means to an end, not the end itself. What if there was a way to earn money where you could work when you want, how you want, as hard as you want and then take a break whenever you want and still earn a substantial income? And what if that career brought out the best in you by cultivating your natural talents and abilities, your desire to positively influence the lives of others, your dream of flexibility and a wholistic approach to work/life balance? There is a way. Open the door to the life youâ&#x20AC;&#x2122;ve always dreamed of. Experience EXIT.

www.exitrealty.com

“Rebecca’s depth of leadership experience in financial services will help the NFCC drive forward motion...”

Rebecca Steele

Named as NFCC® President & CEO Known for her leadership experience in the mortgage

and consumer lending industry, Rebecca Steele brings a renewed consumer focus to America’s first and largest nonprofit dedicated to financial empowerment. Women in the Housing & Real Estate Ecosystem (NAWRB) is proud to share The National Foundation for Credit Counseling® (NFCC®)’s announcement that Rebecca Steele has become the new President and CEO. Rebecca is a proven leader with extensive executive-level experience in retail financial services and mortgage lending with major financial services companies. “Rebecca understands the financial challenges facing the people served by NFCC members and brings a sincere passion for helping improve their financial well-being,” said NFCC Board of Trustees Chair Debbie Bianucci. “We are pleased to have her lead this organization at a time when the NFCC is on the forefront of exciting changes taking place throughout the nonprofit financial counseling and education sector.” One of Rebecca’s top priorities is to build support and momentum for the NFCC national member network of

| NAWRB MAGAZINE

nonprofit organizations that help millions of consumers find solutions for managing credit card debt, mortgages, student loan repayment and more. Along with her focus on serving the needs of NFCC members and the consumers and families they serve, Rebecca will bring her financial services industry leadership experience, relationships and insights to the NFCC. As Co-Founder and Co-Chairwoman of the NAWRB Diversity & Inclusion Leadership Council (NDILC), Rebecca has been a pivotal figure and valued member of NAWRB. The NDILC is comprised of senior executive women dedicated to raising the number of C-suite women and growing women’s employment at all levels in the housing ecosystem. “Rebecca brings inspirational, compassionate and integral expertise to our industry. We are thrilled for her new appointment and the great work she will do during her time at NFCC,” stated Desiree Patno, CEO & President of NAWRB and Chairwoman of NDILC. Over the course of her 20 years in financial services she has led operations, integration and cultural transformation

Women Profiles after mergers and acquisitions, implemented a comprehensive overhaul of default management areas in banks, provided congressional testimony that resulted in greater public transparency during the housing crisis, worked with the US Department of the Treasury to implement the Making Home Affordable program, and partnered with nonprofit counseling organizations to identify innovative pathways to recovery from the housing crisis. Rebecca most recently served as the Chief Operating Officer of Spring EQ, a retail call center home equity startup company. Her earlier work includes executive leadership positions at JP Morgan Chase, Bank of America, and PHH Cendant Mortgage. Rebecca received a Masters of Business Administration degree from Villanova University and a Bachelor of Science degree from Drexel University. Rebecca’s depth of leadership experience in financial services will help the NFCC drive forward motion for innovative consumer programs like new consumer debt reduction services, Envisioning Home OwnershipSM, Small Business Owner Financial Coaching and the next phase of Sharpen Your Financial Focus. In addition to the growth of those programs, she will guide the organization and its members as new business models and services are identified to serve the needs of future clients. To learn more about Rebecca and the NFCC, visit https://www.nfcc.org/rebecca-steele/. Find out about the NDILC at http://www.nawrb.com/ndilc/. About NFCC: Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With a national network of member offices serving 50 states and Puerto Rico, our NFCC Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit www.nfcc.org today. About NAWRB: Women in the Housing & Real Estate Ecosystem (NAWRB) is a leading voice for women focused on advancing gender equality, raising the utilization of women-owned businesses and providing women the tool for economic security, stability and sanctuary. We pride ourselves in covering a wide-range of topics and issues affecting women in the housing ecosystem. From poverty and homeownership to C-suite opportunities and family offices, we provide one of the most thorough resources for women in the industry. NAWRB MAGAZINE |

Kathy Kraninger

London Breed has been nominated as San Franciscoâ&#x20AC;&#x2122;s first African-American woman mayor, beating her competing candidate Senator Mark Leno by 2,177 votes. Breed will be the second woman to be elected mayor in the cityâ&#x20AC;&#x2122;s history, and plans to address homelessness, congestion and affordable housing.

Caroline Proctor

London Breed

Spotlight The White House has announced its nomination of Kathy Kraninger, currently an official from the Office of Management and Budget (OMB), for Director of the Consumer Financial Protection Bureau (CFPB). If her appointment is approved by the Senate, Kraninger will take over for Acting Director Mick Mulvaney.

ToolsGroup, a global corporate marketing and communications company, has appointed Caroline Proctor as Chief Marketing Officer. Proctor previously served as Vice President of Marketing at RELEX Solutions. She is joining the executive team with over two decades of experience as an industry thought leader.

Sharon Abramson has been appointed to Director of Public Relations and Marketing at Robert Allen Law, a firm based in downtown Miami. Abramson previously served as Director of Marketing and Public Relations at the Marine Industries Association.

The United Way of Broward County has named Lynne Wines Senior Director of its Business Council on Homelessness. Wines previously served as President and CEO of First Southern Bank. In this new position, she will oversee and lead the company’s “United We End Homelessness” initiative and community strategies.

Erin E. Bohannon

Lynne Wines

Erin E. Bohannon has been named partner at Kluger Kaplan Silverman Katzen & Levine. Bohannon holds a Bachelors and Masters in English from the University of Florida and J.D. from the University of Miami. Her practice focuses on commercial litigation, including real estate litigation, class action, lender liability, general contract and more.

HubSpot, a Cambridge-based software firm, appointed Kate Bueker as its new Chief Financial Officer. Bueker previously served as Akamai’s Senior Vice President of Business Finance and Operations for 11 years, and holds experience as an investment banker at The Blackstone Group and Credit Suisse.

Kimberly Wagner

Kate Bueker Nichole Mace

Solutions Advisors, a marketing and advertising firm in Richmond, Virginia, has appointed Beth Simos as Senior Vice President. Simos has more than 20 years of strategic marketing, communication and leadership experience.

The Federal Reserve Bank of Richmond has promoted Nicole Girardin to Assistant Vice President of planning and services in the Facilities Management department. Girardin previously served as a Strategic Business Partner for several departments and has experience in human resources. She is also a Marine Corp veteran.

Sharon Abramson

Nicole Girardin

Beth Simos

Elizabeth G. Steele

Elizabeth G. Steele has been named Director of Business Development at GRS Title Services. Steele has over 18 years of experience in the industry as an underwriting counsel and transactions coordinator. She previously served as President of Commercial Real Estate Women Network, Richmond, speaking at a variety of conventions and seminars.

Kimberly Wagner, Ph. D., is now President & COO of CiBO Technologies, a software company that models and simulates agricultural ecosystems. Wagner formerly served at McKinsey & Company as a Partner in Agriculture and Food Practice, and is the Co-Owner of Stoutridge Vineyard, LLC.

BevSpot, a food and beverage management software company, has hired Nichole Mace as Vice President of Product. Mace’s experience in product includes positions at Intuit, Constant Contact and Quilt. Her responsibilities include managing and leading the product team while putting customers first.

NAWRB MAGAZINE |

| NAWRB MAGAZINE

Women’s Independence

You Can Improve Your Life and Business with Improv! Improv. You have probably heard this term before, but do you really know what it means?

Let’s look at this definition: Improvisation (Improv): creating something or performing something spontaneously or making something up as you go. Actors use the tools and rules of Improv to help with auditions, to learn how to think fast, for comedic outcomes, to help with creativity, to work together, honor first thoughts, and to be truthful and in the moment. These very things that help actors can also help you. Specifically if you want to grow personally and/or professionally, Improv may be the best place to start.

Why is this? There are rules and principles in Improvisation that create structure. These rules can also be seen as important life skills every person should develop. These rules are especially helpful for business professionals, and, believe it or not, many companies now host Improv classes on site to help their employees develop these important skills.

Here are some of the rules & principals of Improv:

1. Embrace Mistakes: The very rules of Improv create a safe space where making mistakes are not only OK they are celebrated. Yep, celebrated. “Mistakes” often lead to great success. Let’s look at Mrs. Tollhouse. Do you know her story? Briefly, she trusted herself enough after running out of chocolate for her chocolate cookies to place broken up bits of a chocolate bar inside her cookie batch. When the chocolate didn’t melt to create a chocolate cookie she was left with what is now the famous Chocolate Chip Cookie.

Imagine if she didn’t embrace that “mistake”? When you make a mistake do you kick yourself, mope around, and want to hide under a rock in Yosemite? What if you were able to accept the mistake as a learning tool and build upon it to create a successful outcome? You would feel pretty good and you would take your mistake and turn it into a success.

2. Yes and with the World: The cardinal rule of

Improv is “YES AND.” We use it to work in agreement with others, help the storyline stay alive, and create collaboratively. “YES AND” does not negate the idea that was suggested, it embraces it and adds on to it to create something even better together. What if all businesses took the idea of “YES AND” and used it to facilitate all meetings with their employees? When employee’s voices feel heard and validated productivity soars. Let’s face it— people want to work with positive, solution-oriented people. No one likes a “negative

NAWRB MAGAZINE |

Nancy.â&#x20AC;? Working in agreement does not mean you have to like the ideas that were suggested; it just means you donâ&#x20AC;&#x2122;t throw them away and put someone down for having that idea. All ideas can be used to create something bigger and better if they are embraced and built upon.

3. Be You! Sounds so simple right? Just be yourself.

What if I told you people prefer real, honest people over people who say what others want to hear? This is especially true for sales people. People want to buy from real, honest people they like. Take actress Jennifer Lawrence for example. Like her or not, people are drawn to her realness. She just says what is on her mind, she is real, she is herself, and people love that. So many people are afraid to be themselves. I see it time and time again at business events. People will say or do what others do just to feel accepted. I first learned how to be myself in an Improv Class in 2006. While attending the conservatory program at The Second City in Hollywood, CA, I was taught the only way to laughter, and good honest work, was being truthful to who I am. I believe this is a mantra we can all use. For years I tried to hide that I am a clumsy, absent-minded little lady for fear of being judged and not being liked by other professional women. The reality is, the things that make me, me also make me real and stand out. If you want to stand out, be you!

Tiffani Sierra, Founder & Chief Inspirational Officer, Improv It Up

| NAWRB MAGAZINE

by Kris Martinez

Women tend to project less confidence than their male

peers. They are more likely to think about their businesses with modest expectations and to consider the obstacles, compared to men who often boast big goals and bravado. Maybe it’s because women tend to be more risk-averse than men. Women are often more conditioned to stay in the background and not seek the spotlight for themselves, versus men who are more comfortable taking bigger risks. Maybe it’s because women still tend to shoulder more of the responsibilities at home. It can be very daunting to think: if this business goes big, what am I going to do about daycare? How am I going to manage that? How will I get everything else done? Fears like that can stop anyone in their tracks. I invite you to take a look at whatever reasons you have for holding back – and I challenge you to look at success in a different way. The biggest challenge all women face is the negativity that goes on inside our own heads. Pushing past those little negative thoughts that keep coming at you will teach you to be resilient and to tackle any challenge that comes your way. Whether you’re a business owner, an entrepreneur, or someone who’s trying to find the right fit for your next opportunity – making things happen and realizing your dreams can be incredibly fulfilling. You don’t do anyone any favors by playing small.

Below are our 7 Secrets of Success that we hope you can apply to your business:

1. Identify trends that will help your customers

When you have success in one area of your business, look for additional ways to help your customers. Send them articles that will pique their interest, let them know about upcoming events they may want to attend, or share technologies that can help their teams achieve their goals. When you have good customers, you want to keep them. Do everything you can to let them know you’re thinking about them and you want to help them succeed.

2. Build a good team – then trust them

None of us works alone. Build a team around you who are experts in what they do – whether that’s sales, writing, or coding – then trust them to do their job. When a client approached us a few years ago to build an iPad app, we had never designed one before – but I knew that our development team could handle it, and I trusted them. I rely on our development team to keep us up to speed on web trends and mobile techniques to help our customers achieve their business goals. Similarly, we have writers who are experts in different industries, and our social media team has a solid handle on social media trends and techniques, which are always changing. Our clients rely on us – and I rely on our team – to stay ahead of trends so that we can make solid recommendations to help our clients meet their business objectives.

NAWRB MAGAZINE |

3. Focus on what got you where you are It’s natural for successful businesses to grow and expand their service lines. But too often, we see companies stray a little too far from their core business strengths by branching out and offering additional services that aren’t quite their areas of expertise. We’re always in favor of trying new things – just make sure that your business decisions are carefully calculated risks that make sense to your current customer base.

4. Be decisive

Every business owner makes a million different decisions a day, both large and small. Hours can be wasted by taking too much time in making small decisions. There’s a reason Steve Jobs and Albert Einstein wore the same outfit every day – they didn’t want to spend any unnecessary energy thinking about what to wear. For them, their energies were better used in a bigger capacity. The quicker you learn to follow your gut and make decisions, the faster you can move on to the next big thing.

5. Learn from failure

Successful people know that failure is part of the territory. Entrepreneurs tend to be risk takers, and they understand that there will be many failures that help pave the way to success. Understand that you will make mistakes, and learn to embrace whatever lessons you can learn from your mistakes. Don’t spend too much time dwelling on your failures. Learn the lesson quickly, apply it, and move on. Those who keep moving forward and pushing past failure are the ones who succeed.

6. Networking

Networking can be a double-edged sword. Most business owners have very little time for networking events and it can feel like a waste of time that would be better spent on other things. However, it’s important to grow your network and be part of associations and events that are critical to your business. The more people you know, and the more you stay in touch with them, the more opportunities you create for yourself and those around you. Be sure to go to events with a clear purpose in mind, and not just to exchange business cards. Read guest lists ahead of time, plan whom you’d like to meet and what you’d like to ask them, and have a few things ready to share about yourself.

| NAWRB MAGAZINE

I challenge you to look at success in a different way. 7. A positive attitude

A positive attitude is what sets winners apart from the rest. People with a positive attitude don’t let setbacks keep them down, they don’t take no for an answer, and they see opportunity where others see obstacles. Positive people don’t blame others for their mistakes and don’t make excuses; they get out there and make things happen. Optimism allows people to understand that their own success is only limited by their own mindset. Try being positive and see for yourself just how successful you can be.

Kris Martinez,

Owner and Creative Director, Martinez Creative Group

Legislative

In the year 2018 we have observed milestones for the history of

women’s social and economic independence. It marks the anniversary of two important pieces of legislation that helped women achieve economic growth through business ownership as well as homeownership—two interrelated tools that are pivotal for personal wealth building.

50th Anniversary of the Fair Housing Act

February 2018 marked the 50th anniversary of the Fair Housing Act. Initially passed in 1968, the act intended to promote equality in the housing sector by prohibiting discrimination on the basis of race, color, national origin, religion, sex, disability or familial status. An amendment was made in 1974 to include women, and, as a result, a greater share of women have experienced more economic and social benefits due to improved access to housing opportunities in buying, selling and financing.

The Fair Housing Act, an act that tackled discrimination in the housing sector, has been in effect for 50 years, while the H.R. 5050 Women’s Business Ownership Act, which made it possible for women to take out a loan without a man’s signature, has been “H.R. 5050 Women’s Business Ownership helping more women become en- Act, which made it possible for women to trepreneurs for 30 years.

take out a loan without a man’s signature,

While the act prohibits discrimination and inequality on paper, in practice, the realization of the act has been slow and inefficient in some aspects. It has been difficult for the government to oversee the housing sector to ensure that the mandate is being appropriately adopted and enforced.

While passing a bill is certainly has been helping more women become an achievement in its own right, entrepreneurs for 30 years.” the success of legislation should be measured on how it is carried out in practice. Decades have passed for communities and businesses to adopt these acts into their operations. How successful In 2015, the Obama Administration introduced the Affirmativehave these acts been in making sure that women are not being ly Furthering Fair Housing (AFFH) rule to supplement the Fair discriminated against while buying a home or applying for a loan? Housing Act, a measure that encouraged communities to be Are there cracks in the system that need to be addressed? more inclusive of the members that make of America’s diverse Women have made strides in becoming financially independent by becoming homeowners and starting their own businesses, but they still face gender-based hurdles in achieving their unique goals. After highlighting what these obstacles are, we will suggest solutions and provide resources to help women overcome them.

population and requiring them to inspect their local housing patterns for any bias. The Assessment of Fair Housing Tool was an auxiliary feature of this new rule to help communities with any biases find actionable solutions. The Trump administration has postponed mandated deadlines for the AFFH indefinitely, sparking concern that such concerted

NAWRB MAGAZINE |

efforts to ensure fair housing in all communities will be placed on the sidelines. While women have more opportunities than they did 50 years ago, and more are becoming homeowners, they still face gender-based obstacles in terms of housing, making it more difficult for them to increase their financial independence, especially when they are pursuing ownership on single income. The following will address some of the issues single women and mothers face and available resources to help them overcome these barriers to reap the benefits of homeownership.

Single Women Homeownership

Many single women are pursuing the benefits of homeownership without waiting for marriage, and they have outpaced single men in homeownership since 1986—over 30 years! Homeownership is invaluable to single women as a source of wealth-building and security. A home is a woman’s sanctuary, a place to call her own and an invaluable asset that cements one’s professional progress and economic foundation. Homeownership provides a better life for women and their families, as well as a stable location for home-based women entrepreneurs to grow their businesses.

ing one. Insufficient income and employment opportunities have placed a significant number of households headed by a female below the poverty level. According to 2016 Census Bureau data, 26.6 percent of families with a female householder, and no husband present, are below the poverty level. Of these, 42.1 percent have children under 18 years old and 49.1 percent have children only under 6 years of age. Millennials, the largest living generation, are also the poorest generation in America. According to the Pew Research Center, in 2016, households headed by a Millennial comprised 5.3 million of almost 17 million households living in poverty. Moreover, the poverty rate for millennial women is 37 percent higher than any previous generation, reports the Population Reference Bureau. Although women are more likely to have college degrees, they face obstacles to achieving higher-paying jobs; experience a gender wage gap in many industries; are burdened by student debt; and are subject to the “pink tax.” With low inventory of rental units that are affordable and in adequate condition, low-income households are forced to live in

Although stringent lending standards make it more difficult for singles applying for loans with one income, dependence on a primary income is not deterring single women from buying homes. NAR reports the percentage of single women homebuyers increased from 15 percent to 17 percent from 2015 to 2016. Moreover, single women are buying more homes than single men—17 percent compared to 7 percent. “While single women homeowners statistically outnumber single men homeowners, there is a home value disparity between the genders,” states the NAWRB Women in Housing Ecosystem Report (WHER). “In the U.S.—principally due to women’s lower buying power—homes owned by single men are worth 10 percent more; and, as a result of their higher worth, single men’s homes appreciate 16 percent faster than homes owned by single women.”

Affordability & Women’s Poverty

Affordability is one of the greatest obstacles to increasing women’s homeownership. Women are earning less than men for the same jobs, currently 80 cents for every dollar men earn. Women also face a persistent gender gap in the workforce, and find difficulties returning to the workforce when having children. As consumers, they are subject to a “pink tax” on hygiene products and higher lifetime medical expenses, and struggle with more debt than men. Addressing women’s poverty will be pivotal in making sure they can afford to buy a home before reaping the benefits of own-

| NAWRB MAGAZINE

“NAR reports the percentage of single women homebuyers increased from 15% to 17% from 2015 to 2016.” units that are inadequate, and potentially unsafe, conditions. Harvard’s State of the Nation’s Housing 2017 report reveals that between 2000 and 2015, the measure of the poor population living in high-poverty neighborhoods increased from 43 percent to 54 percent. This can have hazardous consequences, including long-term damage, on the health of low-income household owners and their families. On a positive note, there were 2.5 million fewer people living in poverty in 2016 than in 2015, and 6.0 million fewer than two years ago. The official poverty rate also declined to 12.7 percent, down by 0.8 percentage points from the previous year. To

“The number, and revenue, of women-owned businesses in the United States has more than doubled in the last 20 years.”

facilitate the further decline of poverty rates, the housing market and policymakers will have to assist in helping low-income households find affordable home to provide stability and generate economic wealth.

eliminating the need for women to have a male co-signer for a business loan and creating the National Women’s Business Council (NWBC), led to an increase in the number and success of women-owned businesses.

Resources

Current Stats for Women-Owned Businesses

Many programs in the United States currently assist women, and their families, living in poverty or homelessness, by providing housing, rehabilitation, and financial assistance. WISEPlace and LA Family Housing are just a couple resources located in southern California. According to their website, WISEPlace, an organization committed to helping women overcome unemployment and homelessness by “providing safe, affordable transitional housing, healthy meals, financial-empowerment curriculum and employment assistance,” as well as personalized counseling from its management. Their facilities include a Hotel for Women, “a 30-bed transitional housing shelter for single women,” which opened its doors in 1987. LA Family Housing, one of the largest real estate developers and homeless service providers in Los Angeles, CA, helps individuals transition out of homelessness and poverty by offering a variety of housing options and services. Their model unites housing placement, supportive services, community partnerships, real estate development and financial sustainability in order to help individuals living in poverty achieve long-term housing stability.

30th Anniversary of H.R. 5050: Women’s Business Ownership Act

It has been 30 years since the H.R. 5050: Women’s Business Ownership Act was passed, which was meant to address discriminatory practices that made it difficult for women to start their own businesses. Some of its key legislative changes, such as

Since then, there has been a significant increase of thriving and lucrative women-owned businesses taking up a large share of firms in the United States. According to the 2017 State of Women-Owned Businesses Report, commissioned by American Express, the number, and revenue, of women-owned businesses in the United States has more than doubled in the last 20 years. There are 114 percent more women-owned businesses in the nation than there were two decades ago, and their revenue has increased by 103 percent by 1997. Moreover, the growth of women-owned businesses is taking place 2.5 times faster than the national average, with women starting an average of 849 new businesses per day.

Minority Women Business Owners

Small businesses owned by minority women, especially women of color, have grown exponentially over the past 20 years. Firms owned by minority women comprise 46 percent of all women-owned firms, have over 2 million employees combined, and generate a total of $361 billion in revenue. According to the report, the number of firms owned by women of color grew by 467 percent during this time, which is over four times the rate of all women-owned businesses. Women of color take the lead among minority women in the net number of women-owned businesses created per day and in the total number of firms in 2017.

NAWRB MAGAZINE |

Looking Ahead—2018 NAWRB Women in the Housing Ecosystem Report

Women-owned businesses make significant contributions to the economy, and they can make an even greater impact if their share of employment and revenues—currently 8 percent and 4.2 percent, respectively—matched or exceeded their 39 percent share of firms. If the revenues of minority women-owned businesses matched the revenues generated by other women-owned businesses, the report predicts they could add $1.1 trillion in revenues and 3.8 million new jobs to the economy. To see these predictions become a reality, there needs to be increased support in training programs in entrepreneurial, minority and women-owned certification, access to capital and greater advocacy of these issues. Current women entrepreneurs can also help by sharing their personal stories and advice for other women interested in starting their own businesses. By seeing women who have achieved their professional goals, future generations will be not only inspired but knowledgeable in the steps needed to make their dream a reality. Read the latest two-volume NAWRB 2018 Women in the Housing Ecosystem (WHER) report, which provides in-depth data analysis and projections, using 53 resources, for women professionals in the housing and real estate ecosystem.

The Federal Deposit Insurance Corporation is all in for diversity.

Volume 1: The State of Women’s Homeownership

The first volume uncovers the state of women’s homeownership by analyzing the overall health of the current market, women’s poverty and obstacles women and minorities face in becoming homeowners. The report provides invaluable resources for single women, mothers and couples who are prospective homebuyers, as well as disaster recovery assistance for renters and homeowners.

Volume 2: Women in the Housing & Real Estate Ecosystem

The second volume includes an indepth overview of the opportunities and obstacles women professionals face in the housing and real estate ecosystem, from the rate of women’s entrepreneurship and women’s roles in family offices and intergenerational wealth transfer, to female representation in the C-suite and gender diversity across the globe.

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

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

Women on Boards: California Bill SB 826 NAWRB has written a series of formal letters in support of 2020 Women on Boards to the California State Assembly and Governor Jerry Brown regarding the SB 826 bill, which requires public companies without women board members to hire at least one woman by the end of 2019. Following our letter, the bill has been signed by Governor Brown, officially making California the first state to require women on corporate boards.The bill is an important step in diversity and inclusion, as well as for the advancement of women, although it should be adopted with a mindset that acknowledges gender diversity as a multifaceted issue that will require a concerted effort at all employment levels.

June 21, 2018

The Hon. Monique Limon Chair, Banking and Finance Committee California State Assembly State Capitol, Sacramento, CA

Dear Hon. Monique Limon, This letter expresses the support of Women in the Housing & Real Estate Ecosystem (NAWRB) for the passing of SB 826, “Women on Corporate Boards.” Having diverse members on corporate boards is not only an ethical decision— it’s good for business. Credit Suisse research demonstrated that companies are more profitable and more productive when they have at least three women directors on their boards, especially in return on equity and stock performance. In terms of female representation on corporate boards, California, at 15.5 percent, lags behind the national average of 16.2 percent for the Russell 3000. Also, the bill states, “one-fourth of California’s public companies in the Russell 3000 index have NO women on their boards of directors.” SB 826 requires that at least one woman be on the board of publicly held companies in California by year end 2019. Existing male board members would not be replaced. If there is no turnover of board seats in 2019, held by men, then a new seat would be added for a woman. This proposed law does not apply to private companies. The Chambers that oppose SB 826 represent primarily small private companies, which would not be affected by this bill. While the bill is not an all-encompassing solution to the obstacles that deter women’s advancement through the corpoNAWRB MAGAZINE |

rate ladder— from entry level to the C-suite and boardroom— this legislation will be an impactful incentive for public companies in California to start addressing these issues. Setting gender quotas is one way some organizations across the globe are trying to increase female representation at the executive level and in boards. Although gender quotas have been successfully adopted and achieved in countries such as Norway, Iceland, Sweden, and so on, there has been considerable resistance among both male and female board directors around the world about the necessity and efficacy of gender quotas. An article published in the Harvard Business Review written by Dr. Margarethe Wiersema, Dean’s Professorship in Strategic Management at The Paul Merage School of Business, University of California, Irvine, and Dr. Marie Louise Mors, Professor of Strategic and International Management at the Copenhagen Business School (CBS) shares various perceptions of gender quotas from over 60 male and female directors in the U.S. and Europe. Remarks range from the worry that it would result to the hiring of unqualified women into boards to concerns that it demeans women. Some public companies in California may feel that they are already displaying diversity awareness in their hiring processes, thus enforced legislation is not needed. When they search for board members, taking into consideration candidates of both genders, their priority is hiring the most qualified directors. An open mindset while reviewing candidates is good to have, especially since the board selection process predominantly occurs within social networks, but the numbers show it has not been enough for increasing female representation at the top level. At this rate, studies predict it will take over 40 years to achieve gender parity. In order for significant change to occur, we have to adopt a more rigorous and formal approach to the problem of gender diversity and female representation at the board level. Gender quotas have resulted in not only greater diversity but also a more professional approach to the board selection process that is based more on merit than whom one knows. However, legislation will only be successful if they are embraced internally by public companies, especially board directors themselves, into one of their core tenets. Gender diversity should not be seen as an end goal, but as an integral part of a company’s practices and functions. An overriding theme of studies regarding this topic (e.g., Mercer’s When Women Thrive, McKinsey & Company’s Women in the Workplace 2017) is that an effective method of increasing women’s representation will require more than meeting quotas. Placing experienced women on boards and appointing them to senior executive positions is important as we need more diverse voices at the table where major decisions are made. However, for women professionals to be perceived as more than just token hires, there needs to be a culture shift in companies that embraces diversity and inclusion. In addition, more women need to be hired at entry and management levels, and given opportunities to rise through the ranks, from management to the C-suite. Once current executive women leave their positions, we need to create a pathway for other women to take their place—a place they earn by merit, and through the visible hard work they did to get there. Of course, it will take time for companies to create a pipeline that helps advance women through their corporation. SB 826 gives us an opportunity to take action now regarding one aspect of the lack of female representation on boards. The bill can always be revised as its effectiveness is reviewed by the Secretary of State through implementation, so that it better suits our shared goals. Having more women on boards is important to have now, not only to have more voices representing the interests of stockholders, but also so that more generations of women to come will have role models to look up to as they pursue their goals in the corporate world. If they can see her, they can be her.

Thank you, Desirée Patno, CEO & President NAWRB

| NAWRB MAGAZINE

December 2017 Congress passed the heavily-debated GOP tax bill, with highlighted features such as a $1.5 trillion tax cut, lowered tax rates for individuals and corporations, a cap on mortgage interest deduction at $750,000, and a doubling of the standard deduction and child tax credit. The effects of these changes might make an impact on affordable housing in high-tax states as Americans adapt to decreasing home prices, new caps on mortgage and tax deductions and limits on HELOC deductibility.

An Inside Look: The Investing in Opportunity Act

While the new tax bill has stirred concern over housing affordability in states with high taxes, especially those located in the Northeast, West Coast and South Florida, attention has now been focused on an aspect of the bill that could help rather than hinder distressed, low-income communities. According to the 2017 Distressed Communities Index by the Economic Innovation Group, one in six Americans, approximately 17 percent of the population, live in economically distressed communities, and the average state has 15.2 percent of its population living in these struggling areas.

“Too many American communities have been left behind by widening geographic disparities and increasingly uneven economic growth,” stated Senators Scott and Booker in a joint statement. “We come from different parties and regions, but share the common conviction that all Americans should have access to economic opportunity regardless of their zip code.”

The Investing in Opportunity Act in the tax bill intends to help funnel capital into distressed communities with the help of private investment. The legislation was introduced by Senators Tim Scott (R-S.C.) and Cory Booker (D-N.J.) and Representatives Pat Tiberi (R-Ohio) and Ron Kind (D-Wis.) in February 2017, and possesses bipartisan support. In effect, the bill offers investors tax incentives to invest stagnant capital gains into the development of underserved communities.

According to the DRI Fund, a certified Community Development Financial Institution (CDFI) by the U.S. Department of Treasury, there are currently $2 trillion in capital gains sitting

NAWRB MAGAZINE |

on the table. Instead of leaving money on the sidelines, the act intends to put it towards good use while also benefiting the investor. In return for reinvesting capital gains in a designated “Opportunity Zone”—areas recommended by state governors to the Department of Treasury for certification—investors will be able to defer capital gain taxes.

Opportunity Zones & Funds What qualifies a low-income community as an “Opportunity Zone”? The official act, provided on Congress’s official website, lists the following requirements. “Governors must give particular consideration to areas that: ● are currently the focus of mutually reinforcing state, local, or private economic development initiatives to attract investment and foster startup activity; ● have demonstrated success in geographically targeted development programs such as promise zones, the new markets tax credit, empowerment zones, and renewal communities; and ● have recently experienced significant layoffs due to business closures or relocations.” Investors will reinvest capital gains into Opportunity Zones through an “opportunity fund,” described as an investment vehicle, whether in the form of a corporation or partnership, organized to invest in Opportunity Zones. The Opportunity Fund must hold at least 90 percent of its assets in these areas. Taxpayers with assets reinvested in Opportunity Zones can defer the recognition of capital gains, and receive tax reductions and exemptions, only if their investments have been held for at least five years.

| NAWRB MAGAZINE

A Win-Win Situation? The act appears to benefit both investors and economically-distressed communities in need of financial support. Aside from receiving a tax break on their capital gains, investors have an opportunity to make an impact in their local communities. Many investors want to help but do not have the tools or information to take action. As the Economic Innovation Group states, “Many investors are willing to provide the capital, but lack the wherewithal to locate and execute investment opportunities in communities that need it.”

Helping Investors Make A Difference The Investment in Opportunity Act makes it easier for investors to identify communities in need of capital and utilize CDFIs to deliver their funds where they need to go. CDFIs, which were introduced 25 years ago, are recognized private entities in the United States focused on revitalizing underserved communities. CDFIs facilitate their mission by supporting state and local banks, while financing entities help disadvantaged communities and affordable housing. Individual investors have the option of providing their capital into a CDFI, who will then make sure the money is used appropriately.

Low Cost and Low Risk This new legislation is also a low cost and low risk opportunity for taxpayers. Investors bear the brunt of the risk for their originally deferred capital gains, although they do receive a tax reduction for long-term holdings. However, there are no tax credits no public sector financing is involved.

Long-Term Investment The act encourages long-term investment by offering a reduction in capital gain taxes owned on their original investments after holding them for five to seven years. In addition, if investors have qualified investments held for more than ten years, those assets will be exempted from further capital gain recognition over what was deferred originally.

Direct Impact for Economically-Distressed Communities On the other hand, low-income and economically-distressed cities and townsâ&#x20AC;&#x201D;which include over 52 million American citizensâ&#x20AC;&#x201D;are benefited by having funds funneled directly into programs that can help with job growth, affordable housing, entrepreneurship and more. Publicly-financed programs and initiatives are difficult to get off the ground, receive funding for, and enforce in practice. This act provides an incentive for investors to reinvest their capital gains back into their community with less hurdles.

Overall, the Investing in Opportunity Act is a legislative feature of the tax bill that has the potential to have a direct social and economic impact upon underserved communities, benefiting investors, communities and taxpayers alike. It is predicted to be a pivotal catalyst for economic recovery, business development and affordable housing, which could help countless individuals achieve financial stability and economic growth for themselves and future generations. According to the Local Initiatives Support Corporation (LISC), an organization that is helping to facilitate successful implementation of the legislation, the Treasury has officially designated 8,762 census tracts as Opportunity Zones across the United States at time of writing. NAWRB is keeping track of the latest developments regarding the Investing in Opportunity Act and other policy affecting the housing and real estate ecosystem.

NAWRB MAGAZINE |

Automate Your Social Media Outreach With ACE. RISMedia’s ACE automates branded consumer content daily to your Facebook, LinkedIn and Twitter.

“No matter what your level of social media experience, ACE will enhance your professionalism and help you increase your online presence with branded and quality content.” - PAM CHARRON

Broker Associate, Berkshire Hathaway HomeServices Florida Realty

“ACE posts to my business page, then I share it to my personal page and tag a few people who might find information the most useful. The articles are helpful, well written and easy to share.”

“I love that ACE provides relevant content, that it‘s auto-posted and that I get a branded page. That’s crucial when trying to convert visitors to customers.” - ALEXIS HART MCDOWELL, ESQ. Owner, Enterprise Esquire, Illinois, New York, California

- BRENDA NOFFERT

Associate Broker, Better Homes and Gardens Real Estate Alliance - Kansas

Set your social media outreach on autopilot today at ace.rismedia.com/NAWRB For more information call (203) 855-1234 ext. 2

“It takes the stress off of me trying to remember to post relevant content. I know that my site will always have something interesting.” - ANGELA ROLLINS

REALTOR®, Better Homes and Gardens Real Estate Gary Greene, Texas

NAWRB Response to the United States Forest Service’s NEPA Proposed Rulemaking You don’t have to live in homes like the hobbits did in The Lord of The Rings to be among nature’s finest gifts. While making sure we are building enough homes to meet the demand of the rising population is important, we also need to consider the effects of construction and our daily lives on the environment. More environmentally-friendly homes are being built with sustainable resources, and there has been an increased focus on adapting our buildings to the land instead of forcing it to adapt to us.

Earlier this year, NAWRB had the opportunity to write a request for comment (RFC) to the United States Forest Service’s proposal to revise its National Environmental Policy Act (NEPA) procedures to better facilitate its goals of protecting the health and sustainable use of our national forests and increasing efficient environmental analysis. NEPA plays a key role in this by outlining the process by which the agency conducts its analysis and makes crucial decisions regarding the National Forest System lands. Below is our thorough response regarding the proposed amendments to NEPA. We would like to give a special thank you to Noemi Lujan Perez, VP of Government and Media Relations, ECO Diversity Media, for drawing our attention to this issue as the environment is a pertinent, but often overlooked, feature of the housing industry, as well as for her assistance in writing our response with her expert knowledge of the field.

NAWRB MAGAZINE |

PRODUCTION Grand

PUBLISHER/ EDITOR-IN-CHIEF

Desirée Patno

Proud Winner of Publication Excellence 2015-2018

SENIOR GRAPHIC DESIGNER

Kendall Roderick

Get Involved & Subscribe Today

CONTENT WRITERS

Burgandy Basulto Christine Terrisse

Executive

PRODUCTION ASSISTANTS

Jay Jones Lucille Chaney Jing Tian

CONTRIBUTORS

Tiffani Sierra Kris Martinez Desirée Patno Noemi Lujan Perez Dr. Chitra Dorai Crystal Stranger Linda DiMario Erica Courtney

NAWRB.com As a leader in Women’s Economic Growth, we provide new emerging ideologies, employment & business opportunities, accountability &

deliverables on behalf of women in the housing & real estate ecosystem, bringing women to the forefront to advance

women’s independence. for generations to come. /NAWRB

/NAWRB

NAWRB Magazine is a bi-monthly magazine featuring unique content, articles on diversity, inclusion and engagement for women in the housing ecosystem, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. All materials submitted to NAWRB Magazine are subject to editing if utilized. The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the 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.

949.559.9800 | Media@NAWRB.com

| NAWRB MAGAZINE

February 2, 2018 Re: National Environmental Policy Act Compliance, Advance Notice of Proposed Rulemaking; Request For Comment; 83 Fed. Reg. 302 ( Jan. 3, 2018) (36 C.F.R. Part 220: Docket No. RIN 0596-AD31) This letter contains Women in the Housing & Real Estate Ecosystem’s (NAWRB) comments on the National Environmental Policy Act (NEPA), Forest Service, USDA, Advance Notice of Proposed Rulemaking (ANPR) and request for comment published on January 3, 2018. 83 Fed. Reg. 302. Created in 2010, NAWRB is a leading voice for women in the housing ecosystem. NAWRB is dedicated to providing women the tools and opportunities for economic growth and expansion, while advocating and promoting women-owned businesses. NAWRB is the only third-party industry-specific certifier of Women-Owned Businesses (WOB) and Minority Women-Owned Businesses (MWOB) in the housing economy. NAWRB provides a unique platform for uniting Women in Housing and Women in Government including educational training on contracting opportunities both government and private, to expand our members’ business growth. 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, NAWRB has been championing the OMWIs, to bring more diversity and inclusion to our industry with their awareness, opportunities and access. NAWRB appreciates this opportunity to provide comments in response to the above referenced ANPR, which states that the Forest Service is proposing to revise its NEPA procedures with the goal of increasing efficiency of environmental analysis. Specifically, the ANPR asked for comments regarding the following: 1. Process and analysis requirements that can be modified, reduced, or eliminated in order to reduce time and cost while maintaining science-based, high quality analysis; public involvement, and honoring agency stewardship responsibilities 2. Approaches to landscape-scale analysis and decision making under NEPA that facilitate restoration of National Forest System lands;

3. Classes of actions that are unlikely, either individually or cumulatively, to have significant impacts and therefore should be categorically excluded from NEPA environmental assessment and environmental impact statement requirements such as integrated restoration projects, special use authorizations, and activities to maintain and manage Agency sites (including recreation sites), facilities, and associated infrastructure; and 4. Ways the Agency might expand and enhance coordination of environmental review and authorization decisions with other Federal agencies, as well as State, Tribal, or local environmental reviews. A. NAWRB’s Interest in Efficient NEPA Environmental Analysis NAWRB members are active collaborating partners with green and sustainable corporations, brands, and engaged in the housing ecosystem. B. General Comments The NEPA process as conducted by the Forest Service and other federal agencies would benefit from change to be more efficient and timely to meet NEPA’s objective of facilitating reasonably informed decision making regarding proposed federal agency actions with significant environmental effects. There are numerous ways that the Forest Service can revise its current NEPA regulations codified at 36 C.F.R. Part 220 and related Forest Service Manual and Handbook NEPA provisions to achieve this goal. Changes to the Council on Environmental Quality (CEQ) regulations codified at 40 C.F.R. §§ 1500-1508 and the regulations of other federal agencies who are involved with national forest programs and projects will also help procedures more efficiently, and are hopefully underway, but the Forest Service need not await such changes to update its own regulations. In revising its NEPA regulations, the Forest Service should also address NFMA forest plan revision, amendment, consistency, and resource requirements. Further changes to the Forest Service planning regulations at 36 C.F.R. Part 219 and objection process regulations at 36 C.F.R. Part 212 may be needed to fully implement the NEPA and related process efficiency improvements that are needed. Executive Order 13807 specifically calls for the establishment of streamlined NEPA and related environmental and

NAWRB MAGAZINE |

permitting reviews. The Department of the Interior (DOI) recently issued Secretarial Order 3355 to streamline NEPA reviews conducted by DOI agencies. Order 3355 includes a number of provisions that the Forest Service should consider in revising its NEPA regulations and directives, including: 1) Completion of Environment Impact Statements (EIS) within one year of issuing the Notice of Intent (NOI) to prepare an EIS; 2) Establishing target page limits for EIS and environmental assessment (EA) documents; 3) More use of previous NEPA or other environmental analysis when completing related subsequent analyses, including state entity analyses (consistent with the “tiering” and “incorporation by reference” concepts in the CEQ regulations); 4) Improved coordination among lead, cooperating, and other participating agencies; and 5) Increased use of categorical exclusions (CEs) from NEPA where appropriate. NAWRB members’ experience reflects that the processing of applications for leases, permits, and other Forest Service authorizations is often delayed because it and other federal licensing or regulatory agencies participate in the NEPA and related permitting processes sequentially rather than simultaneously. Moreover, there is usually not an overall schedule, with enforceable timelines for deliverables from the agencies, that is adopted, or accountability for missing due dates in a project schedule. In addition, some project opponents seek to delay projects through appeals that lack merit. All of these problems can be remedied or alleviated through updated regulations and other administrative actions. Finally, special attention should be focused on providing CEs for forest and watershed health projects designed to improve water flow and quality, and to implement measures that prevent or reduce the risk of destructive forest fires or insect and disease infestations, or that rehabilitate burned or infested areas. C. Specific Comments 1. Process and analysis requirements that can be modified, reduced, or eliminated: a. Provide further emphasis such as that in CEQ guidance that: • NEPA encourages straightforward and concise reviews;

| NAWRB MAGAZINE

• NEPA documentation should be proportionate to the potential impacts of the proposed action; • NEPA process and analysis should be tailored to avoid excessive burdens; and • EISs should be reserved for analysis of proposed actions that are expected to result in significant environmental impacts. 2. Consultation regarding effects on historic properties and cultural resources under the National Historic Preservation Act (“NHPA”) and other protocols should be coordinated with the NEPA process, and at an early stage involve the State Historic Preservation Office and any interested affected Tribes so that qualified historic and cultural resources are protected as appropriate without excessive delay in process. The Forest Service should provide direction encouraging contracting and otherwise partnering with state and local agencies and adjacent landowners and managers to complete relevant studies and reports and provide other data, information, technical and local expertise, and knowledge for NEPA and other environmental analysis. WUWC members are in many instances major, knowledgeable owners or managers of adjacent lands and resources. In conclusion, this rulemaking is an opportunity for the Forest Service to address on a meaningful scale our comments above and those of others who support cost-effective national forest management. The WUWC looks forward to continued dialogue and collaboration as the Forest Service continues the rulemaking process. We appreciate the opportunity to provide these comments. If you have any questions regarding our comments, please contact Desirée Patno, CEO & President of NAWRB, Desiree.Patno@nawrb.com, 949-559-9800.

Noemi Lujan Perez

VP of Government and Media Relations, ECO Diversity Media

Desirée Patno

CEO & President, NAWRB

Business Ownership

Innovative Ways

Women Entrepreneurs Can Gain Access to Capital

Capital is pivotal for the success of any entrepreneur to launch a sustainable and lucrative business. Traditional routes of access to capital are changing as technological development creates new avenues, and the distance between entrepreneur and investor decreases due to an increase in fast and efficient communication. Women entrepreneurs have notoriously faced hardships in gaining access to capital, from lack of information and resources and local and state government assistance, to facing cultural biases from investors. A 2014 report by the U.S. Senate Committee on Small Business and Entrepreneurship states women business owners received 16 percent of small business loans and 17 percent of loans from the U.S. Small Business Administration. Without adequate capital, women cannot make their creative ideas a reality, nor can they afford to maintain the businesses that provide jobs for a significant portion of the population. According to U.S. Census Bureau data, women own 36 percent of privately-held businesses and contribute $3 trillion to the economy due to job creation—creating 16 percent of jobs in the nation. The desire to accumulate money is a reason why some women are driven to start their own business, but a lack of it can drive them out of a traditional way of making a living in America. Entrepreneurship is a tried and true way of generating wealth and women are driven to self-employment for its other benefits as well, including the ability to be their own boss, work flexible hours and do something that they are passionate about and enjoy. As more women become their own bosses, they compose a larger share of small businesses, of which 80 percent have no

employees other than the owner, in the United States. In 2013, there were 28.8 million small businesses in the United States. According to the Kauffman Foundation’s 2016 report, Changing Capital: Emerging Trends in Entrepreneurial Finance, the advent of online sources for capital such as crowdfunding, online lending and angel syndicates, and new venture funds with innovative investing goals, has made it easier for entrepreneurs to access modest amounts of capital alongside a decreased cost in transaction and capital formation.

“Without adequate capital, women cannot make their creative ideas a reality, nor can they afford to maintain the businesses that provide jobs for a significant portion of the population.” Crowdfunding Crowdfunding is an efficient way to gain capital from many individuals through small donations, and is low risk compared to venture angels and banks. A 2015 Massolution NAWRB MAGAZINE |

report estimates that $17.2 billion was invested in North America through crowdfunding websites, a number that is increasing with each subsequent year. Top crowdfunding platforms incluse Kickstarter, Indiegogo, GoFundMe, CircleUp, Patreon, Crowdrise, Razoo, AngelList and many more. A report from the National Women’s Business Council (NWBC), Crowdfunding as a Capital Source for Women Entrepreneurs, explores the relationship between crowdfunding and women entrepreneurs, aiming to garner a deeper understanding of crowdfunding as a source of business capital. As the report articulates, crowdfunding is an “alternative finance solution that attempts to fill the gap left by traditional financing sources, especially as it relates to small and medium enterprises (SME) financing needs.” Usually taking place on websites, crowdfunding is fueled by social media exposure making it easier to reach larger networks of would-be investors with an entrepreneur’s business venture. Report findings indicate that Kickstarter and Indigogo are the two largest reward-based crowdfunding platforms in the world; meanwhile, Prosper and Kiva are the most popular lending-based platforms. As of mid-2016, approximately 85 companies had successfully raised equity through crowdfunding in the U.S.

higher than that set by women; in 2015, the average women funding goal averaged no more than 60 percent of men’s funding goal ● Lower funding goals correlate to higher funding success rates, but evidence also support that women’s stronger social networks contribute to their higher success rate. Crowdfunding has the potential to fill a significant role in the future of business capital, growing formidably in the past 15 years alone. Although the report acknowledges further research is needed to fully determine the role and effect of crowdfunding in women’s entrepreneurship, it holds a reasonable capacity to support women entrepreneurs and investors in the business ecosystem. What are some innovative ways that women entrepreneurs can leverage crowdfunding to their advantage? Here are a few suggestions for making the most of this unique capital resource: ● Women entrepreneurs can test product market fit, build their network, test product lines and have friends they support return the favor. ● Utilize your social media presence in getting your business’s name out there and building a community who support and advocate your product. ● Supportive networks, effective communication and social media presence will bring greater success.

Gender Lens Investment

Stats from Crowdfunding Platform Kickstarter ● Female participation has remained constant between

29 and 31 percent ● Women, on average, are 4.6 percent more successful than their male counterparts ● The average funding goal set by men is consistently

| NAWRB MAGAZINE

Women entrepreneurs have trouble raising capital, especially through business angel and venture sources, but the NWBC’s Entrepreneurial Ecosystems and their Service of Women Entrepreneurs report suggests ways to combat this problem. One important way is to demonstrate to venture capital firms the benefit of having more diverse management teams, including higher performance and greater investment opportunities available for women entrepreneurs. One up-and-coming trend in impact investing is gender lens investment. According to Veris Wealth Partners, investment of this type has risen 41 percent in the past year, up to $910 million. In addition, the number of mandated publicly traded gender lens investment strategies has reached a total of 22, after 5 years of steady growth. This is

an incredible increase from the years 1993 to 2012, when there were only 5 strategies for gender lens investing. When considering diverse resources for increasing wealth, family offices should consider getting involved in the recent trend of gender lens investment. This type of investment focuses on women by evaluating opportunities based on how a certain investment will facilitate the following concerns: ● Women’s leadership

● Women’s access to capital

● Products and services that help women and girls ● Equality in the workplace

● Shareholder engagement and policy work ● Women investing their own resources

If an investment satisfies at least one of these criteria, some wealth management companies believe it will have a positive impact on the economic opportunities and growth for women and girls.

Small Business Administration Office of Advocacy, women entrepreneurs are most likely to be those that are leveraging this option. Fintech companies like OnDeck and Kabbage are facilitating small businesses’ access to credit in online lending by providing fast online vetting for small business loans, utilizing personal data as well as credit scores. Their services have made it easier for financial institutions to make quicker decisions regarding lending, saving both time and money for small investment amounts. Traditional means of gaining access to capital, which typically involved a long and cost-intensive process, are being expanded with online options, which provide smaller loan amounts faster and at lower costs. Whether they decide to leverage crowdfunding, merchant cash advances or sector-focused angel syndicates like gender-lens investment, women entrepreneurs in need of funds for their startup or capital for their business have new tools at their disposal. In time, these online platforms may become the new norm for individuals budding into entrepreneurship. Even in this new technologically-advanced age, it is still beneficial to have Direct Contacts. For the last 15 years, NAWRB has been personally communicating with the leaders in the capital financing field. One type of financing does not meet every need in the industry—do your research and find out which one is right for your business.

Online Lending Tools An emerging means for access to capital for small businesses in particular are online lending tools. The 2017 Kauffman Foundation report states that many businesses are in need of funds to manage cash flow and to access short-term financing, and the most commonly used tools—as estimated by a study by a 2015 Federal Reserve Bank of New York study—are loans and lines of credit. Small businesses are becoming attracted to merchant cash advances, with 7 percent using merchant cash advances in 2014. As women owned 12.3 million out of a total 28.8 million U.S. small businesses in 2013, according to the U.S. NAWRB MAGAZINE |

sheCENTER ( FOLD )

sheCenterfold Former IBM Fellow, Master Inventor, VP, CTO Cognitive Services, IBM Services, Member of IBM Industry Academy & Academy of Technology

Dr. Chitra Dorai Dr. Chitra Dorai, a Former IBM Fellow and expert in AI and Cognitive Sciences, takes NAWRB along the journey of her life. A precocious child in Chennai, India, who dreamed of becoming a brain scientist, she traveled to the United States to realize her aspirations, ultimately earning IBM’s highest honor and helping thousands of homeowners during the financial crisis. From her obsession with popular culture trivia to her experience being a mother, this influential woman is taking on the computer. Interview by Desirée Patno

unstinting encouragement and support from my parents and teachers who nurtured my love of math and science. My mother in particular is a special role model - she was so good with numbers and had a strong work ethic of getting the job done, no matter what - I am incredibly lucky that I inherited these qualities.

NAWRB: Where did you grow up, and what was your childhood like? Dr. Chitra Dorai: I grew up in a sunny South Indian city called Chennai, previously known as Madras, located on the south eastern coast of India. Chennai is one of the largest cosmopolitan cities in India and is well known as an economic, cultural, and educational hub in South India. In fact, it is often called the “Detroit” of India because many of the automobile manufacturers have their Indian operations there. It is also technology-centric. A lot of multinational companies, including IBM, have their IT service delivery centers in Chennai. At the same time, it is a city of contrasts. It continues to be traditional and conventional in certain ways, culturally-rich and conservative, compared to other major cities in India. It is famous for its soaring temples, luxurious silk, and centuries-old musical traditions.

I was big into quiz contests during my school years, so I was always reading anything I can lay my hands on and learning new facts about anything, anywhere in the globe. That interest has remained as I love watching Jeopardy.

“My mother in particular is a special role model - she was so good with numbers & had a strong work ethic of getting the job done, no matter what - I am incredibly lucky that I inherited these qualities.”

Chennai’s annual music festival, Madras Music Season, brings people around the globe who are into south Indian classical music and dance to the city to celebrate and enjoy performances of maestros to young artists. Chennai is also a food lovers’ delight; there’s a belief among Chennaites that serving food is providing service to the humanity and the city’s cuisine lives up to it. I grew up in a middle-class household that placed a premium on education and arts, so there was a strong focus on not only excelling in school, but also learning music and different languages. I was extremely fortunate to receive

Another trait from childhood that has continued to date is to be unafraid to challenge or question the status quo. From early on, I was curious why certain things are the way they have always been. Why aren’t enough girls enjoying and excelling in mathematics? Why do we have fewer women getting into engineering disciplines? How can we do something differently?

“Why not?” is a question I therefore tend to ask frequently. “Why” asks for a reason, rationale and cause, but it also puts people sometime in a difficult position having to explain, rather how it is now. I have found that asking “why not?” often leads to exploring alternate ideas and ways, creating more constructive partnerships to try to see the world differently and figure out different ways to make things better. This reframing has worked for me throughout the years in spurring new kinds of thinking and creating new inventions - many of the patents I have invented are simply a result of asking “Why not?”

NAWRB MAGAZINE |

NAWRB: What is something that people would be surprised to know about you? Dr. Chitra Dorai: Given my background as a researcher and scientist, people may not think that I am into pop culture and how much I tend to know, but I’m big on it. I am such a reader of everything, and I want to know what is going on in social media, movies, music, politics, books and so on. If you drop a pop cultural reference in a conversation, I’ll most likely know or if I don’t know, I’ll make sure to look up. I don’t read only scientific articles and technical journals. I read everything I can get my hands on. When the late-night shows like Jimmy Fallon or Stephen Colbert drop cultural references, I pretty much know what they’re talking about. NAWRB: What are some of your favorite pastimes and hobbies? Dr. Chitra Dorai: Travel. I love traveling to different parts of the world and really immersing myself in the local culture, getting to know the place, the environment and the people. I am fascinated by customs and traditions observed by people around the globe and understanding their commonalities and motivation about how they have sprung up in distant places in uncannily similar ways. Reading is another favorite goto past time. My hobbies have changed throughout various stages in my life. For a considerable amount of time I was completely into wooden furniture, as an example, while I was furnishing my home. Different kinds of wood, their look and feel, which are the great furniture-manufacturing companies, furniture styles, etc. — I pick up sudden interest in subjects like that. I also like exploring and appreciating new music. NAWRB: What inspired your interest in technology, especially in computer science and artificial intelligence (AI)? Dr. Chitra Dorai: By age 10, I knew I wanted to become a neurosurgeon, a brain scientist. Some kids were into dinosaurs, I was all about brain – reading and trying to understand how brain works, from what happened when I

| NAWRB MAGAZINE

learnt something new to how I remembered what I read, and more self-reflectively why subjects like mathematics were so easy for me. If only I could understand what happened in my brain when I learnt something new in mathematics, then we could somehow replicate that in my older brother’s brain, as my mother made me do his homework yet again – so I thought. Fast forward to 8 years later, I went on to study electrical engineering at the Indian Institute of Technology (IIT) for my undergraduate degree, then got a Master’s degree at the Indian Institute of Science where I built my first computational model of a self-organizing neural network that would learn to recognize objects from images. The highlight was partnering with a neuroscientist and building neural networks to

I came to the U.S. for graduate studies, got a Ph.D. in Computer Science, with a thesis about Computer Vision, my continuing passion to make computers “see” & understand what’s happening in images & videos. model what may go on in the brain during image recognition - just like I dreamt as a kid. I came to the U.S. for graduate studies, got a Ph.D. in Computer Science, with a thesis about Computer Vision, my continuing passion to make computers “see” and understand what’s happening in images and videos. I joined IBM Research in New York right after my Ph.D. My work since then for the last 20 plus years is well documented on the Web with technical publications, patents, books, speeches and awards. I have had a sustained interest in figuring out how people make decisions, and if we can build systems trained with sufficient data that can mimic human decision making —it’s all a part of deepening our understanding of how people work and make decisions, and this has now become a big focus to help automate how work gets done in many industries. NAWRB: AI is developing quickly in such a short time.

What form and use will AI take in the future, and how should we prepare for this change? Dr. Chitra Dorai: The increasing pace at which now AI or Artificial Intelligence, is getting used in the way we work, the way we live, and the way we interact and search for information is not going to slow down. We are finding AI everywhere, from Alexa answering our questions to face recognition systems tagging our photos and Watson virtual assistants in the contact centers to AI systems helping HR teams to recruit the right kind of employee. What form and use in the future? The use is going to be pervasive, right? AI is remaking the way we live. It is remaking the way we work, whether in large enterprises or in home offices. The forms will not necessarily be the robots everyone sees in Hollywood movies: often fighting machines with intelligence. It is going to be in different forms, not just one form. It could be self-driving cars all the way to miniature robots sent inside bodies to take images of organs paired with data analysis and intelligence to help in better diagnosis, thus becoming valuable to physicians in saving lives. Some of it will be embedded right in the business processes. AI will indeed take different forms. Really what we are talking about is from having no specific form to humanoid chatbots, from decision support systems infused in business operations to nanomachines as the technology expands. The use is going to be pervasive because we are at a point when the data explosion has surpassed our human ability to make sense of it all together. We are creating and consuming so much data, it is impossible for us to look at all the volumes of data and take them in, so that is where the AI systems are going to be tremendously useful. That means we are going to be better at making decisions about which dress to order, where to go, which life insurance product is better—you know, everything where AI systems can be a reliable and objective partner to humans in providing right recommendations and personalized choices based on data. NAWRB: We are thankful to have you as a Keynote Speaker at the upcoming 2018 NAWRB 5th Annual Conference in July, where you will give a SheTalk on “Technology Human BalanceTM.” Can you tell us what this phrase means to you and what you plan to speak about at the event? Dr. Chitra Dorai: This is one of the most important topics in AI because of our continued fear and apprehension about humanity being taken over by machines. Is it going to be Augmented Intelligence where humans and AI are partners or something very different? The critical question is where the balance is. Will we one day be slaves to the machines?

Will there be a machine or computer overlord? There’s anxiety, fear and strong opinions, and it’s debated very heavily. Therefore, it’s a topic that we need to address and talk about continuously with care and deliberation. I am honored to be invited to speak on this very timely topic, so a big “thank you” to NAWRB and to the conference organizers. I will be looking at Technology Human BalanceTM from many angles. One is the balance— what is it, how do you strike it and where do you draw the line? As AI systems start analyzing data on our behalf, making recommendations and providing options, are we still going to be the ones that will make the final decision among these options, or are we going to let these automated systems decide and take the action on our behalf? That will vary depending on the industry, on the particular task at hand, and on the person, so I’m looking forward to presenting proof points where the promise of this partnership has proven valuable and also what the perils can be. NAWRB: You formerly worked for IBM as a distinguished IBM Fellow. How was your experience working with the company? Dr. Chitra Dorai: It was incredible. For a scientist focused on impacting the world and making a change in lives, being in the IBM research labs is an amazing experience, which is what I benefited from greatly. When you get a PhD, you have these choices in your career, such as joining a university or an industry research lab like IBM, which I chose to do as I was drawn to solving real, practical problems transforming industries. IBM provided a global opportunity to take the research ideas, apply to real world problems and put the results in the hands of people. At IBM Research, we not only wrote academic research papers and patented our novel ideas, we were also able to improve the way the world worked because we put our innovation into products that were then used in many different industries. That goal of having real impact on the world was the reason I joined IBM, and it gave me a wide scope for realizing that. Through all the work I was able to do at IBM, the thing that stands out is the variety of experiences I was able to have as a professional. Being in such a large company, you are not beholden to doing just one thing. I loved the fact that I could reinvent myself from being a pure scientist and researcher to becoming an industry expert and then to serving as a business leader with a client-facing role. So, I was able to learn many new skills and play many different roles, which was very important to me for continued vitality. As a result of some of the big business and societal problems I was able NAWRB MAGAZINE |

“Being appointed as an IBM Fellow in 2015 by the IBM CEO & be the first Indian woman in the globe appointed as an IBM Fellow was the ultimate recognition.” were not being used to give them the right kind of customer experience, the right kind of help to stave off defaults and foreclosure.

to address with my work, I received numerous awards and recognition both externally and at IBM. Being appointed as an IBM Fellow in 2015 by the IBM CEO and be the first Indian woman in the globe appointed as an IBM Fellow was the ultimate recognition. NAWRB: What influenced your decision to leave IBM and to make a shift in your career? Dr. Chitra Dorai: Having worked at IBM for over 21 years and having had an incredible career there, I wanted to reinvent myself again in my professional life and pursue new directions. I was drawn to doing my part to help out with some of the critical challenges of our times, from aging to economic inclusion across the globe. I wanted to take the next stage of my professional life to one pursuing entrepreneurial activities along the lines of creating new businesses to tackle some of the big problems. NAWRB: Your work history includes consumer-focused analytics in mortgage servicing, which helped thousands of homeowners through homeownership retention programs. What motivated your interest in the housing industry? Dr. Chitra Dorai: My introduction to the housing and real estate industry was during the 2008 housing crisis, which was not so auspicious of a beginning. Nevertheless, there’s nothing like a good crisis to be able to find ways to give back meaningfully and do something that is profoundly beneficial to the entire industry and to people. As I became embedded as the Leader for lending innovations in the new mortgage business that IBM launched in the time of the housing crisis, what I observed first and foremost was that data and insights about U.S. homeowners

| NAWRB MAGAZINE

I could see a path to bringing together all the data science research, innovation and behavioral analysis in a way that data-driven insights could transform the mortgage servicing operations significantly to better serve the people. The behavior of the borrowers, their interest in homeownership—all those things can be better understood through the use of deep analytics and AI with the right kind of technology tools. Mortgage servicing operations, therefore, became the incubation bed to bring the best of research and innovation into the hands of the people who were serving the borrowers across the U.S. It was a fantastic time to be able to serve the U.S. homeowners who were facing foreclosure, help them avoid that and figure out the right kind of solution to address their delinquencies, whether it was home retention using the loan modification program, or providing them with the right liquidation option so the homeowners could walk away with their heads held high. Figuring out the right kind of sustainable options and the right kind of treatment for the borrowers was the most important thing a consumer-focused housing industry ought to be doing. The business was handling several hundreds of thousands of loans every day, of which a significant portion was delinquent in their monthly mortgage payments and facing foreclosure. We would provide the delinquent homeowners the loan modification option using the U.S. government’s HAMP program or something similar; homeowners would get their loans modified, and, lo and behold, within in a short while, sometimes within three months they were re-defaulting on their reduced payments. As this was going on, I started thinking, why not provide them the right help from the very start? Why were we trying out loan modification as the only option for all? Perhaps the HAMP modification might not be the right resolution for some of these borrowers. Why don’t we rethink this whole process of helping borrowers and do it differently? The whole “why not” led me on the path of figuring out what the right

resolution for a given delinquent borrower is, early on using data science. Understanding borrowers’ feelings about their homeownership and how they got into it gives a window into their behavior. If they have ties in the community or want to stay in the home, then perhaps home loan modification to retain the home is the right option. But if they don’t have that kind of a strong affinity or interest in their homes, they got in over their heads during the housing bubble and now maybe the simpler option for them is to liquidate property, pay off the loan and walk away with dignity. Asking that “why not” and determining the right option based on what they are thinking and feeling using insights from data analytics with statistical rigor helped us serve the borrowers in a rightful and courteous way while providing them a workable solution. People often focus on numbers in the real estate industry, but I said we needed to go beyond that to understanding [the borrowers’] feelings about homeownership so that we can do the right thing by them. This work on customer focused analytics in mortgage servicing helped thousands of struggling home owners through home ownership retention programs and alternative workout options during one of the most challenging times in the history of the U.S. housing market. For this industry-transformative work, I was recognized with the “Tamil American Pioneer Award” for Excellence in Finance and Business from the Federation of Tamil Sangams of North America and in 2016, I was profiled as a “Societal Innovator” in the IBM HQ.

NAWRB: What do you think are some of the greatest obstacles for women in achieving homeownership? What are some possible solutions? Dr. Chitra Dorai: NAWRB’s amazing report, volumes 1 and 2, tackle this issue very comprehensively. Obviously, I think the top two are the lack of access to credit to all, especially the under-served population and women being subject to unfortunate discriminatory lending practices. We know from a report in 2015 from the Consumer Financial Protection Bureau (CFPB) that about 26 million Americans are credit-invisible, not having any credit record to be scored and another 19 million are credit-impaired consumers, both of which can be prospective customers to the real estate industry if only we can address the hurdles to get credit. So, we need to go beyond just looking at prospective borrowers through the lens of credit scores alone, and some of my forward-looking work, is about opening the credit box using different kinds of measures and risk assessment that will tackle the lack of access to credit in a new meaningful way. NAWRB: How do you predict technology will affect the housing ecosystem in the future? Dr. Chitra Dorai: Technology will affect every party in the housing ecosystem and how closely their connections can be facilitated to serve consumer needs effectively and efficiently. It is changing the way that home search is done, it is changing the way the borrowers are filling out their mortgage application - paper no more, it is changing the way credit risk is being estimated for insurance, and it is changing the way the loan origination process works end to end. It is also changing the way the mortgage servicing industry is functioning. AI, blockchain, automation and data analytics will all be applied to the mortgage processes as these technologies gain increased adoption. Every entity in the housing ecosystem is going to experience profound transformation because of the adoption. NAWRB: You were previously an IBM mentor at P-Tech schools and volunteer instructor at Family Science Saturday in IBM research. What was your experience like mentoring and teaching youth in STEM? Dr. Chitra Dorai: I was so fortunate to serve as a mentor in P-Tech’s very first year. P-Tech - Pathways in Technology – Early College High school - started as partnership between IBM and a public school in Brooklyn, New York. The goal was to have students go to a six-year program, rather than NAWRB MAGAZINE |

Children are enamored of the thought of becoming actors, basketball players, or the next big entertainment stars. The STEM careers are also well-paying with highly lucrative positions, and the world needs a lot of engineers and technologists to continue to innovate in these fast-changing times and to ensure that new technologies are used responsibly. In order for us to move toward a responsible future with new technology proliferation everywhere, and not leave large chunks of population behind with no share in economic prosperity, it is vital that we nurture interest and build STEM skills. a traditional high school so that they are work-ready at the end of this program. Think of this as a work track model which gives them both a high school diploma and an associate degree in a technology track. I was fortunate to serve as a mentor to one of the students in the very first class of P-Tech. This class graduated last year, and many of them have gone on to IBM jobs, while some have proceeded to pursue undergraduate degree programs. The success of this model is seen from the fact that P-Tech’s private-public partnership has been adopted by 40 different schools in the country in merely four years. In 2013, President Obama highlighted the school I mentored in Brooklyn and the P-Tech program in his State of the Union Address. That was wonderful. Increasing the STEM (science, technology, engineering, and mathematics) pipeline has been a continued passion and action for me as far as giving back to the community and the world at large. Helping to nurture interest in STEM disciplines and to build the talent the world requires in technology among minorities, women, and not letting students get left behind in the digital economy is a big part of how I spend my time volunteering. NAWRB: Why is it important to encourage younger generations to pursue careers in STEM? How should we sustain this interest from childhood to adulthood? Dr. Chitra Dorai: The world is in a major transformational state now, just like how the industrial revolution changed our lives. We are in interesting times where computers and automation are changing everything we do, the way we live, the way we work, and the way we enjoy our lives. Therefore, given this backdrop, machines and computers are changing our habits, customs, and lives. It is highly important to encourage the younger generations to pursue mathematics, science and engineering to become gainfully employed in the digital economy and be productive in a rapidly changing society.

| NAWRB MAGAZINE

NAWRB: How do you suggest we inspire more young girls to be future scientists, mathematicians, engineers and more? Dr. Chitra Dorai: We are finding that interest in STEM drops off in school years, and not enough women are graduating with a STEM degree in universities. We need to address the question of how to make science, mathematics and engineering cool and to sustain the early interest girls have as they move through school years. This requires a multifaceted approach. We need to strive towards building a strong, diverse and inclusive pipeline, early on. That means starting at elementary and middle schools ensuring the interest in STEM doesn’t wane among girls. That may require sometimes cultural change at home. It’s both a parental and school responsibility to ensure that we have an equal playing field for girls to continue their technical interests and be given the opportunities to excel. We have to make sure women are comfortable with technology at a young age. Currently what I’m seeing, for example, is that programming is not part of the regular school curriculum, early on. That love for programming can stem from a young age and once instilled and seen as an enjoyable intellectual pursuit, the interest will only grow with more exposure and opportunities to develop and use new coding skills. By the time programming is introduced in high school, or the option is given, we have already lost many of the girls because of a variety of factors. I think making it a part of the school curriculum at the right, early school years is paramount and these subjects being taught by new faculty who are well versed in modern technologies is also important to create and nurture students’ interest. I think making the STEM disciplines fun and cool and seen as something lots of women do is important. Studies show that often women, in undergrad years, leave engineering because of lack of support from faculty and often due to a sense of loneliness being the only few women in a class. So, we need to ensure that there are more and more women seen being accomplished in technical careers, as Engineers,

“We have to make sure women are comfortable with technology at a young age. Currently what I’m seeing, for example, is that programming is not part of the regular school curriculum, early on.” Scientists, Mathematicians, and Technologists so they can become role models for the next generation, as have well-accomplished women demonstrated in the legal and medicine disciplines. NAWRB: What advice would you give women who desire to pursue a career in technology? Dr. Chitra Dorai: Be curious all the time, and never be afraid to take a risk. If sometimes the path chosen is hard it is for a reason, and that should give additional motivation to stay the course. Never be afraid to ask “Why not?” NAWRB: What are some of your proudest achievements in your career? How about in your personal life? Dr. Chitra Dorai: Being the first Indian woman in the globe to be appointed an IBM Fellow by the IBM CEO in 2015 —that was a huge honor. I definitely felt on top of the world when that appointment was made because of what that recognition meant – it is an acknowledgment of a sustained body of technical innovation and achievements

and business and societal impact from my work over a couple of decades. It was definitely a great moment. In addition, the time I spent serving the housing industry building the blueprint for all the analytic innovations to change the way customers were treated and to ensure they were given the right kind of help during the housing crisis was unforgettable. I was fortunate to play a role in building new solutions that helped thousands of people across the US. I will always hold my time serving the housing ecosystem in high regard. In personal life, it’s been a wonderful experience raising my son. For me, it was absolutely important to bring him up as a responsible citizen of the world and being empathetic and attuned to the needs of the people everywhere. My parents instilled in me a sense a responsibility towards others and a strong work ethic. Bringing up my son with these enduring values is part of my personal journey and growth. Following two decades of a very decorated career at IBM, Dr. Chitra Dorai is currently focused on bringing the power of AI to tackle some of the important problems in banking and healthcare industries through her entrepreneurial ventures. Dr. Chitra Dorai is the co-inventor of more than 45 patents and has received multiple high-value patent awards at IBM. She has been recognized as a Master Inventor thrice for attaining a significant number of high quality inventions and patents and reaching a certain level of IBM invention achievement award and recognition. Her patents can be found at the US Patent and Trademark Office.

NAWRB MAGAZINE |

| NAWRB MAGAZINE

NAWRB MAGAZINE |

Stay informed with a free subscription National Mortgage Professional Magazine, “The source for top originators,” as a beneﬁt of your membership to NAWRB. A subscription to NMP allows you to stay on top of the latest news and headlines and share the informative articles and insights with your colleagues and business partners.

Looking for something different? Visit MortgageNewsNetwork.com for the industry’s latest topics on-demand, 24/7 in video form. With 10+ video shows produced each week, video press releases and corporate spotlights, there’s something for everyone.

Visit

subscribe.nationalmortgageprofessional.com/nawrb to start your free subscriptions now!

Technology

Palm trees gently sway as the trade winds scatters the scent

of flowers throughout the neighborhood. When I close my eyes this is how I see the little piece of paradise I own in the eponymous Waikiki Beach neighborhood in Hawaii. It bothers me to no end that nobody else wants to own my little piece of paradise that I am trying to sell for the paltry sum of 20 Bitcoin. What is a Bitcoin you may ask? And what is it worth? The first question is challenging to answer because it is technical, but essentially Bitcoin is a digital currency that is secured by a cryptographic key. This is why Bitcoin and similar tokens are collectively known as cryptocurrencies. The other half of the power of Bitcoin is that it is decentralized, meaning there is no single place the transactions are approved and recorded; instead, this information is spread across the world inside every Bitcoin. The second question is simpler because it is a number, but challenging because this amount changes frequently. The current exchange rate to the U.S. dollar is $6339 to one dollar, but tomorrow it could just as easily be $5,500 or $7,000.

Blockchain for Real Estate

Propy is the company I was trying to make this happen through. They are a real estate listing platform that gives a market to sell the property, and helps with the escrow functions of completing the paperwork as well. They even have an arm where they are applying blockchain technology to issue deeds. The technology is not the problem. They have good technology. Certainly the world of the future has deeds hashed onto blockchain, as this move from the physical constraints of the local recorder’s office to cyberspace. Just like the old microfiche records, blockchain contains a time stamp showing the exact moment when it was recorded, and the documents are lined up end to end together. This makes for a strong audit trail, and in the long run this should bring down the cost of title insurance.

“Bitcoin is down from a high that crested over $20,000 this past winter.”

Why did I think selling my house with Bitcoin would be easy? Because it was touted to be this way. Sell your house for Bitcoin, there are endless buyers from Asia lining up to purchase and send Bitcoin directly to your wallet. It just isn’t that simple, as the ecosystem to make these transactions barely exists.

Trouble with using Propy, though, was it actually did not let me list my house for sale in Bitcoin. Or rather it let me put the amount in, but then it converted that to U.S. dollars and used that amount for my listing price. I wasn’t particularly impressed by that feature, but I was still hopeful I would receive offers and be able to sell my lovely slice of paradise.

Is the Bear Market the Cause?

So what then is the problem? Could it be market forcNAWRB MAGAZINE |

use their Bitcoin as collateral and buy my house, then still have a loan, right? Not quite so fast. As the IRS considers cryptocurrencies to be property and not currency, that means loans repaid in cryptocurrency won’t necessarily be treated as interest paid on a loan. This would be the equivalent of sending out individual lots of property to your lender and calling it interest. That wouldn’t really fly.

The Real Problem

“I’ve owned about 20 houses by this point, so I’m not a novice by any means.” es at play? Bitcoin is down from a high that crested over $20,000 this past winter. The trough of this wave plays into investor’s backronym-inspired motto “HODL” that carries the common definition of “hold on for dear life.” This has become an anthem among cryptocurrency investors, of which many pride themselves on never selling their tokens. The bear market could certainly be an issue as when the markets are down nobody wants to sell. This makes sense, because then, of course, the market will go up once a purchase was made using Bitcoin, and the same nobody will regret having traded their cryptocurrency in on something so banal as a condo in Hawaii. This is collectively known as “FOMO” or the “fear of missing out.”

What About a Lack of Bitcoin Loans?

Perhaps the problem is the lack of loans for buyers. Maybe there aren’t that many crypto millionaires out there throwing hundred dollar bills around who would want to buy, and the more savvy real estate investors always prefer loans so as to maximize cash flow and minimize taxes. I am certainly that investor when I buy properties, and I’ve owned about 20 houses by this point, so I’m not a novice by any means. However, there are now loan platforms using cryptocurrency, so that cannot be the problem either. The company SALT now issues loans in Bitcoin or other cryptocurrencies, as well as in U.S. dollars. So basically someone could

| NAWRB MAGAZINE

Looking back on this, and reviewing my ad for this article, the real problem is clear: I didn’t put the required effort in to get good traction with my listing. My photos just don’t give a good indication of the property or the lifestyle. I think when Propy’s system converted my asking price from Bitcoin to U.S. dollar I must have lost interest and said I would circle back around when I had more time. Now three months later I have even less time then when I said that, as is typical. Well on the bright side, at this rate I may keep owning my tropical retreat long enough to actually have the time to visit it again.

By Crystal Stranger,

EA, author of The Small Business Tax Guide, Founder of PeaCounts

Homeownership

well as a stable location for home-based women entrepreneurs to grow their businesses.” However, why would women in general, have arguably a more intense relationship with owning a home? Do men and women really view the homebuying process and owning a home through different lenses? On the surface level, it seems to make sense. We take it for granted that men and women think differently. We are told and taught about the differences between how men and women think in various ways.

The Mars vs. Venus Myth

Look back to when you were a child. What did toy commercials look like? Girls’ toys were mostly marketed to appeal to a social community aspect whereas boys’ toys were geared towards action.

And then there are the whole “Mars vs. Venus” ideas, where men and women think so differently that they might as well live on separate planets.

The unique challenges women have faced

in the past and continue to face today make owning a home a tangible sign of success for a woman. A woman’s home is a space to creatively express desires and dreams and to evoke certain feelings. From a practical standpoint, it’s an investment and source of security that remains a constant regardless of her marital status. The NAWRB 2018 Women in the Housing Ecosystem Report (WHER) reveals some of the factors and trends that have contributed to an increase in women pursuing homeownership on their own. Single women and mothers are attracted to homeownership as a source of stability, a means of wealth-building, a safe place to raise their children and a sanctuary to call their own. According to the U.S. Census Bureau, single women have outpaced single men in homeownership for the last thirty years. “A home is a woman’s sanctuary, a place to call her own and an invaluable asset that cements one’s professional progress and economic foundation,” states the report. “Homeownership provides a better life for women and their families, as

However, there’s reason to believe that men and women might not think so differently. In 2005, Psychologist Janet Hyde from the University of Wisconsin, Madison who is known as a leading academic in gender studies, published The Gender Similarities Hypothesis. This study lead to the conclusion that males and females are similar on most but not all psychological variables, including aptitudes for math. Based on this conclusion, one wouldn’t think that men and women would view their living spaces through differing lenses, or have a different relationship to the idea of owning property. But thinking ability is different from feeling. Feeling, while based on thought, has a person’s life history and their social environment at play. In societies where the pervading cultural norm is that women are seen as more nurturing than men, and have been conditioned to be so, it’s only natural that women would be more inclined to view a home as a place of refuge, or a center from which to nurture.

NAWRB MAGAZINE |

The Ugly History of Women and Property Ownership Rights

Although men and women, from a psychological perspective, have more in common than not, the treatment of women historically has shaped society and culture and molded women’s self-perception, which in turn has affected their ideas on homeownership. Given the unique history of women in having to overcome obstacles in order to gain equal rights for business and property ownership, the emotional payoff of owning property is perhaps higher with women than men. Prior to the mid-18th century, women had no right to own property under their own name while married or control that property in the event of their husband’s death. Starting at around 1830 state by state, women (mostly married) gained further rights to own and control property in the absence of a husband. The long, slow slog from property rights to the right to vote undoubtedly had a profound effect on how women relate to ownership in terms of financial independence and personal freedom.

The Home Is a Place Where a Woman Fulfills Her Destiny

As women gained increasing rights and were accepted into the workplace, new leaders emerged. These women purchased property that from the outside was a display of wealth and achievement and from the inside a manifestation of their “greatest self.” Oprah Winfrey named her sprawling 42-acre Santa Barbara estate “The Promised Land.” It is at once a symbol of all she has achieved as a woman and a Biblical reference linking Jews coming out of Egypt to oppressed African Americans in exile holding onto the faith that one day they will achieve their “promised land.” She conducts interviews with notable people on the grounds of the estate and draws inspiration from it. Oprah is an outlier in terms of success and purchasing power but her rise from poverty to homeownership relates to the struggle all women face to a certain extent when buying a home. In our 2018 WHER Report, we highlight the incredible home buying power of women in the face of obstacles like gender pay gap and higher student loan debt. In fact, women have outpaced single men in homeownership consistently since 1986. Undoubtedly, women are fueled by the powerful symbolism of owning their own homes and by what is says about a woman’s professional progress. It also becomes her means of wealth-building and a place to raise her children. It’s not just a home, it’s a sanctuary.

| NAWRB MAGAZINE

Notable Women Who Turned Their Homes Into Sanctuaries

Gertrude Stein: The American novelist moved to Paris where she turned her apartment into a meeting-place for the great writers of the day and lined the walls with modernist art. Josephine Baker: The celebrated entertainer, member of the French resistance and civil rights activist preferred to live in France over the U.S. as she felt more accepted for who she was. She bought a Renaissance manor house, Château des Milandes, in 1947. There, she wrote, raised her 12 adopted children and received the French Legion of Honor. Oprah Winfrey: Her 65-acre Montecito, CA estate serves as a reminder of the horrors of slavery, acts as an interview setting, is a place to read and to garden and is a space to celebrate, entertain and host other influential people. Joan Rivers: The late Joan Rivers turned her New York Penthouse into her own “mini-Versailles,” a celebration of the hard work and commitment it took to build her wealth. There, she entertained in style and conducted business.

2018 NAWRB Women in the Housing Ecosystem Report

This two-volume sequel to the 2017 Women in the Housing Ecosystem Report provides in-depth analysis, trends and policy suggestions regarding the state of women’s homeownership and women professionals in the housing ecosystem. Volume I, The State of Women’s Homeownership, uncovers the state of women’s homeownership by analyzing the overall health of the current market, women’s poverty and obstacles women and minorities face in becoming homeowners. Volume II, Women in the Housing and Real Estate Ecosystem, includes an in-depth overview of the opportunities and obstacles women professionals face in the housing and real estate ecosystem, from the rate of women’s entrepreneurship and women’s roles in family offices and intergenerational wealth transfer, to female representation in the C-suite and gender diversity across the globe.

Here are some of the key findings related to women’s homeownership from Volume I:

Single Women Outpace Single Men in Homeownership Single women and mothers are attracted to homeownership as a source of stability, a means of wealth-building, a safe

Obstacles for Women: Gender Gap, Wage Gap, “Pink Tax,” Career Advancement, and Student Loan Debt

place to raise their children and a sanctuary to call their own. According to the U.S. Census Bureau, women have outpaced single men in homeownership for the last thirty years. This report lists some of the factors and trends that have women seeking homeownership, with or without a partner.

Women are earning less than men for the same jobs, currently 80 cents for every dollar men earn. Women also face a persistent gender gap in the workforce, and find difficulties returning to the workforce when having children. As consumers, they are subject to a “pink tax” on hygiene products and higher lifetime medical expenses, and struggle with more debt than men.

More Single Americans are Delaying Marriage

According to the American Association of University Women (AAUW), women carry more student loan debt than men, which equates to almost two-thirds of the $1.3 trillion outstanding loan debt in the U.S. Female undergraduates take on more debt in a year their male counterparts: 44 percent compared to 39 percent. Millennial women face a heavier burden than men because they have lower personal income but with similar loan debt levels.

As single women delay marriage to focus on attaining higher education and pursue careers they find satisfying, they in turn build their financial independence. The average annual personal income for college-educated women (who married after age 30) is $50,415, compared with $32,263 for women—of the same age— who have only a high school diploma who married before age 20.

Other variables that contribute to higher loan debt for women include college major, occupation and working hours. Also, women often take about two years longer than men to pay off their undergraduate loans. These loan amounts rise if women wish to pursue post-graduate education.

Single Mothers Want a Stable Home for Children

www.nawrb.com/womenhousingecosystem

Women, and Millennials in general, are delaying marriage to gain an education and further their careers. U.S. Census Bureau data reveals that one in every five Americans 25 years and older have never been married; in 1960, only 9 percent of Americans occupied this group.

Read the full report at

Single women are more likely to raise children on their own than are single men. The Pew Research Center reveals that single-mother households outnumber single-father households by more than three times. Single women may seek homeownership more than single men because they desire stable homes to raise children. Most, if not all, parents, including single women with lower incomes, wish to have a stable home in a safe and supportive community to raise their families.

Women Buyers as Investors

Women entrepreneurs wanting to start lucrative businesses are drawn to the housing ecosystem. Women are building long-term wealth by managing businesses and investing in real estate. The 2012 Survey of Business Owners revealed that the percentage of women-owned businesses has increased about 7 percent for all firms, 2 percent for real estate and leasing firms, and 3 percent for finance and investment firms. The increase of women entrepreneurs in the industry will affect housing development as more women increase their buying power and become homeowners.

NAWRB MAGAZINE |

When people are looking to start or move a business to

Irvine, it always starts with answering the question: Why Irvine? Everyone knows that there are certainly less expensive places to start or locate a business - any city in North Dakota or Alabama for starters - but there isn’t a smarter or better place to start or locate a business than Irvine, California. And that all began with the stunningly forward thinking vision that transformed 93,000 acres into an economic powerhouse and one of the most livable cities in the United States. Everyone knows the story of the Irvine Company. The family who owned 93,000 acres in what is now Orange County, and the company directors that followed, took a long view of this land and its place in the evolution of the area. They adopted a powerful proposition that the land, and all those who would live and work on it, would be best served by a Master Plan that fostered the highest quality of life through preservation of “nonrenewable” assets and resources. An encroaching sprawl south from Los Angeles compelled the Irvine Company to take stewardship of the land in the 1960s in ways that would shape the City of Irvine and other communities in the area into the 21st century. They conceived of artfully designed neighborhoods and villages, acres of open space and livable neighborhood centers and regional centers that would support an economic powerhouse of Fortune 500 companies and robust, cutting edge

| NAWRB MAGAZINE

industry clusters in the Life Sciences, Advanced Manufacturing, Information Technology and Digital Arts & Media, just to name the top performers. The notion that a balance of “working, living, learning and recreational environments-all integrated in a logical and aesthetic fashion” was the core value that defined the design, its implementation and its sustainability. And it stood in stark contrast to how other communities and cities in the U.S. had evolved throughout the decades characterized by cycles, changing economic drivers and personalities, demographic patterns and investment, or lack thereof. Because the connection between people, their environment, livability and economic well-bring was the guiding principle, the master plan approached every development detail with the precision of a neurosurgeon. The planners integrated their plan with the existing freeways and developed six lane arterials to increase mobility and accessibility while employing a system of connecting roads into and around the residential villages. Infrastructure and supporting systems were designed to anticipate growth as well as diminishing demand on precious natural resources. Recognizing the efficiency, convenience and environmental advantages of proximity to work centers, commercial developments were strategically located close to villages. Commercial corridors were swathed in green space and supported by systems of recycled water and sustainable landscape management

Community practices. Unique residential villages were surrounded by open areas, recreational amenities and thousands of acres of preserved land. More than 50,000 acres of the original 93,000 acres have been preserved for parks, trails and natural open space. The Irvine Company understood the value of balance in the sustainability equation. The federal government and the State of California agreed when they assigned National Landmark status to this acreage recognizing its ecological diversity and environmental significance. Spectacular office buildings rose in the Irvine Business Corridor. Beautifully manicured office parks attracted global companies. What would become global companies like Edwards Life Sciences and Allergan were born here. And world-class lifestyle, retail and entertainment complexes emerged, attracting residents and visitors from around the world. Because education is essential to talent development, attraction and retention. Education, considered essential to a sustainable community, was, and still is, a priority. Nearly every village in Irvine has a school associated with it. With the addition fifty years ago of the University of Irvine, the new city could grow side-by-side with a burgeoning center of learning. Now, the University attracts a global student body with a well-earned reputation for research and development. Both would prosper in each other’s company. Rooted in Irvine’s premier K-12 educational system and its fifteen university and college campuses within its boundaries, Irvine can claim an enviable 96 percent high school graduation rate and 66 percent advanced degree rate. And that’s just the beginning. Innovative public-private partnerships have flourished supporting entrepreneur workshops, academies and camps for high school and community and four year college students. Competitions for inventions, business plan development and the next big idea have been nurtured here for over a decade. UCI’s new Institute for Innovation promises to greatly enhance an already strong start-up eco-system of hubs, collaborative work spaces, mentoring, capital, incubators and accelerators. All of these factors trade on the strength of Irvine’s reputation and the area’s capacity to generate world-class talent emerging from our schools and colleges. Because sustainability is a core value, not an option. For those who work here, nearly doubling the City’s

“More than 50,000 acres of the original 93,000 acres have been preserved for parks, trails & natural open space.”

population during the day, and those who live here, the vision and stewardship of the Irvine Company which is protected and nurtured by the City of Irvine, is clearly in evidence every day. We are surrounded by rolling hills; city blocks of green space; sumptuous office park environments; fountains and parks sustained with award-winning water reclamation systems; sparkling, well-maintained Energy Star or LEED certified office buildings; wide, beautifully manicured boulevards and thoroughfares built to manage and ease traffic congestion and reduce emissions; and clean, safe streets, office centers and neighborhoods. It takes everyone working together to be named Safest City in America (population over 100,000) since 2005 and America’s Best Run City. Irvine is always in the top five of ranked best cities for families, to raise children, and for young adults. Because business thrives where the environment is fertile. Six of the top twelve largest private companies in Orange County are headquartered in Irvine: Advantage Sales & Marketing, First Team Real Estate, Golden State Foods, Irvine Company, Fitness International and Vizio. Four out of five of the largest publically traded companies in Orange County are located in Irvine: Allergan, Broadcom, Western Digital and Edwards Lifesciences.

NAWRB MAGAZINE |

“It was that original Irvine Company vision & commitment to its values of responsible development, preservation of open & green space, appreciation for scale & preparation for growth that make the City of Irvine unique.” Irvine is home to four of the fastest-growing, most sustainable, highest potential median salary industry clusters: Advanced Manufacturing, Life Sciences, Information Technology, Digital Arts & Media and Energy Efficiency. The results of our Business Outreach Rallies and business surveys are further proof that Irvine delivers. Over 70 percent of Irvine businesses surveyed say that they are completely or very satisfied with Irvine as their headquarters for business. Seventy-one percent describe their business performance has met, exceeded or well-exceeded expectations. Over 60 percent of Irvine businesses are preparing to add employees or expand in the next twelve months. Why Irvine? Because this city cultivates the assets and resources that contribute to success. It was that original Irvine Company vision and commitment to its values of responsible development, preservation of open and green space, appreciation for scale and preparation for growth that make the City of Irvine unique. It is the City’s ongoing commitment to that vision that fuels the economic powerhouse capable of offering and sustaining the highest quality of life environment. This compelling combination is what attracts and retains global companies, top CEOs, dreamers and entrepreneurs, start-ups and growth companies, the best and most highly skilled talent, and foreign and domestic investment. Our business community makes us stronger. Our public and private partnerships empower us. Our diversity energizes us. Our quality of life inspires us. Our commitment to innovation in all things distinguishes us. And helping business grow motivates us. That’s what makes Irvine extraordinary. By Linda DiMario, Executive Vice President, Greater Irvine Chamber of Commerce

| NAWRB MAGAZINE

Life of a Female Veteran: U.S. Army Combat Veteran

Erica Courtney (Part 3 of 6)

Chris and I finally got married and a few years later came our first son. We planned it so I would be pregnant in a non-operational position during an eight-month leadership course. Noah was born upon arriving to my next assignment at the 10th Mountain Division in upstate New York. My mother decided to help since Chris and I were both serving and someone needed to be with the new baby; it really takes a village to raise a family.

I left Ecuador, where I worked on some amazing projects with international organizations to help save the original watersheds, the rainforest and its indigenous people. I was selected to become the first female cavalry commander while I worked as the senior logistician for the unit, but it kept getting pushed back due to logistical needs. The commander I was to replace had already been shot down three times, and survived each. I was told the command was going to be delayed a year, and then I became pregnant with my second son Ayden. Upon giving birth and successfully delivering him, I went back to fighting shape quickly, ready to take my command. However, a new boss came in and would not release me because I knew the job too well and he needed my continuity. Again, my command got pushed back. Getting fed up as I

saw some of my less-than-stellar peers get their commands, I pushed for release from the staff position. The cavalry units were fighting for me, but the senior leaders would not let it happen. I then decided I had done my time and began thinking about leaving the service. Additionally, the more time I had to think, the more I realized I wasnâ&#x20AC;&#x2122;t

â&#x20AC;&#x153;I never had a female mentor. I had some great leaders along the way, but never women.â&#x20AC;?

feeling as invincible as before. The dangers of my job were prevalent, friends were dying and I decided I needed to be there for my two young boys. It was an extremely hard decision to leave the service because the young women pleaded with me to stay. They needed to see good women leaders in positions of authority as there were none. I never had a female mentor. I had some great leaders along the way, but never women. I was part of the first wave to blaze the trail. I never felt I was missing anything, but it is important for people to see others who

NAWRB MAGAZINE |

look like them in leadership positions; it empowers them to aspire to be there. Despite the tugging of emotions, I was honorably discharged and began dipping my toes into a completely unfamiliar world. I had been in the military my whole adult life— 14 years. Concepts like teamwork, integrity, mission accomplishment, sacrifice, leadership, camaraderie and more resonated heavily with me. I entered civilian life. My husband had switched from the Army to a pilot in the Coast Guard when I got out. We packed up and moved south to Miami, Florida with a baby and a toddler. Everything was new to the both of us; civilian life, a new branch of service and a new place. We showed up to a unit function and I knew some of the guys because we had served together in the Army. They, too, made the switch to Coast Guard. I felt a bit of camaraderie coming back and was really enjoying the conversations when I noticed out of my periphery snide looks from the wives. Who is this lady talking to my husband? Why are they laughing so much? Boy, she is brash. Okay, I was used to jealous wives but I made sure to get to know my soldiers’ families so they did not view me as a threat. Often times, I would have to call my guys in the middle of the night to come in for a urinalysis drug test. Until the women knew me, I had to deal with the snotty, “And who is this?” My male peers never had to deal with this. At the party I had an impactful realization that I was not one of the guys anymore. I was one of the girls. What does that mean? I owned my femininity in service and saw it as a strength. However, it was clear that femininity was different out here. I would rather hang with the boys; it was what I was used to. I felt torn. Where did I belong? With the guys or the girls? Men go

| NAWRB MAGAZINE

from being a guy to a soldier to a guy. Yes, they certainly have integration issues, but they don’t have to learn how to be a guy again. Women go from being a woman to a soldier and then have to consider what being a woman is in civilian society. It was one more thing to think about. Why is this so difficult?

“I was honorably discharged & began dipping my toes into a completely unfamiliar world.”

I felt unprepared for the dreaded transition we all hear so much about— a soldier leaving the military. It was a completely different culture. How was I to fit in? What was I going to do professionally? There was no one to talk to who understood. I had two kids, a husband, and had to move yet again. My husband was still in the system; I was not.

I decided to work on an Executive MBA in Miami. Each classmate had to have at least eight years in their profession so I figured I could learn from them about the corporate world. My classmates were overwhelmingly from somewhere in Latin America with the exception of one Irish guy. I didn’t have much in common with any of them. I felt like an outsider but wanted to learn. My approach was systematic and efficient. When working in groups I expected others to keep up, but very few could. When I had to sit through leadership courses I winced under my breath. What do these people possibly know about leading people when they are hungry, away from their families, tired, stressed and not in a controlled environment, having to be flexible at every turn? What do they know about getting broad orders and figuring out how to get it done creatively? What do they know about getting people to perform their best, pushing people to the absolute limit? I was distancing myself because I could not relate to their problems which seemed so miniscule to me. They would make comments about military people being like robots. Sure, however, if they respect you, they will go above and beyond the bare minimum. If they do not like you, they will not go out of their way to do a good job, and that is when accidents happen. We can’t afford accidents in the military. Lives are on the line. I ask you, if your employee doesn’t do what they need to, do they get fired? They will not work hard for you if they don’t respect you. It’s no different, except I don’t have the luxury of firing them. I get what I get and have to make them great. They come to us from all walks of life and we become their family. We get to know them. If they have issues back home, we let them take care of it because if not they are not effective. We develop and mentor them. Do you guys in your corporate positions really care and develop your people? Do you get them to perform in a way they never thought possible? We leaders in the service do. Twenty percent of every dollar that was spent on me was for professional development. Show me any company that does that for their employees.

harassing each other in a funny way is acceptable and keeps you going with laughter. Being cavalry made it even worse; those are some of the most machismo guys around. I kept my head down and worked towards good grades. The class had to go to an internship in India. I left a week ahead of my classmates to explore because I was struggling with integration. I hiked the Himalayas, ate great food, went to Tibetan refugee camps and did some soul searching. I needed that alone time. I then met up with my classmates as they travelled all over visiting various businesses. One day we were in our hotel and I heard a loud explosion. I immediately went into “go” mode, meaning I began doing what I was trained to do: be cautious, look around for clues and try as best I could to fit in and not stand out. It was a bomb placed on the railroad tracks targeting American businessmen. Typical. Pakistan and India have had conflict for years, but interestingly they are targeting Americans. My classmates could care less. I spoke to the university lead and said I was uncomfortable riding around India in the big, shiny white air-conditioned bus and would not ride in it after the explosions. He called me crazy as if I was suffering from some sort of post-traumatic stress disorder (PTSD). Really? I asked him to order a less obvious, ugly van or bus for the class. He refused. I was ostracized and my classmates thought I was a bit crazy. They had the “go with the flow” mentality. That was not the

“The class had to go to an internship in India. One day we were in our hotel & I heard a loud explosion.”

It was a bit abrasive as this was my world they were discussing. I did not make friends easily. Also, as a woman, the brashness that came with joking, taking criticism and dishing it back was not well received. In the military,

NAWRB MAGAZINE |

way I was raised. I grew up learning not to put yourself in danger if you can avoid it and to pay attention to what is going on around you. I ordered a taxi and it followed the bus for days about 10 car paces behind. I spoke a lot to the local taxi drivers and they said things were not normal. The markets were empty, tensions were high and they were uncomfortable. These are signs. I was not trying to act smarter than my classmates like one person said to me; I was just trying to fit in and the last thing I wanted to be was a target. There were no other big white air-conditioned buses going around India, and it was a bus full of American business students. Why was this so hard for my classmates to comprehend? All it would take is one lone guy placing a sticky bomb on the bus in traffic. Thank goodness this never happened and all was okay, but I had to do what I had to do despite the social fallout from my classmates. A few years later there were mass shootings at the hotel my class stayed at in India targeting foreigners, an example that my heightened state of alert may not have been a bad thing. I am too familiar with being a target and was trained to mitigate risk. Why is this so hard for others to see? Oh, the cultural divide. I began to feel the differences and, like many veterans, tried to internalize it. Is it me? Am I the problem? What is wrong with me? Can’t I just fit in? I want to. No, you know what, I am fine. I feel I am more prepared and see the world clearer. I can solve a problem and see ten steps ahead of them. My skills are valuable but no one bothers to ask about my background. They can’t possibly understand. They think I am a cog in the wheel of mindless actions. What’s wrong with them? I am not going to waste my time. These people are kind of afraid of me and think I am going to flip out because that is all they hear, PTSD and mental health problems with veterans. They are off the mark. So begins the isolation stage of the transition, the inability to connect. Part 4 of 6 will continue in NAWRB Magazine Vol. 7 Issue 3

Erica Courtney U.S. Army Officer, Advocate and Entrepreneur

| NAWRB MAGAZINE

Living

NAWRB MAGAZINE |

Read it Bulletproof: Title Due Diligence By Alex Goldovsky

This book is your number one source for everything about title issues and property investments. Goldovsky uses his experience as a leader in national residential and commercial title search to help readers perform proper due diligence when it comes to their finances. This easy-to-read book will walk you through the complicated maze that comes with protecting your investments, making sure that you make it through to a prosperous future.

Your Keys to Moving On: A Guide to Navigating Divorce and the Marital Home By Joan Rogliano

Divorce is a difficult change to deal with, and deciding what to do with the home you and your spouse own can mean additional stress for you and your family. Rogliano’s guide is your helping hand as you begin the new chapter in your life, from choosing whether to stay, sell, or buy out, to managing your finances to support a lifestyle reflective of who you are and what you want in life. This book is the key to your future in homeownership.

The Magic of Tiny Business: You Don’t Have to Go Big to Make a Great Living By Sharon Rowe

Rowe shows that there are benefits to owning a small business, from maintaining a work life balance to being able to express yourself and your values in your livelihood. Whether you’re an aspiring entrepreneur or a business owner looking for a bit of inspiration, this book has advice for anyone on how to build a sustainable business that meets their individual needs and ambitions. Success comes in all shapes and sizes!

| NAWRB MAGAZINE

Watch it Madeline’s Madeline Starring Helena Howard, Molly Parker, Miranda July

Madeline becomes an integral player in her physical theater troupe when she lands the lead in a piece. Reality and performance begin to blur, however, as Madeline is encouraged by her eager teacher to channel her troubled relationship with her mother into the work. Everyone’s lives are entangled as Madeline spirals into her character.

Skate Kitchen

Starring Jaden Smith, Elizabeth Rodriguez, Rachelle Vinberg

Camille, an introverted skateboarder from Long Island, finds her niche within an all-girls skateboarding crew named Skate Kitchen in New York City. As she becomes more popular in the skate scene, Camille tries to find herself as she grows more distant from her worried mother and begins a complicated relationship with a fellow skateboarder.

The Wife

Starring Glenn Close, Jonathan Pryce, Christian Slater

Intelligent, talented and beautiful Joan Castleman is traveling with her husband to Stockholm, where he will receive the Nobel Prize in Literature. On that journey, Joan reflects on the sacrifices she made in order to help her unfaithful and neglectful husband achieve his dreams. She has had enough and is ready to reveal a secret underlying their marriage and his career.

“It’s a fantastic way to get out some of that frustrated energy. Like punching a bag but instead, you’re drawing your hand back, feeling all that tension on the string and then, just like that, the tension is released.”

-Kendall Roderick,

NAWRB Graphic Designer

Health Benefits

• Upper body strength • Balance • Coordination • Aerobic exercise • Mental focus • Increased confidence • Opportunities to meet people and travel

Field Archery Bring out your inner Katniss Everdeen in the inspiring

sport of field archery. Archery is fantastic for its combination of mental and physical health benefits. It’s an extremely inclusive sport you can pick up at any age. Plus, it’s relatively inexpensive, has Olympic prestige and has captured imaginations for hundreds of years. Before you start slinging arrows like Diana Greek Goddess of the Hunt, make sure you have a handle on proper safety techniques and have an expert help set you up with the right equipment. Your reward: a satisfying thwack! As your target hits its aim.

Keeping up With

2018 USA Archery Team Member, Fawn Girard The archery champion and Olympic hopeful on gaining confidence and strength through her sport. NAWRB: How has archery changed your life for the better? Fawn: Archery has made me more confident in doing new things. I am stronger physically and mentally in life and more focused on the small things without losing sight of the big picture. Life is not about being serious you have to have some fun and that is archery for me. Archery has also taught me that things will be ok when they change. You have to learn from everything you do and sometimes you have to do the thing that makes you uncomfortable to truly learn a lesson. It is all trial and error it is accepting that you have to 1. make a change and 2 learn from it. You don’t know unless you try and your outcome may be different because of the “I” factor. (I am not like everyone else). NAWRB: Has archery given you a different perspective on life as a woman? Fawn: As a person, archery has helped me to see that I am different than others. I have different things to bring to the table. I do not need to compare myself; I am doing this for me. I try to look at life this way, as a teacher I am not working for my school district I am working to be the best teacher, there is no comparison because I am me. As a mother, I cannot compare myself to other mothers because I am me. There is no one like me. I learn differently and take different information from situations. Archery has helped me learn that I am a strong confident woman and I do not need to compare myself to others.

NAWRB MAGAZINE |

l a i c n a ise: n i F r R e h t Elde n o to You se is Abu This Matters Why

Over thirty billion dollars a year is estimated to be lost

annually due to elder financial abuse, fraud or scams. Elder fraud is a growing problem, leaving destroyed relationships and economic destruction in its wake. This number is likely higher as according to the National Adult Protective Services Association, only one in about forty-four cases is reported. Words like “elder” or “elderly” conjure up images of a frail and delicate senior citizen benignly rocking away on the front porch. While it is true that seniors who are most physically vulnerable and who may have cognitive issues are mainly at risk, financial abuse can happen even to people on the younger side of senior: those who are successful, financially savvy and socially connected. From straightforward theft to slow development through complex relationships, the tremendous loss of wealth incurred by senior citizens results in premature deaths and intergenerational loss of wealth. It ultimately rips at the fabric of society as a whole as trust among family members and faith in financial institutions are destroyed. As technology has advanced, scammers have kept up. From check fraud to undue influence through power of attorney, to online scams and even online dating, the list of ways that seniors can be ripped off is terrifyingly long. And as we have seen with cases making the news in recent years, the well-known and well-off—those with the most significant access to protection—are not immune.

From Living Legends to the Lady Next Door, Abuse That Doesn’t Discriminate Comic book pioneer and former editor of Marvel Comics, 95-year-old Stan Lee, recently made headlines with a restraining order filed against a business manager of his, Keya Morgan. Morgan disputes claims of elder abuse, but

| NAWRB MAGAZINE

Next Chapter changes began to appear in Lee ’s routine, and people who were once close to him found themselves shut out. Similarly, former Astronaut Buzz Aldrin sued his children claiming they are improperly taking over his finances, while his children assert they are merely looking after his best interest. Asserting influence, restricting access and isolating a person from their long-term friends and family are all hallmarks of elder financial abuse. Often, it’s not someone from the outside but another family member that becomes the gatekeeper pitting family member against family member.

dinary Americans are taken in by fraud artists, mistreated by a family member or someone who has inserted undue influence over the person’s life. In a study published last year by the American Journal of Public Health, David Burnes, Ph.D., and a team of researchers conducted a meta-analysis of financial fraud and scams among older adults in the U.S. concluding that one in every eighteen “cognitively intact,community-dwelling” older adults each year is affected by financial fraud. This meta-analysis did not take into account undue influence exerted by family members, but merely outside scam artists.

And just this past February, the United States Justice Department indicted 250 people around the world on elder fraud and financial abuse whose crimes resulted in losses of more than a half-billion dollars from over a “As technology has advanced, scammers have kept up. From check million victims. It was the largest fraud to undue influence through coordinated sweep of its kind in U.S. history.

This idea of undue influence is familiar terrain for Philip C. Marshall, who, in one of the most prominent cases of elder financial abuse, took his father to court over the management of his grandmother’s health and estate. Philip’s grandmother power of attorney, to online scams was Brooke Astor, a New York and even online dating, the list of However, statistics can only tell philanthropist who was known for her generosity and support ways that seniors can be ripped off so much. It’s the human cost is terrifyingly long.” of public institutions. behind the numbers that prove most chilling. In a recent conversation with us, Philip recalled it wasn’t the financial aspects of his grandmother’s case that first Marjorie Jones was a financially independent senior womdrew his attention. He began to observe changes out of an of modest means who lived alone in a suburb of Lake line with her character and reputation starting with an at- Charles, Louisiana. A May Bloomberg article details the sad tempt to sell a painting she had initially bequeathed to the story of this self-sufficient woman who was convinced by Metropolitan Museum of Art. a stranger to wire her life’s savings and take out a reverse mortgage on her home. By the time her relatives became Philip’s father, Anthony Marshall, financially benefited aware of the situation, Marjorie had committed suicide. from the sale, shaving off a commission from the $10 million transaction. Later, he discovered that a series of adden- Baby Boomers Fast Becoming Targets da had been signed by Mrs. Astor who by that time, at over The ABA Foundation of the American Bankers Association one hundred years old, suffered from dementia. These cod- recently released a resource guide for protecting seniors. In icils, signed over many months directed money otherwise it, they estimate that seniors lose 2.9 billion per year due to earmarked for the charities she wanted to support to his financial fraud, a much lower number than the upwards of father in the form of cash or to his foundation. “My father 36 billion per year loss often cited. used power-of-attorney as both a weapon and shield,” he told us. “By the time the family has any idea, it’s too late.” The 36 billion number originates from a study by True Link, a company that makes account-monitoring software. However, it’s not only the well-off and well-connected who While the True Link research was not a peer-reviewed are at risk from being exploited. Every year, millions of or- study and the way they defined elder abuse was in the NAWRB MAGAZINE |

broadest terms possible, Consumer Reports notes the 2.9 billion amount probably grossly underestimates fraud due to underreporting. The problem of underreporting may change as awareness brings the stigma of reporting abuse to light. With our population increasingly getting older, we literally can’t afford to turn a blind eye. The National Institute on Aging reports average life expectancy at birth in 2011 is 78.7 years and 72 million Americans are estimated to be 65 years or older by 2030. A good portion of those reaching into their sixties and seventies in the next decade are Baby Boomers born roughly between 1945-1964. This is a rock n’ roll generation, not a rocking-chair one. Most Baby Boomers tend to not view themselves as “elderly” in the stereotypical sense: they take care of themselves, possess social media smarts and are working longer. Furthermore, as their parents of the Greatest Generation die, a massive generational transfer of wealth occurs, making Baby Boomers even more of a prime target for fraud. Many may not be vulnerable due to cognitive decline, but are still targeted because of their financial stability and might instead be preoccupied with taking care of their own older parents or sick children. These are adults who can be especially ashamed to report fraud if it happens to them. Despite the stigma of shame, CEO and President of Women in the Housing & Real Estate Ecosystem, Desirée Patno, felt that coming out about the fraud her businesses suffered at the hands of some financial institutions and an unscrupulous worker is essential to target those Boomers who may be too afraid to say they’ve been manipulated. She had been victimized by this person who took advantage of her compromised personal situation: at the time the fraud started happening both her husband and her son were hospitalized for different life-threatening illnesses.

| NAWRB MAGAZINE

In her case, even though she is a successful self-employed businesswoman, her attention was divided. She didn’t anticipate the bank she held her business accounts would fail in oversight, and allow unsigned checks, forgeries and supplement funds through “initiated credit” to perpetuate the stolen funds of over $550,000. Several financial institutions have allowed unsigned checks to be processed in bulk. Now is the time where cooperation and coordination between advocacy groups, government entities, and financial institutions becomes critical. As the more significant impact of elder financial abuse comes to light and its adverse affect all levels of society, institutions need to take up the call to make reporting and oversight easier. In their resource guide, the ABA talks about the ability of banks to file SARs or Suspicious Activity Reports with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury. Only last year, FinCen and the Consumer Financial Protection Bureau issued a joint memorandum stating underscoring the importance of coordination between financial institutions, law enforcement, and Adult Protective Services. Starting at age 62, seniors become a federally protected class, and suspicious activity can be reported. Depending on the case, and the bank’s protocol, Adult Protective Services can be contacted. However, this begs the question, what about Seniors who fall just below the 62-year federally protected age?

Financial Abuse = Decline in Physical Health A vital link between financial abuse and health is becoming increasingly apparent. Mr. Marshall, who gave up a career as a professor to devote himself to the cause of elder abuse full time, talks about the idea of “whealthcare” a term coined by Dr. Jason Karlawish in a Forbes column “Why Bankers, Financial Analysts, and Doctors need to Start Working Together.” On Dr. Karlawish’s website, whealthcare is defined as “a paradigm of merging the banking and financial sectors: wealth + healthcare” and “a strategy to help slow the growth of elder financial abuse.” A 2016 study by Jaclyn Wong and Linda Waite at the University of Chicago found a direct association between financial and physical health, discovering financial mistreatment indicates more difficulties with ADLs or “activities of daily living” and increased decline of chronic conditions. The conclusion: financial abuse compromises physical well-being and reduces the chance of independent living in late life.

“NAWRB proposes an initiative, Next Chapter, that will assist people over 55 years old to help prevent financial abuse before it happens.” Next Chapter: Tools for Women It’s crucial, because of the insidious nature of financial abuse we not only develop awareness but take action: for our parents, our future selves and children. Women, in particular, are vulnerable due to a longer lifespan and a pervasive gender pay gap. Income women make now has to stretch further later in life. NAWRB proposes an initiative, Next Chapter, that will assist people over 55 years old to prevent financial abuse before it happens. Next Chapter aims to ensure proper healthcare is in place and assistance from local programs is obtained if needed. Then, seniors can have help reviewing their insurance policies, real estate, and financial portfolios, ensuring the protection of their assets. As housing industry professionals we care about the well-being of our clients who have a life’s work invested in their home and savings. As community members we care because seniors help enrich our communities; their life-experience and insights add to the diverse voices shaping our society. As family members, we care because it hurts to see the deepest desires of our mothers, fathers, aunts, and uncles destroyed from the outside or the inside. Financial elder abuse is a problem desperately in need of solutions.

NAWRB MAGAZINE |