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For the first time at a NAWRB Conference, mPower (Mortgage Banker’s Association Promoting Opportunities for Women to Extend their Reach) presented a panel, kicking off our Year of Women with style and substance.
NAWRB President and CEO, Desirée Patno introduced MBA COO and Founder of mPower Marcia Davies noting “This is the first time we have had a collective group of women and men from all different industries and this panel is the first time we have had MBA be a part of us.”
Chairman and Founder, STEMconnector®/Million Women Mentors® (MWM)
Edie Fraser has spent her life in the service of equality with a passionate vision for a better tomorrow. Having led national poverty programs and worked to advance women’s gender equality for decades, she has a precise understanding of women’s progress. Discussing her life, Fraser alternates seamlessly between lessons learned in childhood and her biggest professional challenges, detailing her storied career and how the future is developing for women in America.
NAWRB: In your opinion, what is the most important success women have had in the last 50 years?
Edie Fraser: Successes have been achieved and we celebrate them, and yes, we want parity. Studies show that it could take as long as 117 years to reach parity in the private sector. Let’s advocate for parity within every government institution, business, profession, organization, and in higher education.
If the election showed the country nothing else, it showed that women, as a collective, have an undeniable voice in issues that matter. However, in the vastness that is American politics, one key issue was left unaddressed: How do the millions of women interested in accessing affordable housing make that dream a reality? Desirée Patno, the founder and national president of the National Association of Women REO Brokerages (NAWRB) and Desiree Patno Enterprises, Inc., has made it her life’s work to get women active in the homeownership process. She has spent more than 20 years in full-service REO as a broker and encourages women to get involved on both sides of the figurative fence.
What is the biggest dilemma women face as they try to access housing in today’s market? A lack of knowledge is the biggest dilemma women face today as they try to access housing in today’s market. Regardless of gender, it is increasingly difficult to qualify for a mortgage, especially after the housing crisis of 2008. Knowledge is key; learn how to successfully position yourself financially before you buy a home.
Women became a central piece of the conversation during this year’s election. What do you hope the president will do to help women access affordable housing? The Women-Owned Small Business (WOSB) Procurement Program implemented in 2011 is a tool the government uses to meet the target goal of 5 percent of contracts being awarded to women owned businesses. NAWRB’s coalition partner Women Impacting Public Policy (WIPP) just won a small battle by successfully adding an amendment to the FY13 National Defense Authorization Act (NDAA) that removes caps for the WOSB Federal Contract Program—a move that significantly benefits women business owners, like future women homeowners, giving them access to better revenue streams. President Obama’s administration will have to address the Federal Housing Administration’s tough current lending standards and first-time buyers’ negativity towards the housing market. There needs to be a specialized program that can keep the down payment at 3.5 percent for women head of households and education on the economic benefits of owning a home—from taxes to the long-term investment.
Last year the Wall Street Journal ran a piece challenging the notion of single women buying homes. Is homeownership a good idea for women on their own? Over the past 40 years, the makeup of the business world has changed, including the perception and acceptance of single women as homeowners. Women tend to be more conservative in risk-taking, which means homeownership is a serious decision. In today’s economy, homeownership is still a good idea for single women interested in purchasing a home. Homeownership is also important for single women because of the economic benefits, especially with historically low-interest rates.
Women’s Equality Day celebrates the anniversary of the 19th Amendment which granted women the right to vote in the United States. In honor of the day, Senator Gillibrand and National Women’s Business Council (NWBC) Chair Carla Harris released their remarks on the subject of women equality.
The remarks, released in a press release, sent an empowering and eye-opening message on behalf of women everywhere. Both women pointed out the major strides women have made yet highlighted the hurdles women must still overcome. To learn more about further research on the subject and the details of the press release, click here.
NAWRB partnered with the U.S. Small Business Administration (SBA) Santa Ana District Office to present the Women in Housing Financial Fitness Road Show in July at the Lutron Experience Center in Irvine, CA.
NAWRB’s Inaugural Women in Housing Financial Fitness Road Show is a first-of-its-kind, breakthrough program for women in all industries within the housing economy. More than just tools to navigate women’s existing business through the changing terrain, the Women in Housing Financial Fitness Road Show reached an entire new level. Utilizing a specialized hybrid of women in housing and women in government outreach, women can take advantage of NAWRB’s Fast Track niche. By connecting women with federal and local programs, set-asides, funding options and contracting opportunities available to grow their businesses both vertically and horizontally, women in housing will have the awareness to sustainable growth and live beyond commission-to-commission.
Morgan Stanley hosted the Road Show and provided its wealth of knowledge to attendees. Vivian Afriyie, a Morgan Stanley Wealth Advisor, opened the event in dramatic fashion showcasing assets explaining the often missed difference between asset-based loans, traditional income, and credit-based loans. Morgan Stanley has crucial experience, having just closed a 150 million dollar commercial real estate loan in 6 weeks. “Bringing the shock treatment with our takeaways from $25,000 SBA business loans to the $200 million dollar Morgan Stanley Diversified Securities for clients, really ignited the awareness in the room,” stated Desirée Patno, CEO and Founder of NAWRB.
The excitement for the event is rapidly growing as respected agents, suppliers, and other professionals in the housing industry look forward to learning the opportunities and resources available to them on behalf of multiple federal agencies and organizations.
The Women in Housing Financial Fitness Road Show is the first in a series of nationwide road shows that will travel to major cities. Do you want to attend this dynamic Road Show or have it travel to a city near you? Contact Roadshow@NAWRB.com for more information on being a part of the movement to bring awareness, opportunities and access to women in housing.
The National Women’s Business Council (NWBC) has announced Teresa Nelson and Marsha Bailey as new additions to the Council. Both women bring a wealth of knowledge and experience to the advisory council.
The NWBC advocates for women entrepreneurs nationwide and is comprised of members from women’s business organizations, experienced and successful women business owners and executives, and a chair appointed by the President of the United States. To read more about the NWBC and the newest members of the Council,click here.
For the typical REO brokerage, 2011 saw an increase in requirements and overhead but not necessarily inventory. Major changes occurred in the regulatory, legislative, and overall business climate but little of that translated into increased REO volume for brokerages. The industry will close the year with an estimated seventy percent drop in inventory levels.
Amidst the uncertainty surrounding future housing policy, 2012 will bring significant changes. HUD is on schedule to issue a new wave of contracts, known as M&M 3.5, and the agency has made significant changes to the size of their geographic regions that should lead to smaller contract areas and more overall contractors. Beginning in the new year, brokers in many states will have new opportunities to earn local listing broker (LLB) contracts with this new wave of asset management companies.
In late 2011, HUD, Treasury, and the Federal Housing Finance Agency (FHFA) issued a joint Request for Information (RFI) to explore a possible REO to rental strategy. This strategy-if carefully and selectively implemented-could buttress recovery in a number of markets and allow REO brokers to expand the scope of their businesses.
REO to rental is similar to what many brokers are already doing if they are managing a high volume of occupied properties or have had to manage an asset for a number of years. In our response to the RFI through the National Association of Women REO Brokerages (NAWRB), we suggested that REO to rentals could work in certain markets and should be explored as a possible “tool in the tool shed” to aid recovery.
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What brokers have to understand is that their brokerages must follow the market. The next several years will require diversified default services businesses that can handle cradle to grave REO disposition, short sales, property management, and put homeowner outreach at the center of each of those areas of business.
This year has shown that REO brokerages need to diversify to prosper in this market and, more than likely, three to five years thereafter. For the brokers who can translate their skill set into well-rounded default services professionals, not just an REO agent or short sale expert, they will survive-and prosper-in 2012.